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Questions and Answers
Which of the following best describes the role of blockchain technology in the Fourth Industrial Revolution?
Which of the following best describes the role of blockchain technology in the Fourth Industrial Revolution?
- It is a key technology driving the Fourth Industrial Revolution (correct)
- It is primarily used for entertainment purposes
- It is a minor technology used in a few industries
- It has no role in the Fourth Industrial Revolution
How does blockchain technology enhance security in digital transactions?
How does blockchain technology enhance security in digital transactions?
- By providing a decentralized and tamper-proof record of transactions (correct)
- By making transactions more expensive
- By allowing transactions to be easily modified
- By making transactions faster
How does blockchain technology enhance trust in digital transactions?
How does blockchain technology enhance trust in digital transactions?
- By allowing transactions to be easily manipulated
- By enabling transparent and verifiable transactions (correct)
- By providing a centralized record of transactions
- By making transactions more complex
Which of the following statements accurately describes the role of blockchain technology in the Fourth Industrial Revolution?
Which of the following statements accurately describes the role of blockchain technology in the Fourth Industrial Revolution?
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How does blockchain technology enhance security in digital transactions?
How does blockchain technology enhance security in digital transactions?
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How does blockchain technology enhance trust in digital transactions?
How does blockchain technology enhance trust in digital transactions?
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Study Notes
Blockchain Technology in the Fourth Industrial Revolution
- Acts as a foundational technology enabling decentralization and transparency in various sectors.
- Facilitates peer-to-peer transactions without intermediaries, increasing efficiency and reducing costs.
- Supports the rise of smart contracts, automating processes and increasing trust among parties.
Enhancing Security in Digital Transactions
- Utilizes cryptographic techniques to secure data, making it nearly impossible to alter past transactions.
- Each transaction is recorded in a block, linked to a previous block, creating a permanent and tamper-resistant ledger.
- Employs decentralized networks, reducing vulnerability to single points of failure and cyberattacks.
Enhancing Trust in Digital Transactions
- Provides a transparent system where all participants can view transaction histories, fostering accountability.
- Immutable records help confirm the authenticity of transactions, enhancing user confidence.
- Decentralization eliminates reliance on central authorities, allowing users to transact with trust in the system rather than intermediaries.
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