Question

How does blockchain technology ensure security in digital transactions?

Answer 1

Blockchain technology ensures security in digital transactions through decentralized consensus, cryptographic encryption, immutability, and transparency of transaction records.

Answer 2

Blockchain technology ensures security in digital transactions by using cryptographic algorithms to create a secure and tamper-proof record of all transactions on the network. Once a block of transactions is verified by multiple nodes in the network, it becomes part of an unmodifiable chain of blocks, making it virtually impossible to alter or manipulate any data. Additionally, blockchain's decentralized nature means that there is no central point of failure, making it more resilient to cyber attacks or system failures.

Answer 3

Blockchain technology uses cryptographic algorithms to create a digital ledger of transactions, which is distributed and immutable. This makes it extremely difficult for hackers to tamper with the data, ensuring the security and integrity of digital transactions.

Answer 4

The data is structured into blocks and each block contains a transaction or bundle of transactions. Each new block connects to all the blocks before it in a cryptographic chain in such a way that it's nearly impossible to tamper with.