How does blockchain ensure the transparency and immutability of cryptocurrency transactions?

1 answers

• Bragg BoysenMar 06, 2024 · 2 years ago
  As an expert in the field, I can tell you that blockchain technology plays a crucial role in ensuring the transparency and immutability of cryptocurrency transactions. The decentralized nature of blockchain eliminates the need for a central authority, such as a bank, to verify and record transactions. Instead, transactions are verified by multiple nodes in the network, and once verified, they are added to a block and linked to the previous block using cryptographic hashes. This creates a chain of blocks that cannot be altered without the consensus of the majority of nodes. Furthermore, the transparency of blockchain allows anyone to view the transaction history, ensuring accountability and trust in the cryptocurrency ecosystem.
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