Read the text and answer the multiple choice question by selecting all the correct responses. You will need to select more than one response.
Blockchain is comparable to a database. Blockchain comprises of multiple blocks that are linked to each other to form a chain. Each block has information stored in it. The information stored in these blocks can be shared with desired users in a peer-to-peer (P2P) network.
Blockchain is secured using cryptographic technologies to prevent unauthorized people from tampering with the data. The data stored in the blocks follows a set of algorithm based on consensus. This means that once data is stored by mutual agreement, no users are allowed to edit, delete or add data in the blocks.
Whenever a transaction is made, be it contractual agreements or exchange of information or money, the transaction is done as a block. The block has to be validated by all users within the P2P network and upon validation, a permanent digital record is established. Once done, the block is added to the chain.
The technology behind blockchain has made it fully auditable and transparent. It does not have a central point of authority and also lacks a single point of failure or control. Thus, transactions made using this technology are fully secure and transparent.
Blockchain comes in handy as an effective means of getting the right audience to see an advert. Blockchain creates a decentralized search engine where advertisers easily reach their target audience. Through blockchain, advertisers can also compensate target customers using tokens when they provide their personal data to advertisers. Every time a person clicks on an advert, they get paid. People only see the ads they indicate interest in, such that only the right audience is targeted and engaged.
How transactions helped using technology?
C. Getting Information