How does decentralization contribute to the transparency of blockchain transactions?

1 answers

• RoLzodAJun 26, 2022 · 3 years ago
  Decentralization is a core principle of blockchain technology, and it greatly contributes to the transparency of blockchain transactions. In a decentralized system, transactions are verified and recorded by multiple participants, known as nodes, rather than a single central authority. This distributed network ensures that no single entity can alter or manipulate the transaction data, as it would require the consensus of the majority of the network. This transparency is beneficial as it allows for independent verification of transactions, promoting trust and reducing the risk of fraud or corruption. Additionally, the use of cryptographic algorithms ensures the security and integrity of the transaction records, further enhancing transparency in blockchain transactions.
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