CAF-3 · Chapter 12 · Question 10 of 15
How does blockchain technology fundamentally revolutionize identity verification within the Fintech sector?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) By providing decentralized identity solutions where users manage and share credentials securely without relying on a central authority
Explanation
Blockchain revolutionizes identity verification by offering decentralized identity solutions, enabling users to manage and share their credentials securely without needing a central bank or authority
More Fintech & Blockchain Applications MCQs
- Q12What are "Smart Contracts" in the context of blockchain and financial services?
- Q13PayPal is considered a pioneer in the Fintech industry. How did it primarily revolutionize early digital finance?
- Q14When Blockchain and Fintech converge, what is the primary strategic benefit realized by the financial ecosystem?
- Q15A supply chain company uses blockchain to automate contract execution and title transfers between the supplier, shipper, and buyer without…
- Q1What is the primary feature of blockchain technology that ensures data cannot be altered or tampered with once it is recorded?