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PEERREVIEWED RESEARCH OPEN ACCESS ISSN Online: 25163957 ISSN Print: 25163949 https://doi.org/10.31585/jbba62(5)2023Rewarding Honesty: An Incentive Mechanism to Promote Trust in BlockchainBased Ecommerce
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01
Identify the purpose of the blockchain application you want to develop.
02
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03
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04
Design the smart contracts if applicable, ensuring they meet the business logic of your application.
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Set up the blockchain environment by configuring nodes and network settings.
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Businesses looking for secure and transparent transactions.
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What is blockchain and its application?
Blockchain is a decentralized digital ledger technology that records transactions across many computers in a way that ensures the recorded transactions cannot be altered retroactively. Its applications include cryptocurrencies, supply chain management, secure voting systems, and identity verification.
Who is required to file blockchain and its application?
Typically, entities or individuals who use blockchain technology for transactions, particularly in financial services, supply chains, or any regulated industry, may be required to file blockchain applications or disclosures depending on jurisdiction and regulatory guidelines.
How to fill out blockchain and its application?
To fill out a blockchain application, one generally needs to provide necessary information such as the nature of the project, parties involved, technology used, and compliance measures. This can often be done through online platforms provided by regulatory bodies.
What is the purpose of blockchain and its application?
The purpose of blockchain and its applications is to provide transparency, security, and immutability to transactions, foster trust among participants, and reduce fraud or manipulation in various operations across multiple industries.
What information must be reported on blockchain and its application?
Information that must typically be reported includes transaction details (date, time, amount), parties involved, the purpose of transactions, compliance with legal frameworks, and technological specifications used within the blockchain.
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