Which of the Following Statements About Blockchain Is Not True

question 35

Multiple Choice

Which of the following statements about blockchain is not true?

• A) A blockchain system is composed of a distributed network of computers.
• B) A blockchain system is inherently centralized.
• C) A blockchain system is a transaction processing system.
• D) Cryptocurrencies are based on blockchain technology.

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Definitions:

Collection Time

The average period it takes for a business to receive payments owed by its customers for goods or services.

Cheques

Physical, written instruments instructing a bank to pay a specific amount of money from the writer's account to the person or entity named on the cheque.

Debit Cards

Payment cards that deduct money directly from a consumer's checking account to pay for a purchase, contrasting with credit cards which provide a line of credit.

Concentration Account

A single centralized bank account designed to streamline cash management by consolidating funds from multiple accounts, often used by corporations to improve liquidity management.