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Question 6 (13 marks) Understanding the basics of blockchain technology can be challenging. Required: (a) What is a blockchain? Explain its properties compared with traditional
Question 6 (13 marks) Understanding the basics of blockchain technology can be challenging. Required: (a) What is a blockchain? Explain its properties compared with traditional data/ledger storage. (3 marks) (b) Describe the technical structure of a blockchain regarding to how the information is stored, how to connect one block to another and also the consensus protocol. (4 marks) (c) Blockchain is described as a game changer of the accounting profession, discuss how this technology helps the accounting profession. Do you agree that this technology will replace the accountant in foreseeable future? Why? (6 marks)
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