Question

Blockchain is often associated with Bitcoin and the financial services industry. However, it is applicable to almost every industry. The term Multi-party Systems better describes how the blockchain system is used. What is a benefit of a Multi-party System?
a. Organizations who participate must share data from the same location.
b. The system now owns the data and can share it as needed.
c. It can help businesses unlock the trapped value of their data.
d. More employees can be hired to process the data.

Answer 1

One of the benefits of a multi-party system is that: b. the system now owns the data and can share it as needed.

What is a Multi-party System?

A multi-party system can be described as a form of data system that allows data infrastructure to be shared between individuals in the system to facilitate efficiency.

Examples of such multi-party system include:

• Tokenization
• Blockchain
• Distributed ledger, among others.

Thus, one of the benefits of a multi-party system is that: b. the system now owns the data and can share it as needed.

Learn more about multi-party system on:

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