Explain the underlying technology behind Virtual Digital Assets? What are the potential benefits and threats associated with the use of Virtual Digital Assets in India?
Answer: The term ‘virtual digital asset’ (VDA) refers to any digital representation of value that can be digitally traded, transferred or used for payment. It does not include the digital representation of fiat currencies.
The underlying technology behind VDA is Block chain technology. Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking tangible or intangible assets in a business network.
The blockchain works in following manner:
- As each transaction occurs, it is recorded as a “block” of data. Those transactions show the movement of an asset. The data block can record the desired ....
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General Studies Mains Questions And Answers
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