The use of blockchain technology can help reduce the cost of transactions by eliminating the need for intermediaries. By using a distributed ledger, blockchain can provide a more efficient and transparent way to conduct transactions. This can help reduce the cost of doing business and make it easier for parties to exchange value.

Other related questions:

Q: How does blockchain reduce transaction cost?

A: There are many ways in which blockchain can reduce transaction costs. For example, by reducing the need for intermediaries, increasing transparency and trust, and providing a more efficient way to record and verify transactions.

Q: What is query in blockchain?

A: A query in blockchain is a request for information that is stored in the blockchain. This information can include transaction data, account balances, and contract information.

Q: Does blockchain carry transaction cost?

A: Yes, blockchain technology carries transaction costs. These costs can be divided into two categories: direct and indirect. Direct costs are those associated with the actual process of conducting a transaction on the blockchain, while indirect costs are those associated with the infrastructure required to support the blockchain.

Q: How does smart contracts reduce the transaction costs?

A: Smart contracts can help to reduce the costs of transactions by automating many of the processes involved. For example, a contract could automatically send payment to the correct party once all the conditions of the contract have been met. This could save on fees paid to third-party intermediaries, as well as reduce the time and effort needed to manually process transactions.


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