Blockchain and Information Friction Reduction

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What is the main function of blockchain in a business network?

Buying and selling assets

Creating new assets

Managing financial transactions

Recording transactions and tracking assets (correct)

In the context of blockchain, what does it mean that assets can be tangible or intangible?

Assets can be exchanged for tangible or intangible goods

Assets have both tangible and intangible value

Assets are tracked physically or digitally (correct)

Assets are represented as physical or digital tokens

What distinguishes bitcoin from blockchain?

Efficiency in transactions

Cost-effectiveness

Control and central authority (correct)

Visibility of transactions

How are bitcoins 'mined'?

By people running computers globally Signup and view all the answers

What makes blockchain transactions cost-effective?

Absence of intermediaries Signup and view all the answers

Why are blockchain transactions considered safe and secure?

Transactions cannot be changed Signup and view all the answers

What role do participants play in maintaining the blockchain ledger?

Publisher and subscriber through peer-to-peer replication Signup and view all the answers

How does blockchain help reduce information friction?

By creating a shared ledger accessible to all participants Signup and view all the answers

What feature of blockchain reduces interaction friction?

Peer-to-peer transactions Signup and view all the answers

How does blockchain ensure privacy and prevent unauthorized access to transaction details?

By using advanced encryption and permissions Signup and view all the answers

What is one way blockchain reduces delays inherent in contracts?

Smart contracts building into the transaction Signup and view all the answers

Which feature of blockchain eliminates the need for intermediaries in asset ownership transfer?

Peer-to-peer transactions Signup and view all the answers

How does blockchain prevent fraudulent activity?

By using advanced encryption and permissions Signup and view all the answers

Why do blockchains not require a central point of control for interactions?

Because of shared ledger accessible to all participants Signup and view all the answers

What is one of the main goals of Hyperledger Fabric?

To provide a robust and efficient standard for blockchain ledger technology Signup and view all the answers

What are the 4 key elements of a blockchain for business as provided by Hyperledger Fabric?

Permissioned network, confidential transactions, doesn’t rely on cryptocurrencies, programmable Signup and view all the answers

How does IBM make blockchain more accessible?

By offering an easily accessible cloud and development platform: IBM Cloud Signup and view all the answers

What is the first step to developing your first blockchain application according to the text?

Determine how blockchain fits your industry Signup and view all the answers

What should be outlined for the first project when developing a blockchain network?

A clear, measurable goal Signup and view all the answers

Why is it important to identify speed bumps in business processes when developing a blockchain application?

To examine current business processes for inefficiencies and delays Signup and view all the answers

What aspect should be considered when determining how blockchain can help address inefficiencies?

Consider various attributes of blockchain that can help address the inefficiencies Signup and view all the answers

Why is it important to choose an appropriate use case for a blockchain application?

To ensure it's a good fit for what you are trying to accomplish Signup and view all the answers

What does Hyperledger Fabric provide for developing blockchain solutions?

A framework with modular architecture and pluggable implementations Signup and view all the answers