23 Questions
What is the main function of blockchain in a business network?
Recording transactions and tracking assets
In the context of blockchain, what does it mean that assets can be tangible or intangible?
Assets are tracked physically or digitally
What distinguishes bitcoin from blockchain?
Control and central authority
How are bitcoins 'mined'?
By people running computers globally
What makes blockchain transactions cost-effective?
Absence of intermediaries
Why are blockchain transactions considered safe and secure?
Transactions cannot be changed
What role do participants play in maintaining the blockchain ledger?
Publisher and subscriber through peer-to-peer replication
How does blockchain help reduce information friction?
By creating a shared ledger accessible to all participants
What feature of blockchain reduces interaction friction?
Peer-to-peer transactions
How does blockchain ensure privacy and prevent unauthorized access to transaction details?
By using advanced encryption and permissions
What is one way blockchain reduces delays inherent in contracts?
Smart contracts building into the transaction
Which feature of blockchain eliminates the need for intermediaries in asset ownership transfer?
Peer-to-peer transactions
How does blockchain prevent fraudulent activity?
By using advanced encryption and permissions
Why do blockchains not require a central point of control for interactions?
Because of shared ledger accessible to all participants
What is one of the main goals of Hyperledger Fabric?
To provide a robust and efficient standard for blockchain ledger technology
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
How does IBM make blockchain more accessible?
By offering an easily accessible cloud and development platform: IBM Cloud
What is the first step to developing your first blockchain application according to the text?
Determine how blockchain fits your industry
What should be outlined for the first project when developing a blockchain network?
A clear, measurable goal
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
What aspect should be considered when determining how blockchain can help address inefficiencies?
Consider various attributes of blockchain that can help address the inefficiencies
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
What does Hyperledger Fabric provide for developing blockchain solutions?
A framework with modular architecture and pluggable implementations
Explore how blockchain technology can reduce information friction through shared ledgers, permissions, and cryptography. Learn how these features contribute to greater transparency, security, and efficiency in transactions.
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