Blockchain Fundamentals
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Questions and Answers

What is the primary characteristic of a decentralized system?

  • Controlled by a single entity
  • Accessible by anyone with an internet connection
  • No single entity controls the network or data (correct)
  • Restricted access to authorized personnel only

    • What happens to transactions once they are recorded on a blockchain?

  • They are visible only to the recipient
  • They can be altered by the sender
  • They are deleted after a set period
  • They are immutable and cannot be altered (correct)

    • What is the primary purpose of advanced cryptography in blockchain technology?

  • To ensure secure data transmission and storage (correct)
  • To increase the complexity of algorithms
  • To reduce the size of the blockchain
  • To slow down transaction processing

    • What type of blockchain is open to anyone, with no restrictions?

    <p>Public blockchain</p> Signup and view all the answers

    What is a common application of blockchain technology in supply chain management?

    <p>Tracking and verifying the origin and movement of goods</p> Signup and view all the answers

    What is a benefit of using blockchain technology?

    <p>Immutable and tamper-proof data</p> Signup and view all the answers

    How do nodes on the network verify transactions?

    <p>Using complex algorithms</p> Signup and view all the answers

    What is a key feature of smart contracts?

    <p>Self-executing contracts with automated rules and regulations</p> Signup and view all the answers

    Study Notes

    What is Blockchain?

    • A decentralized, distributed ledger technology that records transactions across a network of computers
    • A chain of blocks, each containing multiple transactions, hence the name "blockchain"

    Key Features:

    • Decentralized: No single entity controls the network or data
    • Immutable: Transactions are immutable and cannot be altered once recorded
    • Transparent: All transactions are publicly visible
    • Secure: Uses advanced cryptography for secure data transmission and storage

    How Blockchain Works:

    1. Network: A network of computers is established, each with a copy of the blockchain
    2. Transaction: A new transaction is initiated and broadcast to the network
    3. Verification: Nodes on the network verify the transaction using complex algorithms
    4. Block creation: A new block is created and added to the blockchain, containing multiple transactions
    5. Blockchain update: Each node updates its copy of the blockchain to reflect the new block

    Types of Blockchain:

    • Public blockchain: Open to anyone, no restrictions (e.g., Bitcoin)
    • Private blockchain: Restricted access, often used within organizations
    • Consortium blockchain: A mix of public and private, with restricted access

    Applications of Blockchain:

    • Cryptocurrencies: Digital currencies like Bitcoin, Ethereum, and others
    • Supply chain management: Tracking and verifying the origin and movement of goods
    • Smart contracts: Self-executing contracts with automated rules and regulations
    • Identity verification: Secure digital identities for individuals and organizations

    Benefits of Blockchain:

    • Security: Immutable and tamper-proof data
    • Transparency: All transactions are publicly visible
    • Efficiency: Automated processes and reduced intermediaries
    • Trust: Decentralized network limits the need for central authorities

    What is Blockchain?

    • Decentralized, distributed ledger technology that records transactions across a network of computers
    • A chain of blocks, each containing multiple transactions

    Key Features

    • Decentralized: no single entity controls the network or data
    • Immutable: transactions are unalterable once recorded
    • Transparent: all transactions are publicly visible
    • Secure: uses advanced cryptography for secure data transmission and storage

    How Blockchain Works

    • A network of computers is established, each with a copy of the blockchain
    • New transactions are initiated and broadcast to the network
    • Nodes on the network verify transactions using complex algorithms
    • New blocks are created and added to the blockchain, containing multiple transactions
    • Each node updates its copy of the blockchain to reflect the new block

    Types of Blockchain

    • Public blockchain: open to anyone, no restrictions (e.g., Bitcoin)
    • Private blockchain: restricted access, often used within organizations
    • Consortium blockchain: a mix of public and private, with restricted access

    Applications of Blockchain

    • Cryptocurrencies: digital currencies like Bitcoin, Ethereum, and others
    • Supply chain management: tracking and verifying the origin and movement of goods
    • Smart contracts: self-executing contracts with automated rules and regulations
    • Identity verification: secure digital identities for individuals and organizations

    Benefits of Blockchain

    • Security: immutable and tamper-proof data
    • Transparency: all transactions are publicly visible
    • Efficiency: automated processes and reduced intermediaries
    • Trust: decentralized network limits the need for central authorities

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    Description

    Learn the basics of blockchain technology, including its decentralized, immutable, transparent, and secure features. Understand how it records transactions and its key characteristics.

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