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Questions and Answers
What is the primary characteristic of a decentralized system?
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?
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?
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?
What type of blockchain is open to anyone, with no restrictions?
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What is a common application of blockchain technology in supply chain management?
What is a common application of blockchain technology in supply chain management?
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What is a benefit of using blockchain technology?
What is a benefit of using blockchain technology?
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How do nodes on the network verify transactions?
How do nodes on the network verify transactions?
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What is a key feature of smart contracts?
What is a key feature of smart contracts?
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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:
- Network: A network of computers is established, each with a copy of the blockchain
- Transaction: A new transaction is initiated and broadcast to the network
- Verification: Nodes on the network verify the transaction using complex algorithms
- Block creation: A new block is created and added to the blockchain, containing multiple transactions
- 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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