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Questions and Answers
What is a key characteristic of a decentralized blockchain?
What is a key characteristic of a decentralized blockchain?
What is the purpose of a consensus mechanism in a blockchain?
What is the purpose of a consensus mechanism in a blockchain?
What is the primary difference between a public blockchain and a private blockchain?
What is the primary difference between a public blockchain and a private blockchain?
What is the benefit of a blockchain's immutability?
What is the benefit of a blockchain's immutability?
What is the result of a node updating its copy of the blockchain?
What is the result of a node updating its copy of the blockchain?
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Study Notes
Blockchain Technology
Definition
- A decentralized, distributed ledger that records transactions across a network of computers
- Allows for secure, transparent, and tamper-proof data storage and transmission
Key Features
- Decentralized: No single entity controls the network
- Distributed: Data is spread across multiple nodes/computers
- Immutable: Transactions are irreversible and cannot be altered
- Transparent: All transactions are publicly visible
- Consensus mechanism: Nodes agree on the state of the blockchain, ensuring integrity
How it Works
- Transaction: A user initiates a transaction, which is broadcast to the network
- Verification: Nodes verify the transaction using complex algorithms and cryptography
- Block creation: A group of verified transactions is combined into a block
- Block addition: The block is added to the blockchain, creating a permanent record
- Chain update: Each node updates its copy of the blockchain to reflect the new block
Types of Blockchain
- Public blockchain: Open to anyone, decentralized, and transparent (e.g., Bitcoin, Ethereum)
- Private blockchain: Restricted access, centralized, and often used within organizations
- Consortium blockchain: A mix of public and private, with a group of entities controlling the network
Advantages
- Security: Immutable and tamper-proof data
- Transparency: All transactions are publicly visible
- Efficiency: Fast and cost-effective transactions
- Decentralized: No single point of failure or control
Blockchain Technology
Definition
- A decentralized system that records transactions across a network of computers
- Ensures secure, transparent, and tamper-proof data storage and transmission
Key Features
- Decentralized nature: No single entity controls the network, ensuring data integrity
- Distributed architecture: Data is spread across multiple nodes/computers, enhancing security
- Immutable transactions: Transactions are irreversible and cannot be altered, ensuring transparency
- Transparent transactions: All transactions are publicly visible, promoting trust
- Consensus mechanism: Nodes agree on the state of the blockchain, ensuring data integrity
Blockchain Process
- Transaction initiation: A user initiates a transaction, broadcasting it to the network
- Transaction verification: Nodes verify transactions using complex algorithms and cryptography
- Block creation: Verified transactions are combined into a block, ensuring data integrity
- Block addition: The block is added to the blockchain, creating a permanent record
- Chain update: Each node updates its copy of the blockchain to reflect the new block
Blockchain Types
- Public blockchain: Open to anyone, decentralized, and transparent (e.g., Bitcoin, Ethereum)
- Private blockchain: Restricted access, centralized, and often used within organizations
- Consortium blockchain: A mix of public and private, with a group of entities controlling the network
Advantages
- Enhanced security: Immutable and tamper-proof data
- Transparency: All transactions are publicly visible, promoting trust
- Increased efficiency: Fast and cost-effective transactions
- Decentralized control: No single point of failure or control
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