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Questions and Answers
What is the main purpose of blockchain technology?
What is the main purpose of blockchain technology?
- To rely on a single authority for verification
- To facilitate easy alteration of records
- To create a centralized database
- To record information in an immutable way (correct)
How is a transaction added to the blockchain ledger?
How is a transaction added to the blockchain ledger?
- Through encryption by specialized nodes
- After being verified by the consensus of a majority of participants (correct)
- By automatic addition without verification
- By the decision of a single controlling entity
What promotes transparency and makes blockchain technology corruption-proof?
What promotes transparency and makes blockchain technology corruption-proof?
- The encryption of all transactions
- The requirement for majority node consensus to add a transaction (correct)
- The use of a single controlling authority
- The exclusion of nodes from the verification process
What does immutability refer to in the context of blockchain technology?
What does immutability refer to in the context of blockchain technology?
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How does blockchain technology differ from the typical banking system in terms of record-keeping?
How does blockchain technology differ from the typical banking system in terms of record-keeping?
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