Blockchain Technology Fundamentals Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>The inability to change or alter records</p> Signup and view all the answers

    How does blockchain technology differ from the typical banking system in terms of record-keeping?

    <p>It does not rely on centralized authorities for record-keeping</p> Signup and view all the answers

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