Blockchain Unit 1 & 2 Overview

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Questions and Answers

What is a significant quality of Blockchain that distinguishes it from traditional databases?

Centralized control over data
Total anonymity of users
Immutability of recorded information (correct)
Unlimited database size

Which statement accurately differentiates between permissioned and permissionless Blockchain?

Permissioned Blockchains allow anyone to join, whereas permissionless do not.
There are no differences between permissioned and permissionless Blockchains.
Permissionless Blockchains require user authentication, whereas permissioned do not.
Permissioned Blockchains restrict access, while permissionless Blockchains are open to all. (correct)

Which feature primarily enables Blockchain to ensure security and privacy?

Standardized data formats across all nodes
Public identification of all participants
Decentralization of data storage (correct)
Mandatory user registration

What role does hashing play in Blockchain technology?

It ensures the uniqueness and integrity of data. (A) Signup and view all the answers

What differentiates public Blockchains from private Blockchains?

Only selected individuals can access private Blockchains. (D) Signup and view all the answers

Which of the following best describes a smart contract?

A self-executing contract with terms directly written into code. (B) Signup and view all the answers

Which consensus mechanism is commonly used in Blockchain to validate transactions?

Proof of Work (C) Signup and view all the answers

What is a key benefit of integrating blockchain with IoT?

Improved device autonomy and security. (B) Signup and view all the answers

What is the concept of Blockchain Decentralization and why is it important?

Blockchain decentralization means that no single entity controls the entire network, enhancing security and trust among users. Signup and view all the answers

Explain the principles of cryptography used in Blockchain technology.

Blockchain utilizes cryptographic principles like hashing and public-key cryptography to secure transactions and verify user identities. Signup and view all the answers

Differentiate between Permissioned and Permissionless Blockchains.

Permissioned Blockchains restrict access to pre-approved users, while Permissionless Blockchains allow anyone to join and participate. Signup and view all the answers

What are the key components of blockchain security?

Key components include cryptographic hashing, digital signatures, consensus algorithms, and decentralized networks. Signup and view all the answers

What are some benefits of using Blockchain in Supply Chain Management?

Benefits include increased transparency, improved traceability, and reduced fraud in transactions. Signup and view all the answers

Discuss the role of smart contracts in Blockchain applications.

Smart contracts automate and enforce contractual agreements through self-executing code on the blockchain, reducing the need for intermediaries. Signup and view all the answers

Explain what a Merkle Tree is and its significance in Blockchain.

A Merkle Tree is a data structure that hashes pairs of data to create a single hash, allowing for efficient data verification and minimizing blockchain sizes. Signup and view all the answers

What are the implications of Blockchain Scalability?

Blockchain Scalability refers to the capacity of a blockchain network to handle an increasing number of transactions efficiently without compromising performance. Signup and view all the answers

Flashcards

Blockchain

A digital, distributed ledger that records transactions across many computers.

Cryptography in Blockchain

Uses encryption to secure transactions and maintain data integrity.