10 Questions
What is the primary purpose of a decentralized, distributed ledger technology like blockchain?
To ensure security and prevent tampering of transactions
What is the characteristic of blockchain that ensures data integrity?
Immutability
What is the role of nodes in a blockchain network?
To participate in the network and maintain a copy of the blockchain
What is the significance of cryptocurrency Bitcoin in the history of blockchain?
It originated the concept of blockchain in 2009
What is the purpose of a consensus mechanism in a blockchain network?
To validate and add transactions to the blockchain
What is the primary benefit of blockchain technology in finance?
Enhancing speed and security
What is the purpose of smart contracts in blockchain technology?
To automate agreements without intermediaries
What is a major challenge facing blockchain technology?
Potential 51% attacks
What is the expected future direction of blockchain technology?
Achieving greater interoperability and addressing scalability challenges
What is the purpose of decentralized applications (DApps) in blockchain technology?
To disrupt traditional business models by removing middlemen
Test your understanding of blockchain, a decentralized, distributed ledger technology that ensures security and prevents tampering. Learn about its key components, including blocks, nodes, and consensus mechanisms. Discover the benefits of blockchain technology and its potential applications.
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