Introduction to Blockchain: What is Blockchain and How Does it Work?
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Questions and Answers

What is a primary characteristic of blockchain technology?

  • Centralized database
  • Requires a central authority
  • High transparency and security (correct)
  • Easy to change recorded data

Which method is more energy-efficient in blockchain technology?

  • Proof of Stake (correct)
  • Proof of Work
  • Neither
  • Both have the same energy consumption

What is the process of mining in blockchain technology?

  • Solving simple mathematical problems
  • Selecting validators based on coin holdings
  • Using computer power to solve complex mathematical problems (correct)
  • None of the above

In a trustless environment created by blockchain, what is not required?

<p>Parties need to know each other (D)</p> Signup and view all the answers

What is the definition of blockchain technology?

<p>A decentralized system with copies of the ledger on multiple computers (C)</p> Signup and view all the answers

What is the process involved in Proof of Work?

<p>Solving complex puzzles to validate transactions (A)</p> Signup and view all the answers

What happens once data is recorded in the blockchain?

<p>It becomes immutable (D)</p> Signup and view all the answers

What is the purpose of smart contracts in blockchain technology?

<p>Automating transactions based on predefined conditions (B)</p> Signup and view all the answers

How are miners rewarded in blockchain technology?

<p>With cryptocurrency for successfully validating a new block (B)</p> Signup and view all the answers

What ensures the security of transactions in blockchain technology?

<p>Each transaction is encrypted and linked to the previous one (D)</p> Signup and view all the answers

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