Questions and Answers
What is the purpose of mining?
To authenticate data on the blockchain
What is the main benefit of blockchain technology?
Transparency
What is the main advantage of using smart contracts?
They can be executed automatically
Study Notes
- Blockchain is a distributed ledger technology that allows for transparency and security in transactions.
- The blockchain is immutable and permanent, meaning no one can alter or remove the data.
- Mining is the process of verifying and authenticating data on the blockchain.
- Smart contracts are programs that are executed automatically on the blockchain.
- The blockchain increases the capacity of the financial system by allowing for more computers to work together without dependency.
- The blockchain is difficult to hack and is permanent.
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