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Blockchain Technology Quiz

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Questions and Answers

What is the purpose of mining?

To authenticate data on the blockchain (correct)

To increase the capacity of the financial system

To verify and authenticate transactions

To alter or remove data

What is the main benefit of blockchain technology?

Security

Transparency (correct)

Immutability

Flexibility

What is the main advantage of using smart contracts?

They are difficult to hack

They are secure and permanent

They can be executed automatically (correct)

They can be used to store data

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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Description

Test your knowledge about blockchain technology with this quiz. Explore concepts such as distributed ledger, immutability, mining, smart contracts, and the impact of blockchain on the financial system.