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Understanding Blockchain Technology

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Questions and Answers

What is the primary purpose of blockchain technology?

To create a new digital currency that can be easily counterfeited

To provide a centralized system for managing financial transactions

To facilitate secure transfer of digital assets without intermediaries (correct)

To encrypt and store sensitive data on a single computer

What is the relationship between blockchain and Bitcoin?

They are two completely unrelated technologies

Bitcoin is the technology, and blockchain is the digital token

Blockchain and Bitcoin are the same thing

Blockchain is the underlying technology, and Bitcoin is a digital token built on it (correct)

Which of the following statements about blockchain is true?

It is a centralized system owned by a single entity

It is a technology separate from and unrelated to Bitcoin

It is a shared and immutable ledger where all parties are accountable (correct)

It is designed to allow easy alteration of data stored in the blocks

What is the purpose of the Genesis block in a blockchain?

It is the first block in the chain and serves as the foundation Signup and view all the answers

Which of the following statements about blockchain blocks is false?

Blocks can be easily altered or modified without detection Signup and view all the answers

What is the primary advantage of using blockchain technology for transactions?

It eliminates the need for intermediaries and ensures transparency Signup and view all the answers

Which of the following is not a typical component of a blockchain block?

Encryption keys Signup and view all the answers

What is the primary reason for the immutability of blockchain data?

The cryptographic linking of blocks in the chain Signup and view all the answers

Which of the following statements about blockchain is false?

It requires a central authority to manage the network Signup and view all the answers

What is the primary advantage of using blockchain for digital contracts?

It eliminates the need for legal intermediaries Signup and view all the answers