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Module 1: Introduction to Blockchain Technology

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Module 1: Introduction to Blockchain Technology

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Questions and Answers

What is a blockchain?

A centralized database

A decentralized, distributed ledger technology (correct)

A type of cryptocurrency

A programming language

Question 2:** Which of the following is NOT a characteristic of blockchain?

Immutable

Transparent

Centralized (correct)

Secure

How are blocks linked together in a blockchain?

Using a central server

Through cryptographic hashes (correct)

Via manual input by users

By a third-party intermediary

Which type of blockchain is open to everyone and fully decentralized?

Public blockchain Signup and view all the answers

Who introduced the concept of Bitcoin and blockchain technology?

Satoshi Nakamoto Signup and view all the answers

What is a key advantage of blockchain's decentralized nature?

It enhances security and resilience against attacks. Signup and view all the answers

Which consensus mechanism involves miners solving complex mathematical puzzles?

Proof of Work (PoW) Signup and view all the answers

What is a major drawback of the Proof of Work (PoW) consensus mechanism?

High energy consumption Signup and view all the answers

What is the role of a node in a blockchain network?

To store and validate the blockchain Signup and view all the answers

Which blockchain platform introduced the concept of smart contracts?

Ethereum Signup and view all the answers

Study Notes

Blockchain Basics

A blockchain is a decentralized, digital ledger that records transactions and data across multiple computers within a network
It uses cryptography to secure and validate transactions, making it a secure way to conduct transactions and store data
A blockchain consists of a chain of blocks, each containing data, and once data is written to a block, it cannot be altered or deleted
The decentralized nature of blockchain technology allows for peer-to-peer transactions without the need for intermediaries
Blockchain technology has applications beyond digital currency, including supply chain management, smart contracts, and secure data storage