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ACC308 Blockchain Technology Questions with Correct Answers.
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ACC308 Blockchain Technology Questions with Correct Answers.
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ACC308 Blockchain Technology Questions withCorrect Answers
What is Blockchain? Correct Answer--Transformative technology
-Blockchain originated as the technology underlying the digital currency
Bitcoin.
-Trust is at the heart of commerce. Blockchain delivers the potential for
a powerful new form of transactional trust.
-Blockchain could impact many facets of information management from
the way transactions are processed and recorded to the way they are
reported and verified.
What is Blockchain? Cont. Correct Answer-Blockchain is a shared or
"distributed" digital ledger of transactions over a network of
participating computers; transactions are designed to create records that
are secure, reliable, transparent, and accessible.
Peer-to-peer communications among the participants
Need for management of the network by a central third party is
eliminated
How Blockchain Works Correct Answer-Computers participating in a
blockchain use an automated process to validate the format of the
transaction record to be included in the next "block;" Once this
"consensus" is reached, the information is recorded in a block.
, Not just information but anything of value - money, titles, identities,
votes - can be moved, stored, and managed securely and privately. Trust
is established through mass collaboration and clever code rather than by
powerful intermediaries like governments and banks.
Built-in Security Correct Answer-Encryption Blockchain technology
uses public- and private-key cryptography to sign transactions.
All blocks are timestamped, sequenced chronologically can be used to
prove the existence of records
Irrevocability: once included in blocks, transactions are permanent
records; more secure than traditional centralized databases; audit trail is
automatically created. Access to a complete record of all transactions.
Types of Blockchain Correct Answer-Public Blockchain:
permissionless. Anyone can join the blockchain network, this means
they can read, write, or participate with a public blockchain. Public
blockchains are decentralized and no one has control over the network
and they are secure in that the data cannot be changed once validated on
the blockchain.
Private Blockchain: permissioned. Permissioned network place
restrictions on who is allowed to participate in the network and in what
transactions.
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