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Blockchain Exam Study Q&S Latest Update
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Blockchain Exam Study Q&S Latest UpdateWhat is the structure of a bitcoin transaction? - Answer -A bitcoin has inputs and
outputs
-Output have up to two addresses
-Inputs may have multiple addresses
What data fields are posted in the Blockchain for each bitcoin transaction? - Answer the
outputs and inputs for each transaction on the blockchain. The software verifies that
the address are not inputs and that they are outputs in the blockchain. To prevent
double spending
What is a digital signature? - Answer A signature is mathematically generated from
a hash of something to be signed, plus the private key for each address!
What are the data fields in a block header? Which fields can be altered? - Answer 1.
Protocol version
2. Previous block hash: helps create the sequence of the chain
3. Merkle root: takes a hash of all the transitions below in the transaction
4. Timestamp: when the block was created
,5. Bits: condensed of the mining difficulty is
6. Nonce: the only one that is allowed to be changed, the winning arbitrary value
that produced the successful block chain
What is blockchain? - Answer Blockchain is an encrypted, distributed database
shared across multiple computers or nodes that are part of a community or system.
What makes it one of the most exciting technologies? - Answer Its ability to reduce
the possibility of security breaches by even its own operators.
How does blockchain reduce the possibility of security breaches? - Answer In a
traditional implementation, a rogue administrator can potentially change historical
transactions because of his or her access levels to the data. However, with a blockchain
implementation across data centers, one would need a large number of teams working
together across data centers to modify historical data—which greatly reduces the
possibility of data tampering. The more widespread the environments, the more
difficult it is to tinker with data.
Who has implemented blockchain? - Answer Eleven banks of the R3 consortium have
already connected on the centralized Ethereum-based blockchain network. The Estonian
government has used blockchain-based technology (keyless signature infrastructure) to
authenticate data in their databases since 2013.
How blockchain can help in Healthcare? - Answer Using digital signatures on blockchain-
based data that allows access only when authorized by multiple people could regulate
the availability and maintain the privacy of health records. In addition, a community of
people, including hospitals, doctors, patients, and insurance companies, could be part
of the overall blockchain, reducing fraud in healthcare payments.
How blockchain can help in Defense? - Answer Unauthorized access or modification of
critical defense infrastructure, such as operating systems and network firmware, could
seriously compromise national security. For most countries, defense infrastructure and
computer systems are distributed across different locations. Blockchain technology
, distributed across multiple data centers can ensure security against attacks on
important network and hardware equipment by ensuring consensus-based access
for modification.
How blockchain can help in Government? - Answer Government departments that work
in silos cause the exchange of information to be delayed, negatively impacting citizen
services. Linking the data between the departments with blockchain ensures that data
is released in real time, when both the departments and the citizen consent to sharing
data. Blockchain technology could improve transparency and check corruption in
governments worldwide.
How blockchain can help in Law? - Answer Blockchains can contain a huge amount of
data, including entire contracts. The impact of "smart contracts"—protocols that
facilitate or enforce contract performance using blockchain—will have a profound
impact for industries. Smart contracts eliminate the middleman, such as a legal firm, as
payment will happen based on certain milestones being met. By its very nature, the
smart contract is easily enforceable electronically, creating a powerful escrow by
taking it out of the control of a single party.
How blockchain can help in Energy? - Answer Microgeneration of electricity is becoming
a huge trend in the power generation business. New energy initiatives such as home
power generation and community solar power are filling in gaps of power supply across
the world. As microgeneration adds to traditional power suppliers, it fosters creation of
an energy market. Smart meters can register produced and consumed electricity in a
blockchain, which allows for consumption of the surplus energy in a different location,
providing credits or currency to the original producer. The credits can then be
redeemed against the grid when the microgenerator needs additional electricity from
the grid. The blockchain enforces these contracts in real time or near-real time, allowing
for a utility market to be created with minimal red tape.
What are the problems with traditional currencies issued by governments &
transacted through trusted third parties? - Answer 1. Lack of transparency
2. delays in settlements
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