Blockchain Detailed Questions And Expert Answers || Ace The Test
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Course
Blockchain
Institution
Blockchain
What is blockchain technology? - Correct Answer a record of transactions, like a traditional ledger or a distributed ledger of transactions. The cryptographic database is maintained by a network of computers, each of which stores a copy of the most up-to-date version. It provides a simple, secure...
Blockchain Detailed Questions And Expert Answers || Ace The Test
What is blockchain technology? - Correct Answer a record of transactions, like a traditional ledger or a
distributed ledger of transactions. The cryptographic database is maintained by a network of computers,
each of which stores a copy of the most up-to-date version. It provides a simple, secure way to establish
trust for virtually any type of transaction, helping simplify the movement of money, products, or
sensitive information worldwide.
Blockchains lineage (where it came from/ first used) - Correct Answer It was initially created to support
the cryptocurrency Bitcoin.
How does blockchain technology work - Correct Answer A blockchain gathers and orders data into
blocks, and then chains them together securely using cryptography.
Blocks - Correct Answer Time stamped transactions that are joined in a chain, When a block is
complete, it also gets its own time stamp. So all information is sequential to avoid duplicate entries.
Nodes - Correct Answer a set of rules that dictate how the computers in the network
Encryption - Correct Answer The process of converting normal messages (plain text) into meaningless
message (ciphertext), Public Key
Decryption - Correct Answer The process of converting meaningless messages into normal messages,
Private Key
Digital Signature - Correct Answer an encrypted form of electronic ID.
Hash - Correct Answer The key to a blockchain's security. It's a bit of cryptographic math that makes the
links between blocks virtually unbreakable by taking information from each block.
Address - Correct Answer a string of data that is publicly viewable on the blockchain.
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