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What is Blockchain?
A distributed and immutable ledger that allows tracking of tangible or intangible goods.
What are the three major pieces of a Blockchain block?
Transactions, a hash (digital fingerprint), and the hash of the previous block.
Why is Blockchain considered immutable?
Because altering any transaction would change the hash, leading to discrepancies in subsequent blocks.
What distinguishes a permissionless Blockchain from a permissioned Blockchain?
Permissionless Blockchains are public and allow anyone to see transactions and participate as nodes, while permissioned Blockchains are private and involve trusted nodes, often representing organizations.
What is a consensus algorithm used for in a permissionless Blockchain?
To reach agreement on which transactions will be included in the next block, often through a process like proof of work.
What is proof of work?
A consensus algorithm that requires nodes to solve complex cryptographic puzzles to validate transactions and create new blocks.
How do privacy considerations differ between permissioned and permissionless Blockchains?
Permissioned Blockchains control who can view transaction details, ensuring privacy between organizations involved, while permissionless Blockchains are fully public.
What is a smart contract?
Code that automatically executes predefined actions when certain conditions are met in a Blockchain.
How can smart contracts improve efficiency in Blockchain transactions?
By automating processes and ensuring necessary conditions are met, eliminating delays and reducing manual involvement.
What is the significance of having a single source of truth in Blockchain technology?
It ensures all participants in the network have the same information, which reduces discrepancies and enhances trust.
