Q1 : What is Blockchain?
A : Blockchain is a cardinal ledger of financial transactions that is programmed to record transactions but and virtually everything of value. The Blockchain technology was discovered along with the innovation of Bitcoins. As because everything is safe and secure in Bitcoin, it will simply run for a long time
Q2 : What are the properties of Blockchain?
There are four key features of blockchain:
- Decentralized Systems
- Distributed ledger
- Safer & Secure Ecosystem
- Minting
Q3: What are Block Identifiers?
A : In Blockchain, blocks can be identified by the block headerhash and the block height.
Q4 : Why is Blockchain a trusted approach?
A :
- Blockchain can be trusted due to so many reasons.
- It’s compatibility with other business applications due to its open-source nature.
- It’s security. As it was meant for online transactions, the developers have paid special attention to keeping up the pace when it comes to its security.
- It really doesn’t matter what type of business one owns, Blockchain can easily be considered.
Q5 : How does a block is recognized in the Blockchain approach?
A : Every block in this online ledger basically consists of a hash pointer which acts as a link to the block which is prior to it, transaction data and in fact a stamp of time.
Q6 : Explain the principle of Blockchain Technology?
A : The basic principle of Blockchain technology is that it permits the information to be dispersed in the users while not being monitored.
Q7 : What is a ledger? Is Blockchain an incorruptible ledger?
A : Blockchain is considered incorruptible. Any ill-intentioned individual acting alone is powerless. “To take over the network, an attacker would have to control more than 50 percent of its total computing power,” Augier explains. “We hope that’s a theoretical scenario, but we can’t be sure. Should it happen, the individual would take every precaution to avoid being noticed.” Not to mention the energy required to power the computers needed for the blockchain system to work.
Q8 : What exactly do you know about the security of a block?
A : Well, a block or the entire blockchain is protected by a strong cryptographic hash algorithm. Each block has a unique hash pointer. Any modification in the block constituents will result in the change in the hash identifier of the block. Therefore, it offers an excellent level of security. Thus, one needs not to worry about the safety as well as the security of data that is present in a block.
Q9 : What are the various types of Blockchains?
A : Types of Blockchain are:
- Private
- Public
- Consortium
Q10 : Is it possible to modify the data once it is written in a block?
A : No, it’s not possible to do so. In case any modification is required, the organization simply has to erase the information from all other blocks too. It is because of no other reason than this, data must be given the extreme care of while using this approach.
Q11 : What are the 2 types of records that are present within the Blockchain Database?
A : The two types of records are:
- Block records
- Transactional records
Both these records will be and retrieved and integrate them with another while not following the difficult algorithms
Q12 : Explain the difference between blockchain ledger and a standard one?
A : The first and of course the prime distinction is Blockchain is a digital ledger which will be decentralized terribly simply. The chances of error during this method are way under that in a standard ledger. A normal ledger is that which is ready by hands whereas the Blockchain performs all its tasks mechanically. You simply have to be compelled to assemble it in an exceedingly correct manner and by following all the rules.
Q13 : What is encryption? What is its role in Blockchain?
A : Encryption is mainly a method that helps organizations to keep their data secure. In this method, the data is encoded up to some extent before it is sent out of a network by the sender. The only receiver can know how to decode the same. In Blockchain, this method is useful because it simply adds more to the overall security and validity of blocks and helps to keep them secure.
Q14 : Name the elements of Blockchain Ecosystem?
A : Elements of Blockchain system
- Shared Ledger
- Node application
- Virtual Machine
- Consensus Algorithm
Q15 : What are the Advantages of Blockchain that you simply know?
A : Insight of the benefits of Blockchain:
- Cost saving
- Settlement in real time
- Security
- Immutability
- User Pseudonymity
Q16 : What is the principle on which blockchain technology is based on?
A : It enables the information to be distributed among the users without being copied.
Q17 : Is it possible in Blockchain to remove one or more block from the networks?
A : Yes, it can be done. There are times when only a specific portion of this online ledger is to be considered. With the help of default options and filters, this can easily be done without making a lot of efforts.
Q18 : What are some of the widely used cryptographic algorithms?
A : Most widely used algorithms are:
- Triple DES
- RSA
- Twofish
- Blowfish
- AES
Q19 : What is Secret Sharing? Will it have any benefit in Blockchain technology?
A : Secret Sharing is an indisputable fact that matters in digital transactions. It is an associate approach that splits secret or personal data into different small units and directed them towards the users on the network.
The genuine data will merely be assimilated once a candidate conforms to combine them at the side of others. Their square measure many security-related advantages it offers in Blockchain technology.
Q20 : What type of records can be kept in Blockchain? Is there any restriction on same?
A : There is no restriction of keeping records in the Blockchain approach. It must be noted that the record keeping is not just limited to these applications only.
The common types of records that can be kept on them are:
- Records of medical transactions
- Identity management
- Transaction processing
- Events related to organizations,
- Management activities
- Documentation
Q21 : What are the methods that are used in attacking the RSA algorithm?
A : The methods that are used in assaultive the RSA algorithms are:
- Mathematical attacks: In this attack, we tend to square measure mistreatment totally different methods, that is similar in the effort to issue the merchandise of 2 primes
- Brute force: It includes all potential secret keys
Q22 : What are the Advantages of Blockchain that you simply know?
A : Insight of the benefits of Blockchain:
- Cost saving
- Settlement in real time
- Security
- Immutability
- User Pseudonymity
Q23 : Explain the significance of blind signature and ? how it is useful?
A : Blind signature is actually a form of digital signature and is very important part of the cryptography in which all the information is made blind before it is actually signed. This is verified approach and is mainly considered in the privacy-related protocols where both the author and the signing parties are different
Q24 : What is a security policy?
A : A security policy defines what exactly needs to be secured on a system. It confines a network user under some core protocols that they all must agree and follow to improve the overall security. When it comes to information or financial records of an organization, multiple security policies are applied than just one.
Q25 : A distributed digital ledger is used for recording transaction in Blockchain. What does the system rely on?
A : The system relies on the network servicing protocol and the nodes of the network.