Before going to take Short Blockchain quiz on Blockchain, here is an introduction about Blockchain.
- A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties.
- Finance and Insurance are the two big sectors betting on future of BlockChain technology.
- It is going to change and take the world towards decentralized databases.
- Each transaction in the public ledger is verified by consensus of a majority of the participants in the system.
- And, once entered, the information can never be erased.
The blockchain contains a certain and verifiable record of every single transaction ever made. Bitcoin, the decentralized peertopeer digital currency, is the most popular example that uses blockchain technology.
- The digital currency bitcoin itself is highly controversial but the underlying blockchain technology has worked flawlessly and found wide range of applications in both financial and nonfinancial world.
- The main hypothesis is that the blockchain establishes a system of creating a distributed consensus in the digital online world. This allows participating entities to know for certain that a digital event happened by creating an irrefutable record in a public ledger.
- It opens the door for developing a democratic open and scalable digital economy from a centralized one.
- There are tremendous opportunities in this disruptive technology and revolution in this space has just begun.