Short Blockchain Quiz for New Learners

Before going to take Short Blockchain quiz on Blockchain, here is an introduction about Blockchain.

Blockchain Introduction

  • 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.

Digital Currency

  • 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.

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Author: Srini

Experienced software developer. Skills in Development, Coding, Testing and Debugging. Good Data analytic skills (Data Warehousing and BI). Also skills in Mainframe.