1. What Is Blockchain Technology? Blockchain technology is a distributed database allowing transparent and tamper-proof peer-to-peer transactions.
2. What Is Mining in Blockchain? Mining refers to the process of validating and rewarding cryptocurrency transactions in the blockchain.
3. What Makes Blockchain Unique? Blockchain's uniqueness lies in its structure - a growing list of ordered records (blocks) linked and secured using cryptography, rendering the stored data immutable.
4. Main Components of Blockchain? The core components of blockchain are blocks and cryptography, which store transactions and secure the blockchain.
5. Blockchain Technology Working Process? Blockchain involves adding cryptographically linked and secure transaction blocks (mined by solving cryptographic problems) to a chain, creating an unalterable transaction record.
6. Identifying a Block in Blockchain? A block in the blockchain contains a collection of verified transactions, identifiable by its cryptographic hash, timestamp, and link to the previous block.
7. Cryptography in Blockchain? Cryptography in blockchain ensures secure transactions through encryption, using unique keys for each entity and validating transactions.
8. What is a Distributed Ledger? A distributed ledger is a decentralized, shared database that records transactions transparently and securely across a network.
9. Drawbacks of Blockchain Technology? Key drawbacks include slow transaction speeds, high energy consumption, limited transactions per second, and a lack of industry-wide standards.
10. Main Advantages of Blockchain? Blockchain offers benefits like transparency, immutability, fraud prevention, cost reduction, improved traceability, and increased transaction speeds.
11. Main Blockchain Use Cases? Key applications include smart contracts, digital currencies, decentralized financial services, government applications, and programmable transactions (dApps).
12. Real-World Blockchain Examples? Examples include blockchain in shipping (Maersk), healthcare (Gem with the C.D.C.), real estate (Ubitquity), and finance (Binance).
13. Difference Between Blockchain and Database? Blockchain is decentralized and immutable, whereas traditional databases are centralized and controlled by a single entity.
14. Public vs. Private Blockchains? Public blockchains are open to everyone, while private blockchains restrict access to selected individuals.
15. Blockchain Programming Languages? Languages like C++, Java, Python, and Solidity are used in blockchain development.
16. Different Types of Blockchains? Types include private, public, consortium, and federated blockchains.
17. Blockchain vs. Cryptocurrency? Blockchain is a secure transaction ledger database, while cryptocurrencies are digital tokens using blockchain technology.
18. Blockchain Business Revenue Streams? Blockchain businesses generate revenue through blockchain software and infrastructure services, and cryptocurrency sales.