Top Most Interview Questions For Blockchain By Visualpath What do you know about Blockchain? Blockchain is a technology which was uniquely designed for the Bitcoin and later it got a lot of publicity due to various array of advantages it brings when it comes to observing and recording all the financial transactions that are made on a network. It’s a trusted approach and there are a lot of companies in the present scenario which are using it. As everything is secure, and because it’s an open source approach, it can easily be trusted for the long run. In blockchain technology, what does the word “blocks” stand for? Blockchain consists of information of all the financial transactions. By a block, we refer to a list of records. When these various lists are combined with each other, they are known as blockchain. For example- an organization has 100 ledger books. Here each and every ledger book is considered a block and the combination of these is known as a Blockchain. What is encryption? What is its role in Blockchain? Encryption is mainly a data security protocol followed by organizations. In this method, the data is encoded up to some extent before it is sent out of a network by the sender. Only the 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 help to keep them secure. Why Blockchain is a trusted approach? Blockchain can be trusted due to several reasons. The very first thing is its compatibility with other business applications because of its open-source nature. Second one is its security. As it was intended for online transactions, the developers have paid special attention in 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. Is Blockchain an incorruptible ledger? Blockchain ledger cannot be corrupted as per the developer’s claim.
Is there any network specific conditions for using Blockchain technology in an organization? No, there is no such specific condition on using it. However, the network must be a peer-to-peer network under the worried protocols. It really validates the new block simply and helps enterprises to keep up the pace in this matter without capitalizing in third-party applications. How Does A Block Is Recognized In The Blockchain Approach? 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. What Type Of Records Can Be Kept In Blockchain? Is There Any Restriction On Same? There is no restriction of keeping records of any type in the Blockchain approach. Presently, a lot of organizations all over the world are using this approach and the fact is records of medical transactions, events related to organizations, management activities, transaction processing, identity management, as well as documentation are the common type of records that can be kept on them. It must be noted that the record keeping is not just limited to these applications only. What Are The Benefits Of Blockchain That You Know? It encourages secure online transactions which is one of its biggest benefits. Basically, being a distributed and decentralized ledger that keeps a close eye on all the transaction records, it doesn’t let the record to be altered by anyone. This enhances the security. In addition to this, participants and the business owners can always make sure of los cost auditing at the end. One thing that can always be assured with blockchain is every block or unit can be transferred only once which simply eliminates the double spending problem. How Does A Block Is Recognized In The Blockchain Approach? 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.
Name The Common Type Of Ledgers That Can Be Considered By Users In Blockchain? Centralized Ledgers , Decentralized Ledgers , Distributed Ledgers Name The Two Types Of Records That Are Present In The Blockchain Database? These records are block records and transactional records. Both these records can easily be accessed and the best thing is it is possible to integrate them each other without following the complex algorithms. How a blockchain ledger is different from an ordinary one? The first and in fact the prime difference is Blockchain is a digital ledger that can be decentralized very easily. The chances of error in this approach are far less than that in an ordinary ledger. An ordinary ledger is what that is prepared with hands or by human efforts while the Blockchain performs all its tasks automatically. You just need to configure it in a proper manner and by following all the guidelines.
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