61. What are the benefits of Blockchain that you know?
Can you tell me some of the widely used cryptographic algorithms?
62. What are the benefits of blockchain to ensure proper safety?
There are six key principles that can ensure proper safety and allow organizations to create appropriate transactional records.
Digital workforce training
Proper testing methods
63. What are the benefits of blockchain?
Benefits of Blockchain Technology
The top benefits of blockchain include the following
Increased speed and efficiency
64. What exactly do you know about the security of a block?
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.
65. What are the drawbacks of blockchain?
Blockchain is not free from drawbacks or disadvantages. The cons are listed below.
Complex technology which is hard to implement and maintain
Scalable issues are still there
Network speed and transaction costs vary
Human error is still not eliminated
66. A distributed digital ledger is used for recording transaction in Blockchain. What does the system rely on?
The system relies on the network servicing protocol and the nodes of the network.
67. What are the businesses benefits of blockchain?
Businesses can make a lot of benefit from the use of blockchain. They are
68. What is 51% attack?
51% Attack refers to a situation where a group of miners who hold more than 50% of the Network Hash Rate could manipulate with the New transactions (Stopping the transactions to proceed or gaining conformations) or able to reverse the transactions that were recently confirmed and kind of doing Double spend. It is Highly unlikely to be able to do that today but it is possible.
69. What challenges information leak can impose on an organization?
An information leak can cut down the reputation of an organization up to an excellent extent. In addition to this, it can be the reason for organization bearing huge losses. Many organizations who fail to implement security protocols to keep their data secure have already lost the trust of their customers and are struggling very hard to get the same reputation again. The overall profits of any organization can reduce up to 80% if no attention is paid to the online transaction security.
70. What are Merkle trees? How important are Merkle trees in Blockchains?
Merkle Tree also known as ‘hash tree’ is a data structure in cryptography in which each leaf node is a hash of a block of data, and each non-leaf node is a hash of its child nodes.
The benefit of using the Merkle Tree in blockchain is that instead of downloading every transaction and every block, a “light client” can only download the chain of block headers.
Also, if someone needs to verify the existence of a specific transaction in a block, then he doesn’t have to download the entire block. Downloading a set of a branch of this tree which contains this transaction is enough. We check the hashes which are just going up the branch (relevant to my transaction). If these hashes check out good, then we know that this particular transaction exist in this block.