11. What is a ledger? Is Blockchain an incorruptible ledger?
Blockchain is considered incorruptible. Any ill-intentioned individual acting alone is powerless. “To take over the network, an attacker would have to control more than 50 percent of its total computing power,” Augier explains. “We hope that’s a theoretical scenario, but we can’t be sure. Should it happen, the individual would take every precaution to avoid being noticed.” Not to mention the energy required to power the computers needed for the blockchain system to work.
12. What are the types of consensus algorithms?
There are many types of consensus algorithms or techniques out there. The most popular consensus algorithm includes
Proof-of-Work(PoW)
Proof-of-Stake(PoS)
Delegated Proof-of-Stake(DPoS)
Proof-of-Authority(PoA)
Proof-of-Elapsed Time(PoET)
Byzantine Fault Tolerance
Consensus Algorithms Infographic
13. How does Proof-of-Work(PoW) consensus algorithm works?
Proof-of-Work(PoW) works by asking nodes to provide proof of their work by providing the necessary computation power to solve tough mathematical puzzles. The transactions are stored in blocks where block difficulty determines the difficulty of mining for miners. The miners are the special nodes that take part in the providing the computational power to the blockchain. The process is known as mining.
14. Name the common type of ledgers that can be considered by users in Blockchain?
These are:
15. How is a blockchain ledger 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 by 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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16. What do you know about Blockchain? What is the difference between Bitcoin blockchain and Ethereum blockchain?
The blockchain is a decentralized distributed database of immutable records. The technology was discovered with the invention of Bitcoins(the first cryptocurrency). 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 in the long run.
17. What is the principle on which blockchain technology is based on?
It enables the information to be distributed among the users without being copied.
18. What are the different types of Blockchains?
Blockchains are of three types:
19. Can You explain the components of Blockchain Ecosystem?
Following are the components of blockchain Ecosystem:
20. What type of records can be kept in a blockchain?
Blockchain acts as a data structure which means that it can be used to store any form of data. Industries can make proper use of blockchain record types as they can completely take advantage of what it has to offer. The most common types of records/data that can be kept in blockchain are as follows.
Identity management
Transaction processing
Documentation
Medical records
Management activities
Business transactions
And so on.
