BlockChain Interview Questions and Answers Set 9

81. What are the popular platforms for developing blockchain applications?

The most popular platforms for developing blockchain applications include Hyperledger Fabric, Ethereum, R3 Cords, Quoru, and Ripple.

82. What is Hyperledger?

Hyperledger is an open source collaborative effort to improve blockchain. It offers an enterprise-grade framework. The tools will help to strengthen blockchain implementation across multiple sectors including manufacturing, supply chains, finance, etc. The Linux Foundation manages it.

83. What is a security policy?

A security policy defines what exactly needs to be secured on a system. It bounds a network user under some core protocols that they all must agree and follow to enhance the overall security. When it comes to information or financial records of an organization, multiple security policies are implemented than just one.

84. What is dApp?

dApp also stands for “decentralized application” that runs on a blockchain. Smart contracts are used to automate different functionality of the dApp. As it is an application, more than one peer can participate and is not controlled by a single entity. dApps generally follow a protocol or algorithm and also require an incentive attached to its functionality. Lastly, it is a completely open source.

85. How is dApp different from an app?

dApps run on a decentralized network or system whereas apps, in general, are not designed to work in a decentralized ecosystem. dApps are the next generation apps that take advantage of blockchain and runs on it. Popular blockchain solutions that support dApps include NEO and Ethereum.

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86. What are the main use cases of Solidity?

The main use case of Solidity is to build smart contracts and dApps on ethereum blockchain. It can be used to create an open-source version of smart contracts. The smart contracts created using Solidity can be used to store data, take a particular action when a condition is met or merely stop a particular action. Smart contracts need to be developed by humans before it is deployed on the blockchain.

87. Can you explain what are off-chain transactions?

An off-chain transaction is the movement of value outside of the blockchain. While an on-chain transaction – usually referred to as simply ‘a transaction’ – modifies the blockchain and depends on the blockchain to determine its validity an off-chain transaction relies on other methods to record and validate the transaction.

88. What exactly do you know about executive accounting? Does Blockchain support the same?

Executive accounting is nothing but a special type of accounting which is designed exclusively for a business that offers services to the people. There is no strict upper limit on services and a business can manage any through the executive accounting. Blockchain has algorithms that are specially meant to handle executive accounting. In fact, it cut down many problems that are associated with the same.

89. What is cryptocurrency mining?

Cryptocurrency mining is the process of validating transactions on a blockchain and ensuring it is validated and written on a block. Mining is carried out by miners who use costly computation equipment to provide consensus to a blockchain. Mining is mostly used by Proof-of-Work(PoW) consensus algorithm where the miner has to solve complex mathematical puzzles. They are rewarded for their work.

90. Can blockchain be hacked?

The blockchain is fairly secure for the most part. However, it is not completely secure. There are many different types of hacks that can be carried out by hackers. For example, Sybil attack, Routing attack, Direct Denial of Service and so on. 51% attack is also a prominent attack that can be used by hackers to steal information or coins. Other vulnerabilities include on how systems or platforms are implemented that leaves it vulnerable. Decentralized Autonomous Organization(DAO) are vulnerable to attacks.