Block Chain

Question 1

Blockchain (BC)

Answer 1

A Blockchain (BC) is a distributed ledger, where everyone in the BC can add data, and no changes are allowed

Question 2

Blockchain process

Answer 2

A TRANSACTION is transformed into a BLOCK which is confirmed by a. HASH VALUE

Question 3

What is a “smart contract”?

Answer 3

Smart contracts are coded in the BC. They execute themselves, i.e. the physical flow of products/ approval of receipt and the cash flow will be aligned in the future
(impact on P2P processes

Question 4

. What is a public vs. private Blockchain?

Answer 4

 Public Blockchain: Fully Public, Secured by Cryptocurrencies (PoW/PoS), Its for Anyone, Send, Transaction, Participate in Consensus Process.
 Private Blockchain: Controlled Access, Write permissions are kept centralised to one organisation, Read permissions may be public or not (or some part may be public).
 Consortium/Hybrid Blockchain: Pre-selected set of nodes for e.g.: 7 financial institutions.

Question 5

Block Chain consists of

Answer 5

Previous Hash, Timestamp, Data, Hash, Nonce

Question 6

Addvantages and dissdadv of block chain

Answer 6

\+ Transparency
\+ $ Costs
\+ Trust
\+ Security
\+ Industry 4.0

• § Legal issues
• High Energy-consumption
• Governance:
• Speed:
• Compatability:

Question 7

Why Blockchain is important

Answer 7

A BC is very important for the digitalization / Internet of things as it provides safe, trustful and immutable data that cannot be hacked like data, which is stord in central server systems