Blockchain

Question 1

A distributed collection of duplicate ledgers

Answer 1

A blockchain

Question 2

Blockchain

Answer 2

A distributed collection of duplicate ledgers

Question 3

A list of transactions (any kind of agreement, change is state, etc)

Answer 3

Ledger

Question 4

A block chain is a distributed collection of duplicate ledgers. Explain distributed

Answer 4

Distributed among a set of networked locations that are peers or equals - no central control

Question 5

A block chain is a distributed collection of duplicate ledgers. Explain duplicated

Answer 5

Duplicated so that ledgers cannot be compromised except with so much effort that it would be detectable

Question 6

A block chain is a distributed collection of duplicate ledgers. Explain ledger

Answer 6

A list of transactions (any kind of agreement, change of state, etc)

Question 7

A blockchain at a single location is implemented as

Answer 7

An ordered set of objects; think of each as a set of data (like an entity with attributes)

Question 8

Each block contains: (3)

Answer 8

Timestamp (indicating when it was created)
The hash of the previous block
The hash of a set of transactions with the hash of the previous block

Question 9

What is the first block in a block chain called

Answer 9

The genesis; it contains no previous hash

Question 10

3 key features of record-keeping by blockchain

Answer 10

Distributed - shared record keeping. No one person or organization owns the system
Permissioned - everyone involved in the system has a copy of every record and piece of data
Secure - no one person can add a transaction or alter any part of the chain without it being recorded and detected. No one can delete anything

Question 11

3 features of record-keeping by blockchain (not the 3 key features)

Answer 11

Pseudonimity
Irreversibility
Programmability

Question 12

While transactions are public, the parties’ identities could remain hidden

Answer 12

Pseudonimity

Question 13

It is very difficult to change a transaction in the system of ledgers. A computational proof of the validity of a transaction must be performed on each ledger. If they don’t match up, the validity of the transaction is questionable

Answer 13

Irreversibility

Question 14

We can build software logic into transactions. Transactions can be kicked off automatically when certain conditions occur

Answer 14

Programmability