Chapter C5. Use Cases of Blockchain: Vocational Education Training Flashcards
Chamber of Industry and Commerce (IHK) main tasks:
- service for the state (sovereign duties)
- service for private business
- critical partner and advisor for politics ( overall interest for regional economy)
Smart Contracts are
codified rules translated into computer code, executed and run on a blockchain.
Why blockchain technology is suitable to the VET use-case (benefits)?
• Easy: Web application for verification is compatible with every modern web browser can be use immediately.
• Data Privacy: Only hash values , no personal Data is stored
• Security: Blockchain guarantees a high degree of transactional security , with little effort.
• Open: From the beginning on many participants and automated. Processes
and secure connection of third parties designed via APIs.
•Conserving ressources: Minimum energy consumption through Proof of Authority.
An example of a consensus mechanism is
________.
Proof of Work
_____ Contracts are codified rules translated into computer code, executed and run on a blockchain.
Smart
The _______ mechanism “Proof of Authority” offers the advantage that it conserves resources.
consensus
Consensus mechanisms on the blockchain are…
Select one or more:
a.
Proof of Steak
b.
Proof of Stake
c.
Proof of Authority
d.
Proof of Work
b, c and d
Blockchain technology strives to promote trust within a network of different participants that do not necessarily trust each other.
Select one:
True
False
true
Blockchain technology is tamper-proof due to the required consensus and centralized storage of data.
Select one:
True
False
false
The Blockchain…
Select one or more:
a.
is a distributed database
b.
is not controlled by one single institution
c.
is controlled by one single institution
d.
consists of a hierarchical network of participants
a and b
In a blockchain network, a copy of all transaction is stored on all machines.
Select one:
True
False
true
Consensus mechanisms on the blockchain are…
Select one or more:
a.
Proof of Citizenship
b.
Proof of Work
c.
Proof of Austerity
d.
Proof of Authority
b and d
The Blockchain…
Select one or more:
a.
consists of a network of equal partners
b.
is a centralized database
c.
is controlled by one single institution
d.
is not controlled by one single institution
a and d
Blockchain technology does not allow for pseudonymized transparency.
Select one:
True
False
false
When it comes to blockchain technology, trust occurs, amongst others, due to an unchangeable, immutable transactional record.
Select one:
True
False
true
