Blockchain Most Frequently Asked Questions (FAQ)

Okay. In fact, Blockchain is nothing but a Distributed Ledger Technology (DLT) what is used to create trust in an untrusted or risky ecosystem.

Blockchains are frequently used to keep record of all transactions made with cryptocurrencies. For example; Bitcoin, Ethereum and several other applications.

“Bitcoin”. Blockchain is the core technology behind bitcoin. At its heart is a distributed data store. 

Undoubtedly, Blockchain reduces risk and increases trust, security, transparency. Also the traceability of data shared across a business network. Finally, it delivers cost savings with new efficiencies.

Mostly. When a new block is added to a blockchain, it is linked to the previous block what uses a cryptographic hash generated from the contents of the previous block. As a result, this ensures the chain is never broken and that each block is permanently recorded.

Then, it seems spiral to you. Let’s make it clear ! For-mostly, Bitcoin is a cryptocurrency, while blockchain is a distributed database.And,  Bitcoin is powered by blockchain technology, but blockchain has found many uses beyond Bitcoin.

The blocks in a blockchain consists of three basic components like; A hash pointer to the previous block, A timestamp and Transaction data.

At present, Blockchain has been top prioritized subject for all. The professionals like Analysts, Business Consultant, Engineers, Engineering Manager, General Manager, IT Manager, Management Analyst, Marketing Director, Marketing Professionals, Operations Manager, Program Analyst, Project Manager, Technicians & Sales People, everyone requires it.

Simply, in this architectural phase, couple of things are essential. For example; Principle of Hashing, Block hashing algorithm, Hash functions in Bitcoin, Hashes with SHA-256, Bitcoin and  SHA256.

Generally, a Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data. 

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