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DataStructures / Blockchain interview questions

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1. What is Blockchain technology?

Blockchain is a decentralized, distributed, and incorruptible digital ledger that can store and record economic transactions and other valuable details. Although it was initially designed as a technology for the cryptocurrency Bitcoin, today it is used by companies across different industries.

2. What are blocks in Blockchain?

A Blockchain comprises many blocks holding financial transaction information. Each block has a timestamp, the transaction data, and a unique hash pointer that acts as a link between it and the block immediately before it. Together, all blocks combine to form a Blockchain.

3. Different types of Blockchains.

There are 3 types,

  • private,
  • public,
  • and consortium.
4. What is the principle behind blockchain technology?

Blockchain enables information to be distributed among the users without being copied.

5. Types of records present in the blockchain database.

There are 2 types of records, block records and transactional records. Both can be easily accessed, and also easy to integrate with each other without following the complex algorithms.

6. What is Ethereum (ETH)?

Ethereum is an open-source software platform. It is based on Blockchain technology that enables developers to build and deploy decentralized applications (applications not controlled by a single entity). You may create a decentralized application in which the participants/users make the decisions.

7. What are Smart Contracts?

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller is directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.

A smart contract is a computer code-based agreement between 2 individuals. They are stored on a public ledger and cannot be modified as it runs on the blockchain. A smart contract's transactions are handled by the blockchain, so it is submitted automatically without the involvement of a third party.

Smart contracts are secure, transparent, third-party free, autonomous, and accurate.

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