BLOCKCHAIN FAQ

What are blocks in the blockchain technology?
What kind of records are maintained in Blockchain?
What type of transaction cannot be stored in blockchain?
What according to you are the benefits of Blockchain technology?
What are the types of records present in the blockchain database?
How blocks are created?
What is Hyperledger?
What is a smart contract?
What is dApp?
What is Solidity?
What is Metamask?
What is the lightning network?
What is atomic swap?
What is a private key?

What are blocks in the blockchain technology?

Blocks are just like digital Ledger Where all the transactions are written with a Previous Block Hash , version number of the software, Time & Date Stamp ,goal of the current difficulty and Nonce , When a block get filled then a blockchain create a new block with a written previous hash and other Details like time , nonce as written above.
What is security of a block?

What kind of records are maintained in Blockchain?

At present a lot of organizations across the world are using the Blockchain approach with records of medical transactions, events related to organizations, management activities, transaction processing, identity management, NFT based Arts ,Video files using IPFS System together with any generic type of records as well. Also remember record keeping is not just limited to these applications only.

What type of transaction cannot be stored in blockchain?

The Continuous Data whose throughput rate is high from the target Blockchain transaction Rate at that time data may lag ,exempt this functionality ,All type of Digital data can be Stored in Blockchain , But data should be as per specification that should not exceed per Block limit for example Ethereum block per transaction is 100MB and this Size is continuously increasing as per previous data , and this is a debatable topic for example another Blockchain called ICP Called as internet Computers Protocol whose Block size is 4Gb , so as result blockchain can Store any type of Digital data .

What according to you are the benefits of Blockchain technology?

1. Blockchain encourages secure online transactions which is one of its biggest benefits.
2. Blockchain Technology does not permit alteration of records since it a distributed and decentralized ledger that keeps a close eye on all the transaction records . This enhances security.
3. Additionally participants and the business owners can always ensure of IOS cost auditing at the end.
Every block or unit can be transferred only once which eliminates the double spending problem.

What are the types of records present in the blockchain database?

Block records and Transactional records. now days contain all types of data Such as JPEG, PNG , GIF , Audio Files in the form of NFT , Such that both these records can easily be accessed and it is possible to integrate them together without following complex algorithms.

How blocks are created?

when the block size is reached the Blockchain automatically creates Blocks. As the block is a file, the transactions are kept on the file until it becomes full. They are listed linearly and are connected so that the latest block stays in contact of the previous one. To identify a block, using a mathematical function, a hash value is generated. It also indicates any changes that are made to a block.

What is Hyperledger?

Hyperledger is an open source collaborative effort to improve blockchain. It offers an enterprise-grade framework. These tools will help to strengthen blockchain implementation across multiple sectors including manufacturing, supply chains, finance, etc. The Linux Foundation manages it.

What is a smart contract?

A smart contract is best defined as a computer code that lets you enforce rules and regulations between two parties that are going to interact to carry out a deal. The agreement once is written can be executed automatically for any number of times. Smart contracts is a legal agreement that is written with the help of code. It is widely used in blockchain to automate tasks and also bring transparency to a particular system. For example, smart contracts can be used to sell or own real-world assets.

What is dApp?

App also stands for “decentralized application” that runs on a blockchain. Smart contracts are used to automate different functionality of the dApp. As it is an application, more than one peer can participate and is not controlled by a single entity. dApps generally follow a protocol or algorithm and also require an incentive attached to its functionality. Lastly, it is a completely open source.

What is Solidity?

Solidity is a high level programing language It is used to enhance the functionality of Ethereum Virtual Machine and is also actively used to program Ethereum smart contracts. It is similar to JavaScript when it comes to syntax and esy to access.

What is Metamask?

Metamask is a web app that lets you connect with Ethereum dApps directly from your browser. This means that you don’t need to have a full Ethereum node to access dApps and its functionalities.

What is the lightning network?

To improve the working of bitcoin the lightning network is an off-chain and scalable solution. It will bring instant transactions at low or no cost associated with it. Moreover, it will make bitcoin more scalable by taking the majority of the hard work off-chain. The lightning network is in active development and is already being used by many vendors.

What is atomic swap?

What is a private key?

private key is an alphanumeric phrase that is used in pair with a public key to provide encryption and decryption. It is a part of cryptographic algorithms that are used in blockchain security. The key is assigned to the key generator and should stay with him only. If he fails to do so, anyone can access the details or data located within the wallet or the address for which the private key is assigned.