Blockchains & Cryptocurrency-Questions and Answers Graded A+

Blockchains & Cryptocurrency-Questions and Answers Graded A+ Blockchain - ANSWER-A blockchain is a time-stamped series of immutable records of data managed by a cluster of computers not owned by any single entity. foundation technology effect: how we move money Key Aspects - ANSWER-not owned by a single entity; they are decentralized... immutable; no one can tampered with the data that is inside them... transparent; anyone can track the data if they want to. referred to as - ANSWER-digital ledgers History - ANSWER-Many of the technologies we take for granted were quiet revolutions in their time. Were now in the midst of another quiet revolution: 1991 first implementation 1998 described idea on cyber punks mail address brunton- digital cash article 2008 satoshi Nakamoto posted whitepaper 2009-scheme outlined by him was implemented by bitcoin, no middle man 2013 buterin, bit coin player concerned about limitations, he developed a new blockchain(This was accomplished by writing little computer programs directly into the blockchain. These programs allow for additional instruments, e.g., loans, bonds, slogans & contracts. Ethereum was a platform for developing decentralized applications.) 2015 formal launch of Ethereum Application - ANSWER-Gartner Trend - Blockchain Healthcare -Trade Processing and Settlement and Cross-Border Payments - Digital Voting - Blockchain Identity - Your car/ smartphone - Travel And Hospitality - Blockchain Applications in Music - Automating regulatory compliance - Ride-sharing services Decentralized - ANSWER-A decentralized system is one in which activities or data are stored at multiple locations. Blockchains exist in a decentralized system E.g., you can interact directly with your friend without going through a 3rd party. Caveat: The blockchain exists in a network; e.g., within a LAN. immutable - ANSWER-An immutable object is an object whose state cannot be modified after it is created... A blockchain is stored at many locations on the network. To change the blockchain, one would have to c transparent - ANSWER-Blockchains are Transparent. Caveat: The blockchain exists in a network; e.g., within a LAN. anything built on the blockchain is by its very nature transparent Exam - ANSWER-Natishi sokimoto- bitcoin idea Key aspects of a blockchain Blockchains are not owned by a single entity; it is decentralized. Blockchains are immutable; no one can tamper with the data that is inside it. Blockchains are transparent; anyone can track the data if they want to.