Video 2 - How does a Blockchain work?

What is the original purpose of a blockchain?

• To store medical records

• To collect taxes

• To create digital currency

• To timestamp digital documents

What does a block in a blockchain contain?

• Only the data about a transaction

• Only the hash of the previous block

• Data, hash of the block, and hash of the previous block

• Only the hash of the block

What is the purpose of the hash of a block in a blockchain?

• To verify the block in the peer-to-peer network

• To identify the block and its contents

• To slow down the creation of new blocks

• To automatically exchange coins based on certain conditions

What is the genesis block in a blockchain? (Choose 2 answers)

• The first block in the chain

• A block with the highest proof-of-work

• The last block in the chain

• A special block that cannot point to previous blocks

What is the purpose of proof-of-work in a blockchain?

• To slow down the creation of new blocks

• To create consensus among the nodes

• To automatically exchange coins based on certain conditions

• To verify the block in the peer-to-peer network

What is the mechanism that makes it very hard to tamper with the blocks in a blockchain?

• Distributed ledger

• Hashing

• Proof-of-stake

• Smart contracts

What is the purpose of using a peer-to-peer network in a blockchain?

• To store medical records

• To automatically exchange coins based on certain conditions

• To create consensus among the nodes

• To manage the chain centrally

What happens when someone creates a new block in a blockchain?

• The block is stored on a central server

• The block is rejected by other nodes in the network

• The block is sent to everyone on the network for verification

• The block is automatically added to the chain

What is the purpose of smart contracts in a blockchain?

• To automatically exchange coins based on certain conditions

• To slow down the creation of new blocks

• To create consensus among the nodes

• To verify the block in the peer-to-peer network

What are some potential uses of blockchain technology other than digital currency?

• Creating consensus among the nodes, managing the chain centrally, and creating smart contracts

• Hashing, proof-of-stake, and distributed ledger

• Slowing down the creation of new blocks, automatically exchanging coins, and verifying the block in the peer-to-peer network

• Storing medical records, creating a digital notary, and collecting taxes