Understanding Blockchain Technology Concepts

The video introduces blockchain as a transformative technology enabling secure, cashless transactions without third-party interference. It explains how blockchain records transaction data in a distributed digital ledger, ensuring security and immutability. The role of cryptocurrencies like Bitcoin and Ethereum in utilizing blockchain for transactions is discussed, highlighting the growing interest in this economic revolution. The video concludes with a vision of blockchain's future impact on global economy and technology.

What is the main advantage of making transactions without third-party interference?

• Better customer service

• Increased privacy and security

• Faster transaction speeds

• Lower transaction fees

What technology is described as revolutionary in changing how transactions work?

• Internet of Things

• Quantum Computing

• Blockchain

• Artificial Intelligence

How does blockchain ensure the security of transactions?

• By using physical ledgers

• By employing a central authority

• By using digital cryptocurrencies

• By encrypting all data

What is a blockchain composed of?

• A network of servers

• A series of interconnected nodes

• A collection of digital wallets

• A set of blocks recording transaction information

What makes it impossible to change, hack, or cheat the blockchain system?

• Its use of smart contracts

• Its centralized nature

• Its encryption algorithms

• Its distributed ledger across the network

Which cryptocurrencies are mentioned as using the blockchain network?

• Dogecoin and Tether

• Bitcoin and Ethereum

• Litecoin and Ripple

• Cardano and Polkadot

What is the trend in the market capitalization of cryptocurrencies?

• It is decreasing

• It remains constant

• It fluctuates wildly

• It is increasing

What did Fred Sram, co-founder of Coinbase, predict about the future of blockchain?

• It will only be used for financial transactions

• Everything will be tokenized and connected by a blockchain

• It will become obsolete

• It will be replaced by a new technology