What is the Blockchain?

The video tutorial introduces blockchain technology, initially used for cryptocurrency in 2008, and now a vital tool across various industries. It explains blockchain's key characteristics: being a database, decentralized, and secure. The origins of blockchain trace back to 1991, with its first application in Bitcoin transactions in 2008. Today, blockchain is used in currency exchange, supply chain, healthcare, and more. The benefits include transparency, reliability, security, and speed, but challenges like high costs, slow transactions, and regulatory issues persist. The video emphasizes the need for understanding blockchain's social and regulatory aspects for broader adoption.

What are the three main characteristics of blockchain technology?

• Open Source, Fast, Reliable

• Private, Immutable, Scalable

• Database, Decentralized, Secure

• Centralized, Secure, Transparent

How is data stored in a blockchain?

• In a single database

• In a series of blocks linked together

• In a cloud storage

• In a centralized server

What is a cryptographic hash used for in blockchain?

• To speed up transactions

• To create a unique digital fingerprint

• To store data in the cloud

• To encrypt data for privacy

Which of the following is NOT a use of blockchain technology?

• Cryptocurrency transactions

• Supply chain management

• Digital identification

• Weather forecasting

What is one of the main benefits of blockchain technology?

• High implementation costs

• Transparency through public records

• Slow processing speed

• Centralized control

What is a major downside of blockchain technology?

• Centralized data storage

• Lack of transparency

• High energy consumption

• Limited security

Why is the regulation of blockchain technology challenging?

• Due to its centralized nature

• Due to its association with illegal activities

• Because it is not effective

• Because it is too expensive