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How did blockchain first gain prominence?
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Blockchain gained prominence in 2009 when Satoshi Nakamoto used it as the underlying technology for Bitcoin.
Explain how blockchain uses hashing to maintain security.
Hashing generates a unique identifier for each block's data. If the data changes, so does the hash, signaling tampering.
What is Proof-of-Work and how does it contribute to blockchain security?
Proof-of-Work is a mechanism that slows down the creation of new blocks by making the process computationally difficult, which helps prevent tampering.
What is the primary purpose of a blockchain as described in its early origins?
The primary purpose was to timestamp digital documents to prevent backdating or tampering, akin to a notary.
Why is the previous block's hash essential in a blockchain?
The previous block's hash links blocks together, forming a chain and making the blockchain secure. Tampering with a block invalidates all subsequent blocks.
What prerequisite is mentioned for the practical implementation of blockchain technology in Javascript?
A tutorial on creating a simple blockchain in Javascript is available for practical implementation.
Why is it highly unlikely for an individual to successfully tamper with a blockchain?
It requires control over more than 50% of the network to tamper with a blockchain due to its peer-to-peer distributed nature and consensus mechanisms.
What are smart contracts in the context of blockchain technology?
Smart contracts are programs stored on the blockchain that automatically execute transactions when specific conditions are met.
Describe the three main components of a block within a blockchain.
A block contains Data (specific to the blockchain type), a Hash (unique identifier for the block), and the Previous Block Hash (linking it to the preceding block).
What happens if someone changes the data in Block 2 within a chain of three blocks?
If the data in Block 2 is changed, its hash will change, invalidating Block 3 and all following blocks.
Mention at least three applications of blockchain technology beyond cryptocurrencies.
Applications include storing medical records, acting as a digital notary, and aiding in tax collection.
What is the main function of the 'Previous Block Hash' in a blockchain?
The Previous Block Hash links each block to its predecessor, creating a secure chain structure that is difficult to tamper with.
Identify three security mechanisms used in blockchain technology.
The three security mechanisms are Hashing, Proof-of-Work, and Distribution.
Describe the role of consensus mechanisms in a blockchain.
Consensus mechanisms ensure that all participants agree on the validity of blocks, maintaining the integrity and security of the blockchain.
How does the distributed nature of blockchain enhance its security?
Each participant in the peer-to-peer network has a full copy of the blockchain and verifies new blocks, making it difficult for any single entity to alter past data.
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