DataStructures / Blockchain interview questions
Blockchain is a decentralized, distributed, and incorruptible digital ledger that can store and record economic transactions and other valuable details. Although it was initially designed as a technology for the cryptocurrency Bitcoin, today it is used by companies across different industries.
A Blockchain comprises many blocks holding financial transaction information. Each block has a timestamp, the transaction data, and a unique hash pointer that acts as a link between it and the block immediately before it. Together, all blocks combine to form a Blockchain.
There are 3 types,
- private,
- public,
- and consortium.
Blockchain enables information to be distributed among the users without being copied.
There are 2 types of records, block records and transactional records. Both can be easily accessed, and also easy to integrate with each other without following the complex algorithms.
Ethereum is an open-source software platform. It is based on Blockchain technology that enables developers to build and deploy decentralized applications (applications not controlled by a single entity). You may create a decentralized application in which the participants/users make the decisions.
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller is directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.
A smart contract is a computer code-based agreement between 2 individuals. They are stored on a public ledger and cannot be modified as it runs on the blockchain. A smart contract's transactions are handled by the blockchain, so it is submitted automatically without the involvement of a third party.
Smart contracts are secure, transparent, third-party free, autonomous, and accurate.
