What is blockchain technology?
Explanation: The correct answer is C) A decentralized and distributed ledger system. Blockchain technology is a decentralized and distributed ledger system that records transactions across multiple computers or nodes. It ensures transparency, security, and immutability of data through cryptographic algorithms.
Which of the following characteristics is associated with blockchain technology?
Explanation: The correct answer is D) All of the above. Blockchain technology is known for its characteristics of transparency, security, and immutability. It provides a transparent and tamper-resistant system for recording and verifying transactions.
What is the role of miners in the blockchain network?
Explanation: The correct answer is A) To validate and add transactions to the blockchain. Miners play a crucial role in the blockchain network by validating and adding transactions to the blockchain. They perform computational tasks to solve complex mathematical problems and reach consensus on the validity of transactions.
What is a smart contract in the context of blockchain technology?
Explanation: The correct answer is B) A software program that executes predefined actions based on specified conditions. A smart contract is a self-executing software program that automatically executes predefined actions once specified conditions are met. It facilitates secure and transparent agreements on the blockchain without the need for intermediaries.
What are the potential applications of blockchain technology?
Explanation: The correct answer is D) All of the above. Blockchain technology has potential applications in various industries and sectors. It can be used for cryptocurrency and financial transactions, supply chain management, healthcare records management, and many other areas that require secure and transparent data management.