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BLOCKCHAIN AND CRYPTOCURRENCY EXAM 2024/2025
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BLOCKCHAIN AND CRYPTOCURRENCY EXAM 2024/2025
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BLOCKCHAIN AND CRYPTOCURRENCYEXAM 2024/2025
2 details of business transaction - Precise Answer ✔✔1. always happens between, at least, two
organizations
2. Buyer and seller, no business operates in isolation
5 Details of Ledger - Precise Answer ✔✔1. system of records for a business
2. transactions are always recorded in the ledger
3. in the selling organization, a transaction removes assets from the ledger
4. in the buying organization, a transaction adds assets onto the ledger
5. every organization keeps their own respective Ledgers
2 types of assets - Precise Answer ✔✔1. tangible
2. intangible
3 Examples of Tangible Assets - Precise Answer ✔✔house, products, cash
3 Examples of Intangible Assets - Precise Answer ✔✔mortgage, services, online music/video
2 Places Transactions Could Happen and Description of Each - Precise Answer ✔✔1. open market
(auction)
2. closed market (supply chain)
Businesses Contracts - Precise Answer ✔✔set conditions of transactions
2 Details of Businesses Networks - Precise Answer ✔✔1. Contain many examples of networks of
individuals and organizations that collaborate to create value and wealth.
, 2. These networks work together in markets that exchange assets in the form of goods and services
between the participants.
8 Details of Blockchain - Precise Answer ✔✔1. It is a distributed database leveraging distributed
processing
2. Multiple parties (peer) share it by keeping an identical copy
3. Transactions are recorded (write) in the database
4. Transactions/Blocks are processed one at a time, no new transaction/block is committed until the
prior one is approved
5. All participants must give approval to the new recording = new Block
6. New Block is concatenated with prior Block by using a cryptographic hash (like a fingerprint of
predecessor Block)
7. Every recording uses private cryptographic key or digital signature
8. The process is repeated over and over creating a 'block chain'
4 details of difference between blockchain and bitcoin - Precise Answer ✔✔1. Blockchain it is an
unchangeable system of recordkeeping that is seeing a growing use well beyond financial transactions.
2. Data is copied on multiple servers or computers and encrypted into blocks,
3. Which are then linked by hashes to previous blocks.
4. This allows the system to reject any non-valid transactions.
block - Precise Answer ✔✔Each new record (write) to the database
1 detail of blockchain technology and 8 benefits of blockchain technology - Precise Answer ✔✔-provides
the basis for a dynamic distributed and shared ledger that can be applied to
1. save time when recording transactions between parties
2. remove costs associated with intermediaries
3. reduce risks of fraud and tampering.
4. improve banking, supply chain, and other transaction networks and
5. can create new opportunities for innovation.
6. reduce friction between organizations
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