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What is not a ledger type considered by users in Blockchain?
- a)Distributed Ledger
- b)Decentralized ledger
- c)Centralized ledger
- d)None of these
Correct answer is option 'D'. Can you explain this answer?
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What is not a ledger type considered by users in Blockchain?a)Distribu...
The idea emerged that the Bitcoin blockchain could be in fact used for any kind of value transaction or any kind of agreement such as P2P insurance, P2P energy trading, P2P ride sharing, etc. Colored Coins and Mastercoin tried to solve that problem based on the Bitcoin Blockchain Protocol. The Ethereum project decided to create their own blockchain, with very different properties than Bitcoin, decoupling the smart contract layer from the core blockchain protocol, offering a radical new way to create online markets and programmable transactions known as Smart Contracts.
Private institutions like banks realized that they could use the core idea of blockchain as a distributed ledger technology (DLT), and create a permissioned blockchain (private or federated), where the validator is a member of a consortium or separate legal entities of the same organization. The term blockchain in the context of permissioned private ledger is highly controversial and disputed. This is why the term distributed ledger technologies emerged as a more general term.
Private blockchains are valuable for solving efficiency, security and fraud problems within traditional financial institutions, but only incrementally. It’s not very likely that private blockchains will revolutionize the financial system. Public blockchains, however, hold the potential to replace most functions of traditional financial institutions with software, fundamentally reshaping the way the financial system works.
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What is not a ledger type considered by users in Blockchain?a)Distribu...
Explanation:
Blockchain technology is a decentralized digital ledger technology that records transactions in a secure and transparent manner. The ledger in blockchain technology can be of various types, but not all types of ledgers are considered by users in blockchain.
The ledger types considered by users in blockchain are:
1. Distributed Ledger: A distributed ledger is a type of ledger that is decentralized and spread across multiple nodes or computers. In this type of ledger, each node or computer has a copy of the ledger, and any changes made to the ledger are reflected on all copies of the ledger simultaneously.
2. Decentralized Ledger: A decentralized ledger is a type of ledger that is not controlled by any central authority or institution. In this type of ledger, the control of the ledger is distributed among all the nodes or computers in the network, making it more secure and transparent.
3. Centralized Ledger: A centralized ledger is a type of ledger that is controlled by a central authority or institution. In this type of ledger, all the transactions are recorded and controlled by the central authority or institution, making it less transparent and more vulnerable to fraud and errors.
The ledger type that is not considered by users in blockchain is:
D. None of these: This option means that there are no other types of ledgers that are considered by users in blockchain.
In conclusion, users in blockchain consider only distributed, decentralized, and not centralized ledgers. Other types of ledgers are not considered by users in blockchain.
Blockchain technology is a decentralized digital ledger technology that records transactions in a secure and transparent manner. The ledger in blockchain technology can be of various types, but not all types of ledgers are considered by users in blockchain.
The ledger types considered by users in blockchain are:
1. Distributed Ledger: A distributed ledger is a type of ledger that is decentralized and spread across multiple nodes or computers. In this type of ledger, each node or computer has a copy of the ledger, and any changes made to the ledger are reflected on all copies of the ledger simultaneously.
2. Decentralized Ledger: A decentralized ledger is a type of ledger that is not controlled by any central authority or institution. In this type of ledger, the control of the ledger is distributed among all the nodes or computers in the network, making it more secure and transparent.
3. Centralized Ledger: A centralized ledger is a type of ledger that is controlled by a central authority or institution. In this type of ledger, all the transactions are recorded and controlled by the central authority or institution, making it less transparent and more vulnerable to fraud and errors.
The ledger type that is not considered by users in blockchain is:
D. None of these: This option means that there are no other types of ledgers that are considered by users in blockchain.
In conclusion, users in blockchain consider only distributed, decentralized, and not centralized ledgers. Other types of ledgers are not considered by users in blockchain.
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What is not a ledger type considered by users in Blockchain?a)Distributed Ledgerb)Decentralized ledgerc)Centralized ledgerd)None of theseCorrect answer is option 'D'. Can you explain this answer?
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