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What is the initial application for which Blockchain was designed?
- a)Peer-to-peer finance application
- b)Research Project
- c)Open source finance software to connect Banks
- d)None of these
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
What is the initial application for which Blockchain was designed?a)Pe...
The initial application for which Blockchain was designed:
Blockchain technology was originally designed to serve as the public transaction ledger for the cryptocurrency Bitcoin. However, since then it has been applied in many other fields as well.
Explanation:
• Blockchain technology was created by an unknown person or group of people using the name Satoshi Nakamoto in 2008.
• The primary purpose of the invention was to create a decentralized digital currency, which would operate without the need for a central bank or administrator.
• Blockchain technology creates a secure, transparent, and tamper-proof record of transactions. It uses a distributed database to record and validate transactions, which are then added in chronological order to a continuously growing chain of blocks.
• Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This ensures the integrity of the chain and makes it virtually impossible to alter or delete any transaction.
• Bitcoin was the first application to use blockchain technology, but it has since been applied in many other fields, including finance, supply chain management, healthcare, and voting systems.
• Some of the advantages of blockchain technology include increased security, transparency, efficiency, and reduced costs.
Conclusion:
Therefore, the initial application for which Blockchain was designed is none of the given options. It was created to serve as a public transaction ledger for the cryptocurrency Bitcoin.
Blockchain technology was originally designed to serve as the public transaction ledger for the cryptocurrency Bitcoin. However, since then it has been applied in many other fields as well.
Explanation:
• Blockchain technology was created by an unknown person or group of people using the name Satoshi Nakamoto in 2008.
• The primary purpose of the invention was to create a decentralized digital currency, which would operate without the need for a central bank or administrator.
• Blockchain technology creates a secure, transparent, and tamper-proof record of transactions. It uses a distributed database to record and validate transactions, which are then added in chronological order to a continuously growing chain of blocks.
• Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This ensures the integrity of the chain and makes it virtually impossible to alter or delete any transaction.
• Bitcoin was the first application to use blockchain technology, but it has since been applied in many other fields, including finance, supply chain management, healthcare, and voting systems.
• Some of the advantages of blockchain technology include increased security, transparency, efficiency, and reduced costs.
Conclusion:
Therefore, the initial application for which Blockchain was designed is none of the given options. It was created to serve as a public transaction ledger for the cryptocurrency Bitcoin.
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What is the initial application for which Blockchain was designed?a)Pe...
Stuart haber and Scott stornetta ideated using a system where document timestamps could not be tampered with using cryptography
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What is the initial application for which Blockchain was designed?a)Peer-to-peer finance applicationb)Research Projectc)Open source finance software to connect Banksd)None of theseCorrect answer is option 'D'. Can you explain this answer?
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