Block Chain Interview Questions

Block Chain Interview Questions

  • What do you mean by blocks in the Blockchain technology?

A block in the Blockcahin is nothing but just a list of records. When these lists are joined with each other, they are known as Blockchain. For e.g. – an organization has 100 ledger books the combination of which is known as Blockchain and a single ledger would be known as a block.

  • Why Blockchain is a trusted approach

Blockchain can be trusted due to several reasons. The very first thing is its compatibility with other business applications because of its open-source nature. Second one is its security. As it was intended for online transactions, the developers have paid special attention in keeping up the pace when it comes to its security. It really doesn’t matter what type of business one owns, Blockchain can easily be considered.

Block Chain Interview Questions

  • Is Blockchain an incorruptible ledger?

Blockchain ledger cannot be corrupted as per the developer’s claim.

Block Chain Interview Questions

  • Is it possible in Blockchain to remove one or more block from the networks?

Yes, it can be done. There are circumstances when only a particular portion of this online ledger is to be considered. With the help of default options and filters, this can easily be done without making too much effort.

Block Chain Interview Questions

  • What do you know about Blockchain?

Blockchain is a technology which was uniquely designed for the Bitcoin and later it got a lot of publicity due to various array of advantages it brings when it comes to observing and recording all the financial transactions that are made on a network. It’s a trusted approach and there are a lot of companies in the present scenario which are using it. As everything is secure, and because it’s an open source approach, it can easily be trusted for the long run.

  • How does a block is recognized in the Blockchain approach?

Every block in this online ledger mainly consists of a hash pointer which acts as a link to the block which is previous to it, transaction data and in fact a stamp of time.

Block Chain Interview Questions

  • What exactly do you know about the security of a block?

A block cannot be customized by all the users on a network. Therefore it provides an excellent level of security. Additionally, every block is secured using cryptography that is another vote in this matter. Thus one needs not to worry about the security of data that is present in a block.

  • Is there any network specific conditions for using Blockchain technology in an organization?

No, there is no such specific condition on using it. However, the network must be a peer-to-peer network under the worried protocols. It really validates the new block simply and helps enterprises to keep up the pace in this matter without capitalizing in third-party applications.

Block Chain Interview Questions

  • What is encryption? What is its role in Blockchain?

Encryption is mainly a method that helps organizations to keep their data secure. In this method, the data is encoded up to some extent before it is sent out of a network by the sender. The only receiver can know how to decode the same. In Blockchain, this method is useful because it simply adds more to the overall security and validity of blocks and help to keep them secure.

  • Is it possible to modify the data once it is written in a block?

No, it is not possible to do so. In case any customization is required, the organization simply has to remove the information from all other blocks too. It is because of no other reason than this, data must be given the extreme care of while using this method.

Block Chain Interview Questions

  • What type of records can be kept in Blockchain? Is there any restriction on same?

There is no restriction of keeping records of any type in the Blockchain approach. Presently, a lot of organizations all over the world are using this approach and the fact is records of medical transactions, events related to organizations, management activities, transaction processing, identity management, as well as documentation are the common type of records that can be kept on them. It must be noted that the record keeping is not just limited to these applications only.

  • What is Double Spending?

It is one of the major problems that are associated with the digital cash. In fact, it’s a condition when one digital token is spent multiple times because the token generally consists of a digital file that can easily be cloned. It simply leads to inflation and organizations has to bear a huge loss. One of the primary aims of Blockchain technology is to eliminate this approach up to the possible extent.

  • Explain the significance of blind signature and how it is useful?

It is actually a form of digital signature and in fact an important part of the cryptography in which all the information is made blind before it is actually considered or signed. This is verified approach and is generally considered in the privacy-related protocols where both the author and the signing parties are different. One of the most common examples is digital cash scheme.

  • What is Secret Sharing? Does it have any benefit in Blockchain technology?

It is a well-known fact that security matters a lot in digital transactions. Secret sharing is an approach meant for same. In Blockchain technology it is an approach that divides secret or personal information into different units and sent them to the users on the network. The original information can only be combined when a participant to whom a share of the secret is allocated agree to combine them together with others. There are several security-related benefits it can offer in Blockchain technology.
Block Chain Interview Questions

  • What exactly do you know about executive accounting? Does Blockchain support the same?

Executive accounting is nothing but a special type of accounting which is designed exclusively for a business that offers services to the people. There is no strict upper limit on services and a business can manage any through the executive accounting. Blockchain has algorithms that are specially meant to handle executive accounting. In fact, it cut down many problems that are associated with the same.

  • Name the steps that are involved in the Blockchain project implementation?

Well, there are total six steps involved in this process and they are:

1. Requirement identification
2. Screen ideas consideration
3. Project development for Blockchain
4. Feasible study on the security
5. Implementation
6. Controlling and monitoring the project

  • What are the benefits of Blockchain that you know?

It encourages secure online transactions which is one of its biggest benefits. Basically, being a distributed and decentralized ledger that keeps a close eye on all the transaction records, it doesn’t let the record to be altered by anyone. This enhances the security. In addition to this, participants and the business owners can always make sure of los cost auditing at the end. One thing that can always be assured with blockchain is every block or unit can be transferred only once which simply eliminates the double spending problem.

  • Name the two types of records that are present in the blockchain database?

These records are block records and transactional records. Both these records can easily be accessed and the best thing is it is possible to integrate them each other without following the complex algorithms.
Block Chain Interview Questions

  • What are the threads to the information you are familiar with?

There are lots of threats to information in the present scenario. Due to increase in online transactions over the internet, many hackers have become active and are adopting new approaches to hack information and servers that contain financial information. The major threat is software attack, identity theft, information extortion, as well as sabotage. In addition to this, Trojan horses, worms, and viruses are other trouble creators.

  • What challenges information leak can impose of an organization?

Information leak can cut down the reputation of an organization up to an excellent extent. In addition to this, it can be the reason of organization bearing huge losses. Many organizations who fail to implement security protocols to keep their data secure have already lost the trust of their customers and are struggling very hard to get the same reputation again. The overall profits of any organization can reduce up to 80% if no attention is paid to the online transaction security.

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