Some FAQs
1. What is Blockchain in Simple Terms?
Blockchain is a shareable ledger that records transactions and is difficult to modify or change. It also tracks tangible and intangible assets such as cash or a house.
2. How Many Blockchains Are There?
There are 4 types of blockchain networks currently - public blockchains, private blockchains, consortium blockchains, and hybrid blockchains.
3. What’s the Difference Between a Private Blockchain and a Public Blockchain?
Private blockchains are only open to selected people, while public blockchain is open to the general masses. Private blockchains are more secure compared to public ones.
4. What is a Blockchain Platform?
A Blockchain Platform is any platform that exists to support or facilitate Blockchains. There are many types of blockchain platforms for different needs, such as Ethereum, Hyperledger, etc.
5. Who Invented Blockchain?
Blockchain was created by unknown persons under the pseudonym Satoshi Nakamoto when they designed the online currency, Bitcoin.
6. What is Blockchain used for?
While most popularly used for digital currency such as Bitcoin, Blockchain is also now used in different sectors to safeguard records.
7. What are the 3 Pillars of Blockchain Technology?
Decentralization, Transparency, and Immutability are the 3 main pillars of blockchain technology.
8. Who Controls the Blockchain?
In blockchain, the power is divided between all of the users operating on the network. No single user has any control.
9. Why is Blockchain Important?
Blockchain offers security, transparency, and trust between the entire network of users. It also offers cost saving and efficient methods for data recording and sharing.
