The Blockchain Basics
This technology ensures cryptocurrencies are immune to counterfeiting and do not require a central authority
What is Blockchain?
A new record of a transaction, permanently inscribed with details like who owns how many Bitcoins
What is a block?
This is the user's unique address, like a password, that only the user has knowledge of
What is the private key?
The people in the network who validate transactions and add blocks to the blockchain
What are miners?
This specific retailer used blockchain technology to track goods through its supply chain
Who is Walmart?
A form of digital or virtual currency that runs on the technology known as blockchain
What is Cryptocurrency?
The name for the chain of records or blocks that is shared among all users
What is a ledger (or public distributed ledger)?
An address that everyone in the network knows, similar to an email address
What is the public key?
The process of solving a complex mathematical problem to validate a block
What is Proof of Work (PoW)?
The reason Walmart adopted blockchain, which resulted in a high return rate and large amounts of refunds
What is poor product quality (or bad quality)?
When a user tries to send more Bitcoin than they own, all other users will do this to the transaction because they have copies of the ledger
What is flag the transaction as invalid?
Besides the transaction details, a block permanently inscribes this key information regarding the participants in the network.
What is the number of bitcoins each friend owns (or has in reserve)?
Phil uses his unique private key to do this, indicating that the transaction originated from him
What is digitally sign the transaction?
The total reward in Bitcoins given to the miner who is first to solve the complex mathematical problem
What is 12.5 bitcoins?
The quality of goods at each step in the supply chain was permanently inscribed within one of these to aid Walmart's tracking
What is a block?
The failure reasons for traditional bank transactions included technical issues, hacking, transfer limits, and these additional costs
What are additional charges like transfer charges?
This collective term describes the chain of records or blocks being shared among all friends
What is a public distributed ledger?
This specific hashing algorithm is used by Bitcoin
What is sha-256?
This is the term for the entire process of adding a block to the blockchain after the complex mathematical problem is solved
What is mining?
This specific hashing algorithm is used by the famous cryptocurrency Ethereum
What is ethash?
Who invented Bitcoin?
Satoshi Nakamoto
19,940,821.875
How many Bitcoin currently exist?
Wallets connected to the Internet.
What is a hot wallet?
After a miner successfully adds a block, not only are the parties involved updated, but so is every person in the network who has done this.
What is completed a transaction?
This technology allows for the creation of a secure, decentralized, and immutable log of patient information, solving the problem of data silos and giving patients control over who views their medical history via a private key.
What is blockchain?