Top 20 interview questions for Blockchain & Supply Chain Professional

1. What is Blockchain Technology?

It is a distributed ledger technology which stores record transaction that is stored in the form of blocks and is time-stamped. The stored data is not just a transaction but any record that has value.

1. What kind of records are stored on Blockchain?

Blockchain acts as a ledger where data is stored digitally and is time-stamped. Businesses can make use of these records to track the data and its provenance. Hence, it becomes beneficial for companies dealing with supply chain management. Some of the common records that can be stored on DLT are :

1. Transaction
2. Medical history
3. Management records
4. Identity management
5. Management activities
6. documentation
7. What benefits does Blockchain have to offer supply chain management companies?

Supply chain management companies widely use Blockchain. It offers the following sets of benefits :

1. Ease of traceability
2. Security
3. Transparency
4. Audibility
5. Feedback
6. What are the key components of Blockchain?

Blockchain comprises of four main components

1. Nodes
2. Ledger
3. Consensus algorithm
4. Virtual Machine

1. What are the different types of Blockchain ledger?

There are different types of the ledger; the first type that we know is public blockchain, which is decentralized in nature. Some of the other kinds are :

1. Private Blockchain
2. Consortium Blockchain

1. Can we remove blocks from Blockchain?

It depends on how you handle the removal of blocks. You cannot manually remove the block. But, in case it gets lost, the Blockchain tries to rebuild the database using other peers. Once the verification is complete, it can be deleted to lower Blockhin size, which is not required. You can re-download it again when required. This process is called pruning.

1. Define Blockchain identifiers?

Each block in the Blockchain has a unique identifier. It has some hash value associated with it. It is a way to show that each block is different.

1. What are the different types of consensus mechanisms?

There is a different type of consensus mechanism, and they are :

1. Proof of Work
2. Proof of Stake
3. Proof of Authority
4. Byzantine Fault Tolerance
5. Delegated Proof of Stake
6. Proof of Elapsed Time
7. Can Blockchain help in internal business operations or just for the external supply chain?

It is helpful either way. With the help of Blockchain you can easily track events of the supply chain. You can log internal links on the Blockchain database, but here you must know that most of Blockchain focus on external traceability.

1. What is hyperledger?

It is an open-source enterprise solution. It is an improvised version of Blockchain. It helps in better implementation of Blockchain technology, thus making it useful for different business sectors like supply chain, manufacturing, etc.

1. What is ICO?

ICO or Initial Coin Offering, which is the same as IPO or Initial Publick Offering, which is used by startups to raise funds. In order to raise funds, they sell their platform or service tokens.

1. What is dAPP?

dApp or Decentralised application works on Blockchain. Since it’s an application, more than one peer can participate in it, and its functioning not controlled by a single entity. It is an open-source application.

1. How is dApp different from the app?

The basis of the functioning of dApp is different from the app. Whereas dApp works on a decentralized platform, the app doesn’t need anything of the same kind. Blockchain solutions that support dApps ae Ethereum and Neo.

1. What do you know about solidity?

It is a high-level programming language that offers contracts based programming. It is similar to JavaScript and is easy to use.

1. What do you know about Metamask?

It is a web app that connects Ethereum dApps to your browser. You don’t need a full Ethereum node to access dApps.

1. Can you give an example of the use of blockchain in supply chain management?

Blockchain finds a wide number of applications in different business niches, including supply chain management. There are various apps that help in easy tracking of data, which becomes useful in supply chain management. With the help of a sensor-based tracker, the data of the product from the warehouse can be stored on DLT, and then you can easily trace the data. Also, once the data is fed into the system, it becomes difficult to change or alter it, thus making data traceability easy and simplified.

1. What are the steps of Blockchain implementation?

The following six steps are involved in the process of Blockchain implementation:

1. Identifying the requirement
2. Screening the ideas
3. Study on the security
4. Implementation
5. Control and monitoring
6. What is a 51% attack?

In this, the miners hold 50% of Network Hash Rate and can manipulate new transactions; they also have the ability to reverse the transaction that eas recently confirmed.

1. What are the key requirements of Business Blockchain?

It required shared ledger., privacy, smart contract functionality, and trust.

1. Will Blockchain help in improving supply chain management?

Provenance and data traceability is the core feature of Blockchain, and both these features form the base for the effective supply chain management. With the help of these features, tracing the data becomes easier and simplified, thus helping to improve the overall functionally of supply chain management.

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