Frequently asked Blockchain interview questions and answers 2020

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Blockchain is the continuously growing and trending technology in the market. It is the backbone of popular cryptocurrency bitcoin which allows users to do secure transactions without any involvement of the third party. There are so many career opportunities available related to cryptocurrency and blockchain and in this article, we are going to discuss frequently asked Blockchain interview questions and answers.

How To Build A Career In Blockchain Technology?

1. What is Blockchain?

It is a platform where all transactions take place in a secure way without interference from any third party like any government or bank. it is used to transfer money, contracts, or property. In simple words we can say blockchain is decentralized network or electronic cash system allowing users to directly make transactions without anyone's involvement to manage it.

2. What are the different types of Blockchains?

There are 3 different types of blockchain public, private and consortium or federated blockchain

Public Blockchain

is an open-source, decentralized public file, or ledger on which anyone can read, write, or access the blockchain. There is no permission is needed to access this blockchain.

Private Blockchain

It is the completely private property of any individual or organization and controlled by only a single authority. The only owners have privileges to decide who can read or access it, submit transactions on it or who can participate. Such blockchains are also called as permission blockchain.

Federated or Consortium Blockchain

In federated or consortium blockchain, the whole process is controlled by a pre-selected team, that can be a group of organizations or their representative. These pre-selected representative or group is coming together and making all the decisions together for the best benefit of the whole network or blockchain. Such types of groups is called consortiums or a federation that's why such blockchains are named as a consortium or federated blockchain.

3. How Blockchain can be stored?

Blockchain can be stored either as a file or a database

4. Which records are present in the blockchain database?

Transactional Records & Block Records these are 2 types of records that are present in Blockchain

5. what are the key features of blockchain?

It is a decentralized System

Distributed ledger

Safe & Secure transactions

Fast processing

Low Transaction cost

minimum or no-fault

these are the key features of the blockchain system

6. What do you mean by blocks in the blockchain technology?

Blockchain stores list of records and these records are stored into blocks. Whenever any block gets completed, a new block is automatically generated to store the new records. All the blocks are linked together with each other and form a chain called a blockchain. After addition into the blockchain, each block is stored as a permanent database and no one can delete it or interchange the block from the blockchain.

7. which elements are there in every block of blockchain?

Every block of blockchain must include 3 elements. They are:-

Timestamp

A hash pointer to the previous block

List of transactions

8. How Blocks can be identified?

Block can be identified by block header hash and block height.

9. can you modify the information or data of a block?

It is not possible to modify or erase the data of a block and if you need to do this, you need to erase all the information from all other blocks.

10. Can we remove a complete block from a blockchain network?

It is possible to remove a complete block from blockchain but only with the help of specific filters and options.

11. What type of record we can keep in blockchain?

We can store any type of data on a blockchain like medical records, Facebook messages, Bank records, pictures, etc.

Records of health or medical processes

Transaction processing

event management

Management activities

Documentation

Bank transactions

12. List out the advantages of blockchain

real-time settlement: In the share market industry, blockchain helps fast settlement of trades. With blockchain, there is no need for a lengthy process for verification, settlement, and clearance.

Cost-saving: Blockchain allows all the transactions to take place without any intermediatory and because of that there is cost saving on transactions.

Security: Blockchain technology uses a very advanced system and makes sure that all the data inside the blockchain is secure against hackers and fraud.

13. What is a ledger and its common types?

A ledger is a constantly growing file which holds a permanent record of all the transactions between two parties on the blockchain network.

Three common types of the ledger in the blockchain is a Centralized Network, Distributed Network, and Decentralized Network.

14. Why is Blockchain a trusted one?

Blockchain is an open-source system and easily compatible with business applications.

It is encrypted, safe, and hacker-proof technology.

No, any central authority can control it

all the transaction on the blockchain are immutable which means, once the the transaction started into the blockchain, no one can change it.

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