Blockchain Interview Questions
Author: Petar Petrov
Blockchain is a hot topic nowadays, and it is not surprising that many employers will ask their candidates about the technology. If you are preparing for an interview, you should read this article and learn how to answer these questions correctly so you can prepare accordingly.
What is blockchain?
A blockchain could be understood as a public ledger. It records all transactions that have ever been executed on any given network.
It has two main features: decentralization and immutability. That means that there’s no need for third-party involvement or centralized control to keep things going.
The first feature assures us that there’s no single point of failure, while the second one ensures nobody can go back in time and make changes without everyone noticing.
Why do people trust blockchain technology?
Blockchain technology is based on a decentralized network of computers. There are no servers to be hacked or any single point that could cause the breakdown of the system as a whole. In this way, it has been called the “trust machine” by The Economist magazine because users can verify transactions themselves instead of having to rely on third parties such as banks and governments to verify them.
This means that data cannot be altered or records corrupted once they have been entered into the blockchain database. This makes them safe from cyberattacks and other forms of interference connected with these types of crimes, which nowadays take place very often due to our increased dependency on computerized processes. That allows people who want to transact business together without being able to do so before.
What do you mean by blocks in blockchain technology?
A block is created when a new transaction is verified and added to the blockchain. It contains information about the transaction, such as the sender, recipient, and amount of cryptocurrency involved.
Blocks are linked together to form a chain, with each block containing a hash of the previous one. This ensures that blocks cannot be changed once they have been added to the blockchain. The hashes also act as proof of work, helping to secure the blockchain against attacks.
The time it takes for a new block to be added to the blockchain depends on how much computing power is being used to mine for new blocks. In general, it takes around ten minutes for a new block to be created. However, depending on network congestion and other circumstances, this can change.
What is a blockchain ledger and how is it different from a normal one?
A blockchain ledger is different from an ordinary one because it is distributed and tamper-proof. An ordinary ledger is typically kept by a single entity, such as a bank, while a blockchain ledger is spread across many computers. This makes it difficult to tamper with, as any changes would have to be made on all of the computers simultaneously.
As well, because a blockchain ledger is public, anyone can view it at any time. This openness helps to ensure that everyone involved in the blockchain network trusts the ledger’s accuracy.
What are some other benefits of using a blockchain ledger?
Some other benefits of using a blockchain ledger include:
- Increased security: because blockchains are distributed and tamper-proof, they offer increased security.
We can say that nowadays, many people are interested in blockchain technology and the things it offers. It’s only natural to get more curious about it, as it is getting more and more involved in people’s lives. Nowadays, everyone has heard about crypto, NFT, blocks on the blockchain, etc. Given this, it’s very important to have some basic knowledge of it. We hope our examples of questions and the answers to them were of help to you. Thank you for reading this article.