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The Role of Blockchain in Vaccine Shipments

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The Role of Blockchain in Vaccine Shipments

If you are interested in learning about how Blockchain can help in monitoring the COVID-19 vaccine supply chain, we have got you covered. 

Table of Contents 

  • Overview 
  • Using Blockchain to Monitor COVID-19 Vaccine Supply Chain
  • Concluding Lines 

Overview 

Ever since the pandemic hit the global world, everyone all around the world has been eyeing a vaccine that will combat the virus and will bring their life back to routine. The demand for the vaccine has demanded Blockchain technology to enter into this domain and provide undeniable benefits. 

Headlines itself reveals that in recent months, many hospitals have reported that they are leveraging Blockchain to track COVID-19 vaccines. 

Since Blockchain is a decentralized distributed ledger technology, it ensures that it is not owned by anyone and immutable in nature, making it a perfect infrastructure for the supply chain management. 

Want to know more about Blockchain and its use-cases in the supply chain domain? Wait no more! Become a Certified Blockchain and Supply Chain Professional now!

Using Blockchain to Monitor COVID-19 Vaccine Supply Chain

The incorporation of the Blockchain in the supply chain of the COVID-19 vaccine ensures that transparency of standards followed at each step is clear by generating an identical copy of the ledger at each node of the network. Since Blockchain is a decentralized technology, the network’s database is public and managed by all participants, giving each stage a transparent view and a better insight. 

Helps Manufacturers and Distributors 

It enables manufacturers to track whether shipments are delivered on time to their destinations or not and help distributors to know and notify if things go wrong anywhere during the supply chain journey. 

MobiHealthNews talked with Mark Treshock, a global blockchain solutions leader for healthcare and life sciences at IBM, where Treshock mentioned that Blockchain has the potential to track the vaccines and make sure they haven’t been compromised.  

Hospitals to Manage Their Records Efficiently

Apart from manufacturers and distributors, Blockchain can help hospitals as well. By leveraging Blockchain, hospitals could manage their stocks more efficiently, mitigating supply and demand restrictions. Also, hospitals can get guarantees concerning vaccine authenticity and proper storage conditions. 

Blockchain ensures that all vaccines arrive at their destination safely and all relevant information about the vaccines’ integrity is intact and reliable. 

As the demand for vaccines is increasing exponentially, it is believed that logistics companies may need to prove that the legitimacy of doses and guarantee that the vaccine was transported under prescribed conditions. 

Want to know more about how Blockchain helps the healthcare domain? Get enrolled in Blockchain Council and become a Certified Blockchain and Healthcare Professional now! 

Patients to Keep Track of Vaccine Records 

An insecure and opaque supply chain can lead to security vulnerabilities and the creation of the possibility of counterfeit drugs from stolen records, giving patients a serious health danger. Blockchain not only improves the supply chain but only helps patients to keep track of their vaccine records and provide proof of vaccination for travel purposes. 

Blockchain-based immunity passports(risk certificates) that link the individual’s identity with their Covid-19 test status help individuals guarantee that they are immune now and cannot get infected again. 

Treshock also mentioned that with Blockchain, the vaccine dose can be tracked, and records of their dose can be traced. Having a record of which batch of the vaccine the patient took can help recall situations. 

Concluding Lines 

People all around the globe have started realizing the potential benefits of Blockchain technology. In the month of January 2021, it was announced that two British hospitals in Central Englands’ Stratford-upon-Avon and Warwick are employing Blockchain to keep checks on the storage and supply of temperature-sensitive COVID-19 vaccines. 

The bottom line is that it will be a wise option for logistics companies to adopt Blockchain to manage their supply chains efficiently. While it is still unclear how long it will take until the vaccines are available to each one of us, it is almost certain that their supply chain must be closely monitored, which can be efficiently done by Blockchain technology.

Blockchain technology has the power to bring about a major breakthrough in the healthcare industry. If you are interested in learning more about how this technology can revamp the healthcare domain, enroll in a Blockchain Specialization course and become a Certified Blockchain and Healthcare Professional today!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

The Role of Blockchain in Vaccine Shipments

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Blockchain has the Potential to Fight Root Causes of Poverty

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Blockchain has the Potential to Fight Root Causes of Poverty

You must have come across various use-cases of Blockchain. Do you have any idea how this distributed ledger technology can fight the root causes of poverty? This article talks about how Blockchain can help lift poor people out of poverty in developing countries.

Table of Contents 

  • Overview 
  • General Causes for Poverty and How Blockchain can Deal with it
  • Conclusion: Is Blockchain the Solution to End Poverty?

Overview 

While various technological advancements have significantly reduced global poverty to a great extent, it is still existing. Blockchain, which is a P2P decentralized distributed ledger technology, is assumed to have the potential to create significant political, social, and economic gains for developing countries. Although a Blockchain-based database isn’t enough to solve these difficulties, it can definitely change the poor economy’s facet. 

According to NASSCOM that stands for National Association of Software and Services Companies, Blockchain-led improvement in productivity and cost reduction can create a value of around US$5 billion in the Indian economy in the next three years from now.

Interested in learning blockchain technology and become a Blockchain Expert? Check out the best online blockchain certification courses at Blockchain Council.

General Causes for Poverty and How Blockchain can Deal with it

Poor record-keeping methods and inaccurate registry are the significant challenges that make it nearly impossible for people to prove they own the land. Citizens of developing countries do not have a secure ledger to record and store their crucial information. Without the ability to verify deeds, people are unable to buy or sell their land, access loans, and other financial tools that are necessary to improve their financial position. They are still relying on third-party intermediaries for managing their documents, and therefore, their property records are typically vulnerable to inconsistencies, tampering, damage, and data loss. Lack of legal land ownership is one of the biggest causes of poverty in developing countries.

Distributed ledger technology like Blockchain can be piloted in novel ways to address such concerns. 

Using a blockchain to record transactions ensures that it is not susceptible to tampering. Since Blockchain records a clear history of modifications, including who did what and when thus records stored on the distributed ledger is virtually impossible to change. 

Using this technology for property ownership registration protects the rights of the owner and enables easy resolve of disputes, if any, prevents cheating, and makes the correct transfer of ownership after-sale possible. Thus, technology can be used to establish credit, allowing owners to open bank accounts and perform monetary transactions, thus enabling higher financial inclusion, paving the way to sound futures.

Lack of identity is another crucial issue in developing countries. According to the World Bank’s global financial index, around a quarter of the world’s population is unbanked, and due to this, people are unable to open their bank accounts and access financial services.

Blockchain can deal with this problem by providing a Blockchain-powered digital identity that could be utilized by all those who don’t have proper identification. Such identities can be used globally and hence enable poor people to access financial systems and transactions. Moreover, Blockchain-based smart contracts can also help in the verification process for availing the desired services in a truly independent manner. People no longer have to be dependent on higher-authorities for verifying their details for processing transactions.

Apart from this, Blockchain can also provide other benefits too. Like for instance, it can make the transferring of the land process easy and straightforward. Instead of relying upon central authorities like going to a public registry house to transfer their land, which costs heavily, moving the entire process onto the Blockchain can drop the cost and streamline the entire process.

Curious to learn more about the smart contract and become a Certified Smart Contract Developer? We are here to assist you.

Conclusion: Is Blockchain the Solution to End Poverty?

The living conditions of billions of people are improving, and all credit goes to advances in technology such as Blockchain. But this technology is solely not responsible for breaking the cycle of poverty. Technologies such as the IoT, 5G combined with sound economic and social policies are also the key players in this direction. Despite the promise of Blockchain, there are various fundamental challenges for its implementation. Also, bureaucrats may oppose using that technology that reduces their power and privileges.

If you are looking for the best Blockchain Certification courses, you can get enrolled in Blockchain Council and become a Certified Blockchain Developer/Expert.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Blockchain has the Potential to Fight Root Causes of Poverty

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Some Common Myths About Blockchain

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Some-Common-Myths-About-Blockchain

This article talks about some of the most common myths and misconceptions related to Blockchain technology, which will help you in gaining an in-depth understanding of the technology.

Curious? So, let’s get started!

Table of Contents 

  • Overview 
  • Most Common Blockchain Myths You Should Know 
  • The Verdict 

Overview

If you want to gain an in-depth understanding of Blockchain, it is essential to ward off all the doubts regarding it. Despite being a matured technology and its promising adoption rates and favourable feedback, Blockchain is still relatively new, and there are many misconceptions surrounding this technology. It is important to note that a lot of ‘facts’ you hear are not actually facts, rather misinformed statements or conjectures.

In this article, we will debunk a few common misconceptions about Blockchain technology in order to help you gather a more thorough understanding of the technology.

Most Common Blockchain Myths You Should Know 

Here is a list of the most common myths and misconceptions related to Blockchain technology.

Blockchain and Cryptocurrencies are Same 

The majority of the crowd still believes that Blockchain and Cryptocurrencies mean the same thing, and therefore they use these terms interchangeably. One of the reasons for this myth is because of the fact that they both became famous around the same time. To distinguish both these terms, cryptocurrencies like Bitcoin are digital assets used as a medium of exchange. In fact, you can say that cryptocurrency is one of the applications of Blockchain. Here it is important to note that not all cryptocurrencies use Blockchain. IOTA is one such exceptional case.

Blockchain is basically a decentralized distributed ledger technology that stores records of transactions, maintained throughout different computers linked to each other through a P2P network. 

All Blockchain are Public Blockchains

The majority of people assume that all Blockchains are public. But as a matter of fact, public blockchains are not the only type of Blockchain. There are various kinds, such as private and federated. The different types of Blockchain have their own applications, and there are various other modifications and differences. For example, public ones are permissionless, non-restrictive, distributed ledger systems, which means anyone who is connected to the internet can join and become a part of it. In contrast, a private Blockchain is a permissioned and restrictive one that operates in a closed network. Such Blockchain is generally used within an organization where only particular members are participants of a network. Federated blockchain, on the other hand, is best suited for organizations where there is a need for both types of blockchains, i.e., public and private, and offers better customizability and control over resources.

Technology Only Targets Finance Industry

There is a strong misconception surrounding Blockchain, and that is it focuses only on the finance domain. This assumption would have been true a decade ago, but at present, technology is being progressively used across various industries such as supply chain, healthcare, logistics, manufacturing, digital marketing, cybersecurity, and many others. Additionally, government institutions are another crucial field that has been significantly impacted by Blockchain. Governments all across the globe are adopting and implementing technology to provide cybersecurity, process optimization, and integrate hyperconnected services without compromising trust and accountability.

Blockchain is a Database

Another misconception related to distributed ledger technology is that it is a database. Although Blockchain can be considered as a form of database, a database is undoubtedly not a blockchain for sure. Blockchain store records and transactions within blocks which are visible to everyone. Databases are centralized collections of data stored in the form of tables. Few compare Blockchain with cloud databases, but it is important to understand that cloud databases store digital files in formats such as word documents; Blockchain, on the other hand, store records with a Proof of Existence. 

Free and Highly Accessible 

There is no reason to believe that Blockchain is free. There is no point in having a technology that performs such massive mathematical functions and implements algorithms without any cost. Blockchain charges a fee, a cryptocurrency transaction fee, to users when performing transactions. Thus nothing comes without a cost. You have to pay the blockchain fee to ensure your cryptocurrency transfers arrive on time.

And when it comes to accessibility, Blockchain developers are still working on Blockchain’s scalability, which is one of the major concerns associated with the technology. 

The Verdict

From just being a buzzword to now being a major player, Blockchain has made a lot of efforts in a few years. At present various huge corporations such as Facebook, JP Morgan, among others, are showing their interest, which means technology is here to stay. As we have uncovered the most common myths that exist, you must have gained a clear understanding of Blockchain and its functionalities.

If you want to start your Blockchain Journey, we are here to assist you. Check out Blockchain Council now!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Some Common Myths About Blockchain

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The year 2021 will bring DeFi into adolescence

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Following the explosive growth of decentralized finance in the second half of 2020, we’re asking ourselves what the next chapter will look like. What would it take for DeFi to expand beyond crypto-native assets and communities and start eating financial services as we know it?

The second half of 2020 surpassed many of our expectations, and the market has only accelerated since then. Total value locked in DeFi rose from less than $1 billion at the start of June to $13 billion at the end of the year and over $27 billion since then. Catalyzed by Compound’s COMP token launch, we saw a wave of yield farming and a rapid inflow of assets.

Related: Was 2020 a ‘DeFi year,’ and what is expected from the sector in 2021? Experts answer

Perhaps more excitingly, we’ve started to see the foundations of a new financial system taking shape — with applications that enable everything from self-custodial exchanges to lending and borrowing, payments, portfolio management and insurance. New forms of value are being created: not just the promise of yield in a low-rate environment but also access to financial services for crypto-exposed businesses and individuals and for the underbanked more generally.

Today, DeFi is the preserve of a small subset of crypto-native users and assets and is seen by its critics as the wild west. Will this change? Here are a few thoughts on what comes next.

New asset types — New sources of liquidity in DeFi

The first iterations of decentralized exchanges were fraught with liquidity issues. Early adopters faced a significant lag in order matching, and token pairs were limited. Automated market makers and liquidity pools have become a widespread solution to this, with daily trading volumes on decentralized exchanges currently on the order of $2 billion — and DeFi projects continue to find innovative ways to incentivize the provision of liquidity. This will continue. For borrowers, we believe there remains a clear need to bring down collateralization requirements and indeed to use alternative forms of collateral.

Perhaps the greatest opportunity lies outside the universe of crypto-native assets. There are trillions of dollars of potential collateral up for grabs in real-world assets: Users want to borrow money against the assets that they already have and often cannot access the liquidity they need by conventional means. Tokenization of real-world assets can dramatically increase the size of the DeFi universe.

Scaling issues addressed at layer one and/or layer two

Ethereum’s scalability constraints are often cited as a factor limiting the adoption of DeFi. High gas prices and indeed high Ether (ETH) prices can render lower-value transactions unviable. This limits the attractiveness of nonfungible token marketplaces and other retail-focused services. Meanwhile, high-frequency professional trading requires layer-two solutions due to limited on-chain transaction throughput.

Related: Second layers will save the day in 2021, bolstering Ethereum and DeFi

It’s plausible that we’ll see this resolved in 2021, with at least three possible paths:

  • The successful rollout of Ethereum 2.0.
  • The emergence of dominant layer-two scaling solutions on Ethereum.
  • Widespread adoption of cross-chain interoperability solutions.

These three phenomena need not be mutually exclusive, and they collectively give us optimism that 2021 will be a year of significant progress on DeFi scalability.

Institutional demand — Convergence between CeFi and DeFi

We are beginning to see crypto-native institutional investors seek higher yields via stablecoins. Many of these investors use centralized exchanges, at least initially, but a handful of institutional-focused self-custodial products has emerged. Regulatory scrutiny on DeFi is likely to increase as these services gain traction.

Meanwhile, regulators around the world have enacted stricter rules for virtual account service providers, such as centralized crypto exchanges. The Financial Action Task Force’s travel rule and Europe’s 5th Anti-Money Laundering Directive demonstrate the movement toward stricter Know Your Customer standards in cryptocurrency, and October’s BitMEX charges brought this into sharp relief. This will ultimately touch DeFi: In the near term, we expect to see institutional products implementing pseudonymous/zero-knowledge solutions for self-sovereign identity.

There are ideological and practical questions that need to be addressed. Is KYC fundamentally incompatible with DeFi? And which regulatory frameworks actually apply to DeFi today and in the future? Trustlessness will be defined subjectively, and we’ll see a spectrum from truly decentralized products — built and used by anonymous users outside the purview of the Bank Secrecy Act — to products with a database of verified counterparties.

Better UXs for retail participants: DeFi that doesn’t feel like DeFi

For many users, the on-ramp into DeFi is simply too steep. A certain degree of sophistication is needed simply to set up a MetaMask wallet, buy ERC-20 tokens, and start lending. Meanwhile, many centralized products have grown thanks to intuitive interfaces resembling traditional digital banking products. We are now starting to see this trend play out in DeFi where one could ultimately enjoy a faster, cleaner onboarding experience, given the lack of KYC. As a good example, Yearn.finance was a pioneer in this regard, focusing on usability and lowering the barriers to entry that existed before its launch.

Adjacently, other Ethereum-based applications — such as NFT marketplaces for collectibles and digital assets — will continue to innovate the user experience. In 2021, we expect to see a wider emergence of Ethereum-based applications where customers do not know they are transacting on a blockchain at all.

More exploits as more capital flows in: Potentially the biggest constraint to growth

Given the increasing amount of capital at stake, it’s unsurprising that we have seen a rise in exploits. In 2020, approximately $100 million was lost in hacks, notably flash loan attacks, and this trend is likely to continue. For institutional investors, exploits will inevitably alter the perception of DeFi’s risk-adjusted yield opportunities.

Related: Roundup of crypto hacks, exploits and heists in 2020

This will be a critical factor influencing the scale of adoption and will bring a rise in demand for smart contract auditing and insurance, both of which have seen limited investments to date. Greater collaboration between DeFi projects is also a potential response to the rise in exploits. Such partnerships will allow projects to pool and strengthen their talent, security and treasuries, helping to prevent and mitigate the impact of future exploits.

The rise of crypto in the last decade has transformed the way we think about stores of value. The rise of DeFi in 2020 transformed the way we think about the future of financial services and true innovation in a space that changes very slowly. As the dust settles on a remarkable 2020, we now expect to see a massive increase in scale and professionalization as DeFi captures more regulatory and institutional attention.

This article was co-authored by Toby Coppel and Chandar Lal.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Toby Coppel is a co-founder and partner of Mosaic Ventures, which invested in various projects across Europe. The Future of Money is one of their core investment themes. Toby was previously the chief strategy officer of Yahoo.

Chandar Lal is a research associate at Mosaic Ventures, where he conducts thematic research and due diligence. He previously worked at Sequoia in Silicon Valley as part of the corporate development team.

The year 2021 will bring DeFi into adolescence

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Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

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Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

Want to have a career in the Blockchain space? This article talks about the top 30 interview questions to get you ready for a big interview. Excited? Let’s get started.

Table of Contents 

  • Top Interview Questions You Should be Prepared for
  • Wrapping Up: How to Learn Blockchain?

Top Interview Questions You Should Know

In this section, let’s discuss the top 30 blockchain questions and answers.

1. What is the difference between Bitcoin Blockchain and Ethereum Blockchain?

Both Bitcoin and Ethereum have decentralized distributed databases of immutable records. But Bitcoin and Ethereum differ in purpose in a way that Bitcoin is considered as an alternative digital currency that offers various advantages, whereas Ethereum is regarded as the king of smart contracts that facilitates Peer-to-Peer contracts and applications via its own currency known as ETH. Ethereum was introduced with an intent to complement rather than compete with bitcoin.

2. How is Blockchain different from traditional databases?

A database is a kind of central ledger, whereas Blockchain has a distributed ledger, which means unlike the traditional databases, it is not governed by any central server. Due to this, Blockchain is a fully confidential and robust technology.

3. What is double-spending, and how can it be stopped?

It is the process of spending a balance of that cryptocurrency more than once. It is done by fooling the network to think that the original amount is never spent, thus making it available to be used for multiple transactions. 

However, this problem can be prevented in blockchain-based cryptocurrencies by utilizing a consensus mechanism known as Proof-of-Work (PoW).

Bitcoin’s solution to deal with this crucial problem is that if the majority of the nodes agree on which transaction was first to be received, later tries to double-spend are pointless.

4. Out of the three types of Blockchain, which is the best one?

Out of public, private, and consortium Blockchain, to state which one is the best would not be right because each of has its own features, usage, and requirements. If you want to design and implement your own enterprise blockchain, a private blockchain is a one-stop solution. Consortium blockchain, on the other hand, is likely to interest organizations who want to efficiently streamline communication among one another.

Features  Public  Private  Consortium 
Accessibility  Anyone  Single Person/ Central Incharge  More than one central in-charge.
Who can join? Anyone  Permissioned and known identities Permissioned and known identities
Consensus Mechanism PoS/PoW Voting or multi-party consensus algorithm Voting or multi-party consensus algorithm
Transaction Speed  Slow  Lighter & Faster  Lighter & Faster 
Decentralization Completed Decentralized  Less Decentralized  Less Decentralized 

5 How ICO differs from IPO?

ICO stands for Initial Coin Offering, whereas IPO stands for Initial Public Offering. The first difference between an ICO and an IPO is that ICO is generally for the young and risky, whereas IPO is mainly for well-settled companies. The process of issuing also differs in both. An IPO is an extensive process that requires underwriters and lengthy evaluations to determine the market price of each share. Moreover, for an IPO, you need lawyers, banks, and patience, whereas, for ICO, one needs programmers and the Internet. 

6 Name a few popular platforms for developing Blockchain-based applications?

There are multiple platforms available but before deciding on one, understand what type of Blockchain do you need, how popular is the chosen platform, what kind of scalability does your solution need, and ensure whether your preferred blockchain platform supports smart contract functionality or not. 

Blockchain platforms enable the development of blockchain-based applications that are in great demand and useful for businesses and enterprises. A few of the top platforms for developing Blockchain-based apps are Hyperledger Fabric, Ethereum, R3 Cords, Quorum, and Ripple.

7 What do you know about the lightning network?

It is an off-chain, micropayment system designed to make transaction processing faster in the Blockchain. In Lightning Network, the members can directly interact with each other without offering anything to the miners, and members can engage in numerous microtransactions with each other. And finally, when the payment channel is locked, the concluding transaction set is added to the Blockchain.

Lightning network not only helps in scalability but also makes payments instantaneous, and transactions are not dependent on miners. The network is micropayment and multi-signature friendly and, moreover, reduces the load of the main chain and decreases waiting time.

8 Distinguish between Fungible and Non-Fungible.

  • Fungible are Interchangeable: Fungible tokens are interchangeable and can be exchanged with any other token of the equivalent kind. 
  • Non-Fungible are Non-Interchangeable: Unlike Fungible tokens, such tokens are non-interchangeable as they cannot be replaced with the non-fungible token of the same type.
  • Fungible Tokens are Uniform: Each token is different from all other tokens of the same type. 
  • Non-Fungible Ones are Unique: All tokens of each type are identical in specification, and each token is identical to the other. 
  • Fungible Tokens are Divisible: These tokens can be divisible into smaller units, and one can get any number of units, and it does not matter to holders as long as the value remains the same.
  • Non-Fungible Tokens are Non-Divisible: These tokens cannot be divided in any sense.  

9 What is Blockchain Wallet?

A blockchain wallet can be defined as a digital wallet or E-wallet that allows individuals to store, manage, and transfer their cryptocurrencies such as Bitcoin(BTC), Ethereum(ETH), and many more. With such wallets, users can manage their balances of these two cryptocurrencies by paying transaction fees that depend on various factors such as transaction size. Since digital assets or cryptocurrencies are just a number, that is why the wallet keeps the private key of any particular individual, and the private key fetches the balance of that individual from the Blockchain.

10 Explain the features of DeFi.

  • Autonomy — DeFi platforms ensure that your assets are all yours, and no one has control over them.
  • Enables affordable and faster cross border payments
  • Tradability — You can trade more efficiently as they aren’t prone to an entire high-value investment at once.
  • Accessibility: DeFi has a financial system that is accessible to everyone regardless of their location.
  • Interoperability: DeFi apps and protocols are built to integrate and complement one another.
  • Transparency — In the DeFi environment, data is available publicly, which helps keep service providers impartial.
  1. Question: What are the requirements for implementing Blockchain technology for enterprise usage?

Answer: Here are the most basic ones:

  • Is the network peer-to-peer? 
  • Does the system offer smart contract functionality for the execution of decentralized applications or not? 
  • Can data be stored permanently without compromising the security measures?
  • Does it offer decentralized data storage?
  • What are its data privacy aspects? 
  • Is the immutability ensured?

12 Question: What is blockchain mining? 

Answer: Blockchain mining is a process by which transactions of a blockchain are verified without involving any third-party. Every time a transaction is sent from a Bitcoin wallet, it is sent to the transaction pool. Miners then pick hundreds of transactions and combine them to form a block with other overheads like Merkel Root, SHA-256 Hash, Nonce, etc. 

13 List some of the top blockchain development tools. 

  • Solidity
  • Remix
  • Geth 
  • Meta Mask
  • Truffle Framework

14 What, according to you, are the key Challenges for Blockchain Adoption

  • Scalability 
  • Interoperability 
  • Energy Consumption 
  • Lack of Talent 
  • Lack of standardization 

15 What are the drawbacks of Blockchain?

It is a complex technology that is hard to understand and implement. Scalability is another issue related to Blockchain. Moreover, network speed and transaction costs vary, and human errors still persist. 

16  Is it possible in Blockchain to remove one or more blocks from the networks?

No, it is not possible to manually remove a block. However, blocks can be removed with the help of default options and filters. Deleted blocks can be re-downloaded again whenever needed.

17 Enlist key features of Blockchain technology.

Transparency– Transparency is one of the significant issues in the current industry. Although to improve it, organizations have attempted to implement more rules and regulations, but there is one thing that doesn’t make any system completely transparent,i.e., centralization. But with the help of Blockchain, organizations can go for a complete decentralized network where there is no need for a centralized authority, improving the transparency of the system.

Immutability– Blockchain is immutable, meaning nobody can modify the data over a blockchain. This feature enables companies to ensure that there is no hamper of data, making their system more functional in a highly competitive market. 

High Availability– As we already defined Blockchain as a decentralized system of peer to peer network, thus it is highly available due to the concept of decentralization. It offers decentralized services that provide unique access to the options that are otherwise unavailable.

Security– Unlike traditional databases, Blockchain provides a high level of security to its users. High security is due to the cryptographic algorithms which are being run behind the Blockchain. Rather than trusting any individual or third party, in the Blockchain, one needs to trust only cryptographic algorithms.

Fast Dealing- Traditional banking organization takes a lot of time in initiating and processing the transactions and is prone to human error and often requires a third-party intermediary. Blockchain can streamline and automate the entire process without any human intervention and with complete accuracy.

Reduced Transaction Fees- As Blockchain removes the involvement of the third party, it eliminates the overhead cost of exchanging the assets; thus, it leads to reduced transaction fees. 

18 Mention types of Consensus Algorithms?

  • Proof-of-Work (PoW)
  • Proof-of-Stake (PoS)
  • Delegated Proof-of-Stake (DPoS)
  • Proof-of-Authority (PoA)
  • Proof-of-Elapsed Time (PoET)
  • Byzantine Fault Tolerance

19 Explain how PoW consensus works.

The central principle behind PoW consensus is to solve complex mathematical problems and make the largest number of guesses as quickly as possible. Such requires a lot of computational power, and by using a more efficient mining machine to run calculations, a miner can maximize profitability in terms of crypto rewards. 

In this type of consensus mechanism, miners compete to be the first one to find a hash regarding a particular block, which can only be solved using sheer computing power to make the largest number of guesses. When a miner finds the right solution, they advertise it to the whole network, receiving a reward in cryptocurrency provided by the protocol. 

20 Explain the Concept of PoS

Proof-of-Stake is a consensus algorithm that deals with the main drawbacks of PoW. In this mechanism, every block gets validated before the network adds another block to the blockchain ledger. Unlike PoW, where miners have to solve complex puzzles, in PoS, miners can join the mining process using their coins to stake. It allows users to mine for rewards using very minimal hardware and software resources. Here, the mining capacity of a particular miner depends on how many coins they already have; thus, the more coins one has, the better chances are, which indicates only the richest can have control of the consensus. 

21 Define the term CBDC

CBDC stands for Central Bank Digital Currency, which is controlled directly by the country’s central bank and is backed by national credit and government power. 

In other words, CBDC is an electronic form of central bank money that can be used to store value and make digital payments seamlessly.

22 What is DeFi technology? Explain the term, DeFi Pulse 

Decentralized Finance can be defined as financial services using smart contracts that don’t need any central authority and uses decentralized, distributed ledger technology, Blockchain. Most of the DeFi protocols are based on the Ethereum Blockchain network. 

DeFi Pulse is a data site that lets individuals find the latest analytics and rankings of all DeFi protocols. Pulse rankings track the total value that is locked into the smart contracts of DeFi protocols so that individuals can stay up to date on the latest trends.

23 What is Hyperledger Fabric? 

Hyperledger Fabric is a distributed ledger platform that comes with versatility, modularity, and performance specially crafted to provide enterprise-grade solutions. It is an open-source enterprise-grade permissioned DLT platform known to provide modularity and versatility for a broad set of industry use cases, including banking, insurance, healthcare, supply chain, human resources, etc.

24 What are Smart Contracts? What are its benefits?

A smart contract is used to describe computer code that can facilitate the exchange of money, content, shares, or anything of value. When running on the Blockchain, smart contracts becomes like a self-operating computer program that executes automatically when desired conditions are met. Since such contracts run on the Blockchain, they run exactly as programmed, without any possibility of censorship, downtime, fraud, or any third-party interference. 

  • No intermediaries ensure a quick transaction process
  • Secure and Efficient
  • No Middleman, more savings 
  • Works with accuracy and precision 
  • Establish confidence
  • Automation saves time and effort. 

25 What are dApps? Mention some of the popular dApps.

Decentralized applications (dApps) are digital applications that exist and run on a peer to peer network of computers instead of a single computer. 

Some of the dApps that are popular, innovative, and feature-rich are:

  • Cipher
  • Chainlink 
  • EOS Dynasty
  • TraceDonate 
  • Brave  

26 Explain the role of Blockchain in Governance

Due to increased decentralization, data integrity, and transparency, along with better efficiency and reduced operational costs, blockchains are becoming popular in governance. From improving transparency to streamlining the tax collection mechanism, Blockchain distributed networks can help governments to operate more efficiently and build higher levels of trust among their citizens. 

27 Mention some of the myths related to Blockchain. 

  • Blockchain and Cryptocurrencies are the same. 
  • All blockchains are public blockchains.
  • Technology only targets the finance domain. 
  • Blockchain is just a database.
  • Blockchain is free and highly accessible. 

28 Are there any restrictions for putting records in Blockchain?

No, there is no such restriction. One can store any kind of record, depending upon their requirements. The most common type of records that are recorded in Blockchain are records of transaction processing, identity management, business transactions, health management data, and all other crucial documentation.

29 Is Blockchain a trusted approach?

Blockchain is undoubtedly a trustable technology that helps participating parties to share their valuable data in a secure and tamper-proof manner. It makes use of cryptography for securing crucial information, thus making it extremely hard for attackers to play with stored data. Due to its high potential to provide security, it is widely adopted and implemented by various organizations and businesses for their operations.

30 What do you know about the future of Blockchain?

Blockchain is likely to discover a whole new way of economic transactions and contribute to global economic development immensely. Although its mainstream adoption is yet to be achieved, once it is done, it will change the way businesses operate and transform the landscape of the technology sector forever.

Wrapping Up: How to Learn Blockchain?

We hope all the questions mentioned above will help you get ready for your interview.

If you are a beginner and want to get started with Blockchain, Blockchain Council can assist you. Whether you want to become a Blockchain Developer or an Expert, or an Architect, Blockchain Council can be your one-stop solution. Blockchain Council is a globally renowned organization with an authoritative group of subject experts and enthusiasts who are evangelizing Blockchain research and development, use cases and products and knowledge for a better world. 

All Blockchain certifications offered by Blockchain Council are meant for a duration of roughly 6-8 hours and to be completed as self-paced training. 

Getting certified will help you gain an in-depth understanding of Blockchain & its implementation and prove your Blockchain skills & understanding.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

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What Happens When Blockchain Enters Education Domain

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What Happens When Blockchain Enters Education Domain
If you are wondering what role can play Blockchain play in the education ecosystem, you have landed on the right page. This article explains how Blockchain can transform the education system for good.

So let’s get started!

  • Introduction of Blockchain for Beginners
  • How Blockchain can Transform Education Sector 
  • Concluding Lines: Are There Any Barriers?

Introduction of Blockchain for Beginners

If you are new to the concept of Blockchain, it is important for you to understand what exactly this technology is. Blockchain is a P2P, distributed ledger that stores data in blocks that are then chained to form a chain of blocks. Technology stores transactional records in such a way that it cannot be altered or forged, or modified by anyone, and this is what makes Blockchain different from a traditional database.

It’s easy to see how technology is beneficial in many fields, including education, supply chain, telecom, healthcare, logistics, finance, and many others. In this article, let’s look at how this technology could impact the education sector. 

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How Blockchain can Transform Education Sector 

As we have already gained insight into this technology, let’s explore some of its use-cases in the educational system.

Security of Records 

The education system has to deal with lots and lots of records such as attendance, courses, fee payments, their degrees and certificates, and much more. Such records can be altered or forged. By utilizing Blockchain technology, all these records can be stored on an immutable ledger, which ensures that records cannot be tampered with, deleted, which helps with data security. The best part is that students’ records stored on public ledger belong only to them, rather than to the school. And if by chance, the stored record has an error, a new record is added, but both the records remain visible.

Fast Access to Educational Credentials 

Record-keeping is one of the prime use-cases of Blockchain technology that transforms the way degrees, certificates, and other educational documents are stored and accessed.

Technology makes the credentials digital and, most importantly, under learners’ control without involving any third-party intermediaries to verify them. With Blockchain’s ability, students can share their credentials with potential employers directly, and employers can access students’ accomplishments and other necessary details, giving employers peace of mind as provided information is verified. Moreover, technology will help students to get fast and convenient access to their records at any time they want. 

Offers New Market for Digital Assets 

Blockchain, which is the underlying technology behind cryptocurrencies such as Bitcoin, Ethereum, and others, can offer a new market for digital assets and could be used as a method of student payments.

The major advantage of using such crypto payments as a form of fees is that it eliminates the credit card transaction fees that are charged to students.

Moreover, using cryptocurrencies, the processing of student payments becomes easy and instant as there are no length processes or intermediaries involved.

Enhances Learning Experience

Apart from securing records, technology can also be used within the educational process to make teaching and learning more efficient and engaging. 

Blockchain tools such as Blockchain’s OpenSource framework can change the way of learning and provide enrichment to the existing learning experience. BitDegree, based on distributed ledger technology, is a gamified online education platform that makes learning exciting and interesting. The platform provides users with learning incentives such as tokenized scholarships for finishing technical courses that motivate students. 

Create Better Matches Between Job Seekers and Employers

Since data stored on the public ledger cannot be altered or modified, thus students are unable to change their grades or play with their certificates. This enables employers to trust aspirants that the information provided is verified. A blockchain that acts as a single source of truth helps in creating better matches between job seekers and employers. In addition, technology helps in enhancing the relationships among learners, universities, and employers through the integration of trust and transparency at all levels.

Moreover, blockchain platforms can be used to connect academicians, scholars, developers, content producers, and others. 

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Concluding Lines: Are There Any Barriers?

We have been motivated by the recent and accelerated evolution of blockchain technologies to reconsider many of the fundamental facets of our conventional education systems. This is because technology can improve the educational system in several forms. Its ability to secure information storage, sharing, and networking can advance the educational system, and many processes can become more efficient, faster, and safer.

But for its mass adoption, technology has to deal with the legal challenge and scalability issues.

The market adoption challenge is one of another crucial issue associated with Blockchain. Multiple educational institutions remain hesitant to adopt this technology due to a lack of necessary knowledge and skills on how to manage academic data on such platforms. But once all these barriers are removed, this technology will surely have its remarkable effects in the education domain.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

What Happens When Blockchain Enters Education Domain

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