28.3.2. Blockchain and Distributed Ledger Technology

Try these first

1. 1.

   What is a blockchain?

   Hint

   Think about what makes it different from traditional databases.

2. 2.

   Name one function of smart contracts.

   Hint

   What do they do when you fulfill a requirement?

3. 3.

   What does a blockchain primarily ensure?

   • Centralization
   • Immutability
   • Insecurity

   Hint

   Think about what 'immutable' means.

4. 4.

   True or False: Smart contracts require human intervention to execute.

   • True
   • False

   Hint

   Recall how they function without external influence.

5. 5.

   Design a simple smart contract for a service agreement between a graphic designer and a client, detailing conditions for payment upon project completion.

   Hint

   What should be included to ensure both parties meet their responsibilities?

6. 6.

   Evaluate how the rise of cryptocurrencies could affect traditional banking systems, including both pros and cons.

   Hint

   Consider both sides of the argument regarding innovations versus traditional values.