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________is one of the most widely used enterprise blockchain frameworks applicable across different industries.
Hyperledger Fabric is a widely used enterprise blockchain framework developed under the Linux Foundation's Hyperledger project. It is designed to support various industries by offering a modular architecture, which enables enterprises to create customized blockchain solutions that meet specific business requirements.
Key Details:
Enterprise Application: Hyperledger Fabric is suitable for use cases requiring privacy and confidentiality, such as supply chain management, healthcare, and finance. It supports permissioned networks where only authorized participants can join.
Modularity and Flexibility: Fabric's modular design allows organizations to plug in their preferred components for consensus, membership, and data storage. This makes it versatile across different industries and applications.
Smart Contracts and Chaincode: Fabric supports smart contracts, called chaincode, which enable complex business logic to be executed on the blockchain, providing significant utility to enterprises.
As a result, A. Hyperledger Fabric is the correct answer, as it is a leading enterprise blockchain framework used across multiple sectors.
What is the primary way blockchain could help in the food industry?
Blockchain can greatly benefit the food industry by making transactions more transparent. By recording each transaction in an immutable ledger, blockchain enables traceability, which is crucial for food safety, quality control, and ensuring that products meet regulatory standards.
Key Details:
Traceability: Blockchain allows for the tracking of food products from farm to table. Each step in the supply chain can be recorded on the blockchain, providing consumers and regulators with transparent information about the origin and journey of food products.
Improving Trust and Safety: With transparent transactions, stakeholders can quickly identify and address issues such as contamination, fraud, or mislabeling, which enhances food safety and consumer trust.
Enhanced Efficiency: By reducing paperwork and enabling digital record-keeping, blockchain streamlines the process of verifying and sharing information about food products across various parties.
Thus, C. Making transactions more transparent is the correct answer, as it highlights blockchain's role in providing transparency in the food industry.
Which of the following are benefits of blockchain for financial services according to IBM ''Blockchain for Financial Services''?
According to IBM's ''Blockchain for Financial Services'', blockchain offers several benefits, including faster settlement and automated compliance. These features are critical in enhancing the efficiency and reliability of financial services.
Key Details:
Faster Settlement: Blockchain technology enables near-instantaneous settlement of transactions by eliminating the need for traditional intermediaries and reducing processing times, which can speed up transactions significantly compared to legacy systems.
Automated Compliance: Blockchain's transparency and immutability allow for the automatic recording and verification of regulatory requirements. Smart contracts can be used to enforce compliance rules in real-time, ensuring that transactions adhere to regulatory standards without manual intervention.
Impact on Financial Services: These benefits translate to reduced operational costs, improved transaction accuracy, and increased trust between parties, making blockchain an attractive solution for financial institutions.
Thus, A. Faster settlement and B. Automated compliance are the correct answers, as these are specific benefits of blockchain in financial services according to IBM.
_______is a word use to describe technologies which store, distribute and facilitate the exchange of value between users, either privately or publicly
Distributed Ledger Technology (DLT) is a broad term used to describe technologies that store, distribute, and facilitate the exchange of value between users, either privately or publicly. DLT encompasses various types of ledgers, including blockchains, where data is replicated, shared, and synchronized across a distributed network.
Key Details:
Definition and Scope: DLT refers to a digital system for recording transactions across multiple locations simultaneously. It allows for decentralized data management and reduces the need for a central authority to maintain a ledger.
Private and Public Ledgers: DLT can be implemented in both private (permissioned) and public (permissionless) networks. In public DLT, anyone can participate, while private DLT restricts access to authorized participants only.
Examples of DLT: Blockchain is one form of DLT, but other types include Directed Acyclic Graphs (DAGs) and Hashgraph. Each of these has unique mechanisms for data storage and consensus.
Therefore, C. DLT is the correct answer, as it is the term that broadly covers technologies used for the exchange and storage of value in distributed systems.
These wallets contain randomly generated private keys and are also called just a bunch of key wallets.
Non-Deterministic Wallets, also known as 'Just a Bunch of Keys' (JBOK) wallets, contain randomly generated private keys that are not derived from a single seed. In this type of wallet, each key is created independently and must be backed up individually, as there is no way to recover keys through a mnemonic seed phrase.
Key Details:
Random Key Generation: Non-Deterministic wallets generate private keys independently, without a hierarchical or sequential structure. As a result, each key is standalone, and losing a key means losing access to the corresponding funds permanently.
Backup Requirements: Since each key is unique and unrelated, Non-Deterministic wallets require separate backups for each key. This differs from Hierarchical Deterministic wallets, which can be restored using a single seed phrase.
Use Case: These wallets were more common in the early days of cryptocurrency, but they are less favored today due to the convenience and recoverability provided by deterministic wallets.
In conclusion, C. Non-Deterministic Wallets is the correct answer, as it refers to wallets that contain randomly generated private keys and are known as JBOK wallets.