Blockchain Winter 2022 GTU Paper Solution | 3171618

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Blockchain GTU Old Paper Winter 2022 [Marks : 70] : Click Here

(a) Define What is Blockchain? Why Blockchain is important?

Blockchain is a decentralized digital ledger technology that is used to record and verify transactions securely and transparently. In a blockchain, each transaction is recorded in a “block,” which is then added to a chain of blocks (hence the name “blockchain”), creating a permanent and unalterable record of the transaction.

One of the key features of blockchain technology is its decentralized nature, meaning that it doesn’t rely on a central authority or intermediary to verify transactions. Instead, transactions are validated by a network of participants (known as nodes) who use complex algorithms to ensure that the transaction is authentic.

Blockchain technology has several benefits that make it important:

  1. Security: Transactions recorded on a blockchain are highly secure and tamper-proof. Because of its decentralized nature, it is virtually impossible to alter or delete information on a blockchain without the consent of the majority of nodes in the network.
  2. Transparency: Transactions on a blockchain are transparent and publicly visible. This means that anyone can view and verify transactions on the blockchain, making it a highly accountable and trustworthy system.
  3. Efficiency: Transactions on a blockchain can be processed quickly and at a low cost, making it an efficient system for conducting transactions.
  4. Decentralization: Blockchain technology is decentralized, which means that it eliminates the need for intermediaries, making transactions faster, cheaper, and more accessible.
  5. Innovation: Blockchain technology has the potential to revolutionize many industries, including finance, healthcare, and supply chain management, by providing a secure and transparent way to conduct transactions and store information.

(b) Explain Components of the blockchain.

(c) Explain How does Blockchain works?

(a) List the limitations of blockchain?

While blockchain technology has many advantages, it also has some limitations. Here are some of the main limitations of blockchain:

  1. Scalability: The current blockchain technology can only handle a limited number of transactions per second, making it difficult to scale to support large-scale applications such as global financial transactions or social media.
  2. Energy consumption: Some blockchain networks, such as Bitcoin, require a large amount of energy to maintain the network and validate transactions. This high energy consumption can be seen as environmentally unsustainable.
  3. Lack of regulation: Blockchain technology is still largely unregulated, which can create legal and regulatory challenges, especially when it comes to the use of blockchain for financial transactions.
  4. Slow transaction speed: The current blockchain technology is relatively slow compared to traditional payment systems. This can make it difficult to use blockchain technology for real-time transactions or for use cases that require fast transaction speeds.
  5. Storage requirements: Because every node in a blockchain network needs to store a copy of the entire blockchain, the storage requirements for large-scale blockchain networks can be significant.
  6. Lack of privacy: While blockchain technology is highly secure, it is also transparent, which means that transactions on a public blockchain can be viewed by anyone. This can be a limitation in certain use cases where privacy is important.
  7. Interoperability: Blockchains are currently not interoperable with each other, which can create challenges in connecting different blockchain networks or using blockchain technology in multi-platform applications.

(b) Write Application of Blockchain. Also Write Name of platform for
developing blockchain application.

(c) Differentiate Proof-of-work v/s Proof-of-stake protocol.

(c) Explain in detail types of cryptocurrency.

(a) Explain What is Metamask? How it is useful in Blockchain.

Metamask is a cryptocurrency wallet that allows users to store, manage, and transfer cryptocurrencies on the Ethereum blockchain. It is a browser extension that can be installed on Chrome, Firefox, Opera, and Brave browsers. It is also available as a mobile app for Android and iOS devices.

Metamask provides a user-friendly interface for interacting with Ethereum-based decentralized applications (dApps). It acts as a bridge between the user’s web browser and the Ethereum blockchain, allowing users to securely connect to dApps without needing to manage their private keys manually.

Metamask also provides a secure way to manage cryptocurrency transactions. Users can send and receive Ether (ETH), as well as other ERC-20 tokens. It also allows users to view their transaction history, check their account balances, and manage their account settings.

One of the main advantages of using Metamask is its ease of use. Users can easily create and manage multiple Ethereum accounts, switch between them, and securely store their private keys. Metamask also provides a convenient way to connect to decentralized exchanges (DEXs), where users can buy and sell cryptocurrencies without the need for a centralized intermediary.

Another important feature of Metamask is its support for decentralized applications. Metamask allows users to seamlessly interact with dApps, such as decentralized finance (DeFi) protocols, non-fungible token (NFT) marketplaces, and decentralized social networks.

(b) Justify Is Blockchain type of database? List the technology behind

(c) Explain in detail types of Blockchain.


(a) Explain What is encryption? What is its role in Blockchain?

Encryption is a method of converting plaintext into ciphertext to protect the confidentiality of data. In other words, it is the process of scrambling data in such a way that it becomes unreadable without the use of a secret key or password. The purpose of encryption is to protect sensitive data from unauthorized access, such as theft or hacking.

In blockchain, encryption plays a critical role in securing the data on the blockchain. All data on the blockchain is encrypted using cryptographic algorithms, such as SHA-256 or AES, which makes it impossible to alter or manipulate the data without the correct cryptographic key. This ensures the integrity of the data and prevents unauthorized access or tampering.

Encryption is used in several aspects of blockchain technology, such as:

  1. Hashing: Hashing is a cryptographic technique used to convert data into a fixed-length string of characters, known as a hash. Hashing is used to create digital signatures that ensure the integrity and authenticity of data on the blockchain.
  2. Public-key cryptography: Public-key cryptography is a technique that uses two keys, a public key and a private key, to encrypt and decrypt data. Public-key cryptography is used to create digital wallets on the blockchain, which allows users to securely send and receive cryptocurrencies.
  3. Consensus algorithms: Consensus algorithms, such as proof of work (PoW) and proof of stake (PoS), use encryption to ensure the security and integrity of the blockchain. These algorithms require nodes to perform complex cryptographic computations to validate transactions and add new blocks to the blockchain.

(b) What is Hyperledger? Write types of Ledgers.

(c) Difference between Bit coin block chain and Ethereum Block chain?

(a) Justify Answer Is block chain distributed or Centralized?

Blockchain is a distributed technology, which means that it operates in a decentralized manner, without the need for a central authority or intermediary. In a traditional centralized system, there is a central point of control or authority that manages the system and has the power to make decisions on behalf of all participants. In contrast, a distributed system is one in which the processing and storage of data is spread across multiple nodes or computers, and decisions are made through a consensus mechanism among the participants.

In a blockchain network, each participant or node maintains a copy of the blockchain ledger, which is a record of all transactions that have occurred on the network. Transactions are verified and added to the blockchain through a consensus mechanism, which involves a network of nodes reaching agreement on the validity of each transaction. This decentralized approach to transaction verification and record-keeping ensures that the blockchain is transparent, secure, and resistant to tampering.

Overall, blockchain technology is designed to be decentralized and distributed, which allows for greater transparency, security, and trust in the system. The absence of a central authority or intermediary also means that blockchain networks can operate more efficiently and cost-effectively than traditional centralized systems.

(b) What are the Merkle trees? What is its importance in blockchain?

(c) Explain Digital Signature in the blockchain.


(a) List out the real time application of Block chain.

Blockchain technology has numerous real-time applications across various industries. Here are some examples:

  1. Cryptocurrency: Blockchain is most commonly associated with cryptocurrency like Bitcoin, Ethereum, etc. Blockchain is used to securely and transparently record transactions and maintain a decentralized ledger of all cryptocurrency transactions.
  2. Supply chain management: Blockchain is used to track and trace products as they move through the supply chain. This helps to improve transparency, reduce fraud, and improve efficiency.
  3. Voting: Blockchain technology can be used to create a secure and transparent voting system. By recording votes on a blockchain, it is possible to ensure that each vote is counted and that the results cannot be tampered with.
  4. Health care: Blockchain can be used to securely store and share medical records between different health care providers. This can help to reduce errors, improve patient outcomes, and improve overall efficiency.
  5. Real estate: Blockchain can be used to securely record and transfer property titles and deeds. This can help to reduce fraud, streamline the buying and selling process, and make it easier to verify ownership.
  6. Identity verification: Blockchain can be used to securely store and verify digital identities. This can help to reduce fraud and improve the security of online transactions.
  7. Gaming: Blockchain can be used to create decentralized gaming platforms where users can securely and transparently buy, sell, and trade in-game assets.

(b) Justify Is Blockchain good for banks or not?

(c) Discuss in detail Smart Contract in Ethereum with Example.

(a) Write challenges of blockchain technology?

Blockchain technology has gained immense popularity in recent years due to its decentralized, transparent, and immutable nature. However, like any emerging technology, it also faces several challenges that need to be addressed to unlock its full potential. Some of the major challenges of blockchain technology are:

  1. Scalability: One of the biggest challenges of blockchain technology is scalability. The current blockchain infrastructure has a limited capacity to process transactions, resulting in slow transaction times and high fees. This makes it difficult for blockchain to scale to meet the demands of mainstream applications.
  2. Interoperability: Interoperability refers to the ability of different blockchains to communicate and share data with each other. Lack of interoperability hinders the development of decentralized applications that need to interact with multiple blockchains.
  3. Security: While blockchain is considered to be secure due to its decentralized nature, it is still vulnerable to attacks. A major security concern is the possibility of a 51% attack, where a single entity gains control of more than half of the network’s computing power.
  4. Regulatory challenges: Blockchain technology operates in a legal gray area, with different countries having different laws and regulations regarding blockchain and cryptocurrency. The lack of clear regulations and guidelines can hinder the development of blockchain applications and limit adoption.
  5. Usability: Blockchain technology can be complex and difficult to use for non-technical users. The need for specialized knowledge to use blockchain applications can hinder mainstream adoption.
  6. Environmental impact: The mining process of cryptocurrencies consumes a significant amount of energy, leading to concerns about its impact on the environment.
  7. Governance: Governance is a critical aspect of blockchain technology that ensures its proper functioning. However, the decentralized nature of blockchain makes it difficult to implement effective governance structures that can address disputes and conflicts.

(b) Differentiate between Permissionless Blockchain and Permissioned

(c) Explain Different Algorithms of Permissioned Blockchain.


(a) Briefly discuss advantage of Cryptocurrency.

Cryptocurrencies have several advantages over traditional forms of currency and payment systems. Here are some of the main advantages:

  1. Decentralization: Cryptocurrencies are decentralized, which means they are not controlled by any government or financial institution. This makes them immune to government interference, censorship, and manipulation.
  2. Security: Cryptocurrencies use advanced cryptography to secure transactions and prevent fraud. Once a transaction is validated and added to the blockchain, it cannot be altered or reversed.
  3. Privacy: Cryptocurrencies offer a high degree of privacy and anonymity, which makes them attractive to people who want to keep their financial transactions private.
  4. Speed: Cryptocurrency transactions are processed quickly and can be completed in a matter of seconds or minutes. This is much faster than traditional payment methods, which can take days or even weeks to process.
  5. Lower transaction fees: Cryptocurrency transactions typically have lower fees than traditional payment methods. This is because they do not involve intermediaries such as banks, which often charge high fees for processing transactions.
  6. Accessibility: Cryptocurrencies are accessible to anyone with an internet connection, regardless of their location or financial status. This makes them a powerful tool for financial inclusion and empowerment.

(b) What is Consensus algorithm? What are the types of consensus

(c) Discuss Key characteristics of Consortium Blockchain in detail.

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