Contest||The Crypto Quiz

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Greetings to All

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I wish you all will be great by the blessings and mercy of Almighty Allah. Today I am here to participate in the contest organized by @steemdoctor1 . This is actually a crypto quiz So lets start by answering question of quiz.

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What is a Blockchain?

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A blockchain is a decentralised and distributed ledger that records transactions across multiple computers. Blockchain records transactions and it is also secure and transparent. Each transaction is grouped in a block and this new block is added to the previous chain of block that in result create a immutable chain of all transactions.

One of the key feature of blockchain is its decentralized nature which means that it instead of relying on Central authority like a bank to validate the transactions uses consensus mechanism where multiple participants in network validate and agree on the validity of transactions.

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Blockchain is very impressive technology due to its applications beyond cryptocurrencies. It can be used for various purposes such as supply chain management smart contracts and voting systems etc.Its transparency and security features make it an attractive option for industries seeking efficient and secure record keeping.

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What do you know about Centralized Blockchains?

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In centralized blockchain there is a central authority that has control over the network and also control over the validation of transactions. This Central authority act as a keeper and is responsible for maintaining the integrity of the blockchain.

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In centralised blockchain the transactions are validated by central authority or third party The decision for validation and related to the whole blockchain network are dependant on central Authority.It is a contradictory feature beacuse the main feature for the blockchain technology is its decentralization.

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Share your thoughts about the Decentralized Blockchains.

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Decentralized blockchain is like a digital ledgers. It is not controlled by just single authority or a single person instead a community of users maintains and secures the information.

Feature of decentralization in blockchain technology make it transparent and secure. It is like a group effort to record and validate transactions that ensure the trust of user without relaying on a central authority like a bank.Bitcoin and Ethereum are examples where this decentralized idea is put into practice.

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Some main benefits of the decentralization are

• Secure
• Transparent
• Trustworthy
• Immutable Record.

So that was all from my side about the topic and I hope that you all will like to read the post and support the content

I would like to invite @drhira , @artist1111 ,@sawera1 , @maryamnadeem to participate in the contest.

Thanks for Reading

Regards @mateenfatima