Question: 1. (40 points) Illustrate how Blockchain Technology works, using Bitcoin as an example: a. how each bitcoin transaction is validated; b. how each bitcoin block

1. (40 points) Illustrate how Blockchain Technology works, using Bitcoin as an example: a. how each bitcoin transaction is validated; b. how each bitcoin block is created; c. how cryptographic puzzles are solved in general; and d. why blockchain is immutable and safe. MacBook Pro 2. (20 points) Describe the mechanism behind the digital signature: a. how to generate digital signature; and b. how to prove someone does have access to the private key. 3. (20 points) Blockchain terminologies: a. what are the differences between hashing and encryption; b. what are the differences between private key and public key. 4. (20 points) Explain the definition of FinTech and further illustrate how the three groups of FinTech innovations (e.g., CreditTech, PayTech, InvestTech) improve the traditional financial services. MacBook Pro

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