The company you work for is considering introducing blockchain technology to its administrative and financial procedures....

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The company you work for is considering introducing blockchain technology to its administrative and financial procedures. However, not all parties involved are convinced. Even though you have explained that this innovative technology has the potential to significantly improve business transactions, you are asked to explain how smart contracts work and how they can improve contract implementation and monitoring processes. Question 2 (10 Marks) Explain the process of Bitcoin mining with diagram. On what type of blockchain it is it based and how it works? Question 3 (10 Marks) Which features distinguish databases from blockchain ledgers? Provide a comparative analysis of the two. Question 4 (10 Marks) Analyse, how a distributed ledger works, present its main characteristics, and explain how it differs from a "traditional" centralized ledger. Provide an example with a diagram Question 5 (10 Marks) Explain how blockchain can be introduced in the education system to certify the credentials of candidate teachers and ascertain the security of the pupils' personal data. The company you work for is considering introducing blockchain technology to its administrative and financial procedures. However, not all parties involved are convinced. Even though you have explained that this innovative technology has the potential to significantly improve business transactions, you are asked to explain how smart contracts work and how they can improve contract implementation and monitoring processes. Question 2 (10 Marks) Explain the process of Bitcoin mining with diagram. On what type of blockchain it is it based and how it works? Question 3 (10 Marks) Which features distinguish databases from blockchain ledgers? Provide a comparative analysis of the two. Question 4 (10 Marks) Analyse, how a distributed ledger works, present its main characteristics, and explain how it differs from a "traditional" centralized ledger. Provide an example with a diagram Question 5 (10 Marks) Explain how blockchain can be introduced in the education system to certify the credentials of candidate teachers and ascertain the security of the pupils' personal data.

Answer rating: 100% (QA)

Question 1 Blockchain for Administrative and Financial Procedures Blockchain technology is a distributed ledger system that offers transparency security and efficiency for various processes including ... View the full answer