Blockchain Interview Questions and Answers

Over recent years, Blockchain has made a magnificent entry and has captured the major attention of people all over the world. Undoubtedly, Blockchain is now growing rapidly where numerous organizations, as well as starts, are tirelessly engaged in improvising Blockchain.

Technology today is groundbreaking and evolving in every sector by overcoming every technological challenge. Even the investors today are highly engaged in exploring the scope of Blockchain and are rapidly investing in organizations and start-ups which are making use of Blockchain for solving problems.

So what do you think about Blockchain?

As providing wide opportunities to job seekers, Blockchain opens up wide career options with highly paid packages. If you are the one who is totally interested in learning new technologies or specifically Blockchain, you are all set to get transformed and break yourself into the next revolution in the technical market. This is why the demand for Blockchain-related skills is quite important and significant to learn to make a groundbreaking entry in the Blockchain industry. Once you have the essential skills in you, you are all set to grow your career.

However, to get yourself into Blockchain you first need to take proper Blockchain training from some of the renowned training institutes like 3RI Technologies. To get into the Blockchain industry, interviews are one of the most common ways which are why you need to study and understand the most frequently asked Blockchain Interview Question and Answers. 3RI Technologies has chalked out some of the most promising, frequent, and easy-to-understand Blockchain Interview Question and Answers which are suitable for candidates like freshers as well as candidates who contain experienced in the Blockchain industry. These interview questions and answers are magnificently designed by our expert team who have complete knowledge about the current trends of the Blockchain industry and the companies who drive them. So why wait? Let’s get started.

Blockchain Interview Question and Answers

Q1) Name the key properties of Blockchain?

Ans: There are namely 4 major key features of Blockchain:

• Decentralized Systems
• Safer & Secure Ecosystem
• Distributed ledger
• Minting

Q3) Name some of the common types of records in Blockchain?

Ans: Here are some of the most common types of records in Blockchain:

• Records of medical transactions
• Transaction processing
• Identity management
• Management activities
• Business transactions,
• Documentation

Q4) Blockchain forks can result in which of the following?

• Multiple parent blocks
• Multiple children blocks

Ans: Multiple children blocks

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Q5) Which of the following is the asymmetric encryption Algorithm?

• Blowfish
• Twofish
• RSA
• Tripple DEA

Ans: RSA

Q6) Name some of the key principles to be followed in Blockchain?

Ans: Below are a few listed major principles that are to be followed in Blockchain

• Auditing
• Securing testing and similar approaches
• Securing applications
• Continuity planning
• Database security
• Digital workforce training

Q7) List down some of the accepted consensus algorithms in terms of Blockchain? Also, mention some of the reasons for the need for different consensus mechanisms?

Ans: Some of the popular consensus algorithms are:

• PBFT (Practical Byzantine Fault Tolerance)
• Proof-of-stake
• Proof-of-work
• Proof-of-elapsed time
• Delegated proof-of-stake

Now, the possible reasons why we need a consensus mechanism more than “proof-of-work” are”

• Different use cases
• Different business needs
• Also:

• • Cryptography/Strength of Algorithm
  • Implementation
  • Regulation requirements
  • Tokenization
  • Privacy
  • Performance
  • Security

Q8) Mention the steps which are included in the implementation of a Blockchain project?

Ans: Well, there is mainly a total of 6 steps included in the process of implementation of a Blockchain project and they are:

• Requirement identification
• Screen ideas consideration
• Project development for Blockchain
• Feasible study on the security
• Implementation
• Controlling and monitoring the project

Q9) What are some of the drawbacks of Blockchain?

Ans: We all know that everything in this world comes with disadvantages and drawbacks. Likewise, Blockchain also comes with a few drawbacks which are listed below:

• Complex technology is hard to implement and maintain
• Network speed and transaction costs vary
• Scalable issues are still there
• Human error is still not eliminated

Q10) What benefits can Blockchain provide to your business?

Ans: Blockchain can provide the following benefits to your business:

• Audibility
• Efficiency
• Transparency
• Traceability
• Feedback
• Security

Q11) Name the different types of Blockchain?

Ans: Following are some of the types of Blockchain:

• Private Blockchain
• Public Blockchain
• Consortium Blockchain or Federated Blockchain

Q12) Mention some of the significant platforms used for developing Blockchain applications?

Ans: Here are some of the important platforms which are used for developing Blockchain application:

• • Ethereum
  • Quorum
  • IOTA
  • Hyperledger Sawtooth
  • R3 Corda
  • Ripple
  • Qtum
  • EOS

Q13) Which are the main elements required in Blockchain?

Ans: Every block in Blockchain must include these 3 things:

• A hash pointer to the previous block
• Timestamp
• List of transactions

Q14) What do you mean by a node in Blockchain?

Ans: A node is nothing but a system or a computer that connects to the Blockchain network for processing the transactions.

Q15) In Blockchain where are the solidity items stored? 

Ans: The items that are stored in the solidity are:

• Storage:  it is the place where all the state variables are stored.
• Stack: It is used to hold the local values which are small and are freely used. The amount of values stored in a stack is very limited.
• Memory: it holds all the temporary values and it gets removed when a function is called.

Q16) What do you mean by ICO in Blockchain?

Ans: In Blockchain, ICO stands for Initial Coin Offering.

Q17) Tell me more about the RSA algorithm? How secure is this algorithm?

Ans:

Security of R.S.A.

There are different approaches used in attacking the RSA algorithm:

• Brute force: It involves all possible secret keys

Mathematical attacks: In a mathematical attack, we are using different techniques, which is similar in effort to factor the product of two primes