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
"Blockchain technology is the basis of crypto currency', Justify the statement. (3 marks) i) Define double spending attack (2 marks) ii) Explain how blockchain solve the double spending problem. (5 marks) Argue how asymmetric key can ensure confidentiality and authentication in blockchain technology ( 5 marks) Briefly describe different layers of blockchain technology (5 marks)
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Ridvan
Profesyonel · 6 yıl öğretmeniUzman doğrulaması
Cevap
i) A double spending attack refers to the scenario where a user spends the same cryptocurrency more than once by creating multiple copies of the same transaction and broadcasting them to the network. This is a potential issue with traditional payment systems, as it allows for fraudulent activities.
ii) Blockchain technology solves the double spending problem by using a decentralized network of nodes to validate transactions. Each node has a copy of the entire blockchain, which includes a record of all transactions. When a new transaction is broadcast to the network, the nodes verify the transaction by checking if it is valid and if it has not been spent already. If the transaction is deemed valid, it is added to the blockchain and becomes a permanent part of the record. This ensures that each cryptocurrency can only be spent once, preventing double spending.
iii) Asymmetric key cryptography can ensure confidentiality and authentication in blockchain technology by using a pair of keys - a public key and a private key. The public key is used to encrypt the data, while the private key is used to decrypt it. This ensures that only the intended recipient can access the data, maintaining confidentiality. Additionally, the private key is used to sign transactions, which serves as a form of authentication. By using a unique private key to sign each transaction, the sender can be verified as the true owner of the cryptocurrency, preventing unauthorized access or spending.
iv) Blockchain technology consists of several layers, each with a specific function. The first layer is the network layer, which is responsible for connecting the nodes and allowing them to communicate with each other. The second layer is the consensus layer, which is responsible for ensuring that all nodes agree on the state of the blockchain. The third layer is the data storage layer, which is responsible for storing the actual data on the blockchain. Finally, the fourth layer is the application layer, which is responsible for building applications on top of the blockchain. These layers work together to create a secure and decentralized system for storing and transferring data.
ii) Blockchain technology solves the double spending problem by using a decentralized network of nodes to validate transactions. Each node has a copy of the entire blockchain, which includes a record of all transactions. When a new transaction is broadcast to the network, the nodes verify the transaction by checking if it is valid and if it has not been spent already. If the transaction is deemed valid, it is added to the blockchain and becomes a permanent part of the record. This ensures that each cryptocurrency can only be spent once, preventing double spending.
iii) Asymmetric key cryptography can ensure confidentiality and authentication in blockchain technology by using a pair of keys - a public key and a private key. The public key is used to encrypt the data, while the private key is used to decrypt it. This ensures that only the intended recipient can access the data, maintaining confidentiality. Additionally, the private key is used to sign transactions, which serves as a form of authentication. By using a unique private key to sign each transaction, the sender can be verified as the true owner of the cryptocurrency, preventing unauthorized access or spending.
iv) Blockchain technology consists of several layers, each with a specific function. The first layer is the network layer, which is responsible for connecting the nodes and allowing them to communicate with each other. The second layer is the consensus layer, which is responsible for ensuring that all nodes agree on the state of the blockchain. The third layer is the data storage layer, which is responsible for storing the actual data on the blockchain. Finally, the fourth layer is the application layer, which is responsible for building applications on top of the blockchain. These layers work together to create a secure and decentralized system for storing and transferring data.
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