One Pager Cheat Sheet

• The blockchain provides transparency and trust by eliminating the need for intermediaries, ensuring a consensus on the ownership of an asset.
• Encryption is the process of using codes to securely protect messages from unauthorized access.
• Asymmetric key encryption is a more secure method of encryption than symmetric key encryption, as it uses a pair of two keys - a public and a private key - instead of a single key for both encryption and decryption.
• By using large numbers of bits and selecting hashing algorithms with a low collision probability, hashing works to ensure that a unique hash value is generated for each data set, thereby protecting the integrity and confidentiality of the transactions stored on the blockchain.
• The integrity of a transaction in the blockchain environment is ensured by combining public-key cryptography with hashing functions to generate addresses, produce a digital signature, and verify the hash of the transaction.
• The Genesis Block is the first block of a blockchain-based protocol, and doesn't contain the hash of the previous block.
• A public, private and consortium blockchain are distinguished by the freedom of joining the network, verifying and initiating the transaction, and the level of availability of the ledgers for review.
• Private blockchains are the most suitable type of blockchain for supply chain management as they allow for entry criteria, provide predetermined flow of information and provide access to the ledgers, increasing trust across multiple organizations.
• Smart contracts are computer programs stored in a blockchain that ensures participants comply with agreed-upon terms and conditions, eliminating the need for intermediaries and providing an immutable, secure system that cannot be manipulated by anyone.
• Smart contracts can only verify that payments have been made through the blockchain, and so there is a potential for fraud as the contractual terms regarding the transfer of ownership of physical assets cannot be enforced or verified.
• Blockchain is a trust protocol based on mass collaboration with the aim of providing digital, decentralized, distributed ledger models, while incorporating principles such as Network integrity, Distributed power, Value as an incentive, Security, Privacy and Inclusion by design.
• Miners are rewarded with cryptocurrency for successfully finding the unique nonce, a number only used once, by competing to solve a puzzle in the distributed blockchain environment.
• No, hashing and mining are two different processes used for different purposes on the blockchain.
• While blockchain offers a lot of advantages, its technical complexity and issues such as scalability, immutability, and network strength can make it difficult to implement and exploit.
• Blockchain transactions are verified using a process of asymmetric cryptography that involves a public key and private key in order to securely validate transactions.