Thu. Oct 6th, 2022

In a blockchain, each block contains a hash of the previous block. If two blocks are created at the same time, they will each have a different hash, and the network will resolve the conflict by choosing the block with the longest chain.

Other related questions:

Q: What is parallel chain in blockchain?

A: Parallel chain is a blockchain technology that allows multiple chains to run in parallel. This can be used to improve scalability and performance of a blockchain system.

Q: How do I stop double-spending in blockchain?

A: The best way to avoid double-spending is to have a reliable and trusted third party keep track of all transactions on the blockchain. This third party can then flag any double-spends and prevent them from happening.

Q: What would happen if the Bitcoin blockchain had multiple competing branches?

A: If the Bitcoin blockchain had multiple competing branches, it would fork. This would mean that there would be two (or more) versions of the Bitcoin blockchain, and each version would have its own set of transaction history and balances. This could lead to confusion and chaos, as people would not know which version of the blockchain to trust.

Q: What is the double-spending problem and how it is addressed by blockchain technology?

A: The double-spending problem is a problem associated with digital currencies in which a currency can be spent more than once. This can happen when a user sends a digital currency to another user, but the second user never receives the currency, or when a user tries to spend the same currency twice.

Blockchain technology addresses the double-spending problem by providing a decentralized, tamper-proof ledger of all transactions. This ledger is maintained by a network of computers, and each transaction is verified by the computers in the network. This means that it is not possible for a user to spend the same currency twice, as the transaction would be rejected by the network.

Bibliography

Leave a Reply

Your email address will not be published.