Name :- Sachin Sharma

Course :- MCA 4th Semester

Subject :- BlockChain and Technology

Q1 :- What are centralized services?

Centralized services is a service which we provide to more than one customer (usually all of them) to
ensure a fast, efficient, and secure IT experience. These services are managed behind the scenes, and are
centralized in that we can administer them across our entire customer base with a few clicks of the mouse.

Take antivirus as an example. Smart Dolphins deploys one antivirus product, whenever possible, to all of
our clients. It is included in every single Smart Dolphins agreement as part of the monthly fee. Our
antivirus product (on your machines) receives all of its configuration settings from a computer at Smart
Dolphins, and it also reports directly to a dashboard of ours whenever it finds a virus.

Q2. What do you mean by trusted third party?

Trusted third parties (TTPs) are often employed to facilitate trust in commercial transactions. Banks,
lawyers and brokers are typical examples in everyday use.

On moving to the electronic world, the environment for establishing trust is significantly changed and,
consequently, TTPs are required to play new roles. Important TTP services for electronic commerce
include certification, time-stamping and notarisation. This paper describes these new TTP services and the
vital roles they play in electronic commerce.

3. Why do we need blockchain?

Blockchain started in 1991 as a way to store and secure digital data. Blockchain is an open ledger that
several parties can access at once. One of its primary benefits is that the recorded information is hard to
change without an agreement from all parties involved. IBM explained that each new record becomes a
block with a unique, identifying hash. Linking the blocks into a chain of records forms a blockchain. Bitcoin
cryptocurrency uses blockchain technology.
 Blockchain helps in the verification and traceability of multistep transactions needing verification and
traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer
processing. Blockchain technology can help contract management and audit the origin of a product. It also
can be used in voting platforms and managing titles and deeds.

4. What is the problem area of bitcoin?

Bitcoin has come a long way in the eight or so years it's been in existence, but there's still a long way to
go before the digital currency becomes a widely used method of paying for goods and services.

1. Volatility

Bitcoin has been incredibly volatile since its inception. I wrote in September that $10 worth of
bitcoin in 2010 would be worth millions of dollars today

2. Ease of use

To be fair, it has gotten much easier to buy, sell, and use bitcoin over the past several years, but
it still isn't user-friendly enough to encourage mainstream adoption.

3. Potential for theft

Security measures exist that make bitcoin virtually impossible to steal, but taking advantage of
them involves a somewhat complex knowledge of how bitcoin works and can often require
significantly more effort on the part of the user.

Q5 :- do you mean by internet of value?

The Internet of Value, described in simple terms, is an online space where people can instantly transfer value

between each other, eliminating the need for the middlemen and most costs. Theoretically, anything of
monetary or social value can be transferred between parties, including currency, assets, stocks, securities,
intellectual property rights, scientific discoveries, and even a vote in an election.

Transferring value is already supported by legacy financial rails like SWIFT, blockchain like Bitcoin or Ethereum and
new and emerging technologies or solutions like Interledger (ILP), PayID and many, many apps that make
transferring value easier with existing infrastructure. All of these need to be connected somehow to achieve the
vision and there are likely still a lot of unknowns.