A blockchain is a public ledger of all bitcoin transactions that have
ever been executed. A block is the “current” part of a blockchain which
records some or all of the recent transactions, and once completed, goes
into the blockchain as permanent database. Each time a block gets
completed, a new block is generated. Blocks are linked to each other
(like a chain) in proper linear, chronological order with every block
containing a hash of the previous block. To use conventional banking as
an analogy, the blockchain is like a full history of banking
transactions. Bitcoin transactions are entered chronologically in a
blockchain just the way bank transactions are. Meanwhile, blocks, are
like individual bank statements. The full copy of the blockchain has
records of every bitcoin transaction ever executed. It can thus provide
insight about facts like how much value belonged to a particular address
at any point in the past. Some developers have begun looking at the
creation of other different blockchains as they do not believe on
depending on a single blockchain. Parallel blockchains and sidechains
allow for tradeoffs and improved scalability using alternative,
completely independent blockchains, thus, allowing for more innovation.
Benefits of blockchain technology as specified by Forbes are:
1. As a public ledger system, blockchain records and validate each and every transaction made, which makes it secure and reliable.2. All the transactions made are authorized by miners, which makes the transactions immutable and prevent it from the threat of hacking.
3. Blockchain technology discards the need of any third-party or central authority for peer-to-peer transactions.
4. Decentralization of the technology.
How can you start?
The hackathon is conducted in two phases:
1st Phase [MCQs submission - online]
- Only 20 MCQs (Just attempt it for a trial to refresh your knowledge)
Hackathon Phase [File Submission - online]
Last date: 28th Feb 2018
Deliverables from candidate:
1. A presentation which include a brief explanation of idea what makes it unique
2. Prototype Source code (optional)
3. Define Solution Architecture and why this approach
Judging criteria
1. Novelty of the idea and its design
2. Impact on market (or society)
3. Unique and interesting idea considering the resources at Hackathon
4.How close to "product" is the prototype?
5. How creative are you in implementation?
6. Functionality and originality
Rules
- Any participant can attempt the contest unlimited times, Only your best score counts!!
- There will be no negative marking.
- Time duration is 30 minutes.
- In case your session expires before finishing the test, you can re-take the test. Your test will resume from where you left off, and the total time will reduce by the duration of your previous attempt.
- Winners of the contest will be chosen solely on the discretion. Please ensure to update your profile and contact details.
