Blockchain is based on Distributed Ledger Technology, which allows for the secure and transparent recording of transactions across a network of computers.

Smart Contracts are self-executing contracts with the terms of the agreement directly written into lines of code.

Blockchain records are immutable, meaning they cannot be altered or tampered with once they are added to the chain.

Mining is the process by which new blocks are added to the Blockchain through the solving of complex mathematical problems.

Smart Contracts can automate contractual agreements, track goods and services, and manage inventory in supply chain management.

Proof of Work, Proof of Stake, and Proof of Authority are all consensus mechanisms used in Blockchain networks.

Smart Contracts offer increased transparency, reduced transaction costs, and enhanced security in legal agreements.

Blockchain technology has the potential to revolutionize various industries, including finance, healthcare, and government.

The widespread adoption of Smart Contracts faces challenges such as lack of legal framework, technical complexity, and scalability issues.

While Smart Contracts have applications in voting systems, real estate transactions, and supply chain management, they are not typically used in social media platforms.

Blockchain networks offer secure data storage, facilitate transactions, and provide anonymity to users.

Smart Contracts offer enforceability, transparency, and cost-effectiveness compared to traditional contracts.

Hash functions in Blockchain are primarily used to create unique identifiers for blocks and transactions.

Arbitration is not a key component of a Smart Contract. Code, conditions, and parties are essential elements.

Mining is the process of verifying and adding new transactions to a Blockchain.