Deck 1: Certified Blockchain Business Foundations

Question 1

Which of the following are practical use cases for Blockchain?

A) Voting
B) A video sharing website
C) Medical records
D) Identity management
E) All of the above

Answer 1

E

Question 2

Blockchain is always a better alternative to a standard database.

Answer 2

False

Question 3

The Ethereum Blockchain provides a/an _____________ virtual machine.

A) Windows compatible
B) energy efficient
C) Linux compatible
D) turing-complete

Answer 3

D

Question 4

Blockchain allows for which of the following?

A) Anonymous Cryptography
B) Trust in central authorities
C) A fast and efficient ledger
D) A peer to peer ledger without the need of a third party

Question 5

Which Blockchain protocol uses Proof of Work Consensus? Select all that apply

A) Hyperledger
B) Corda
C) Bitcoin
D) Ethereum
E) All of the above

Question 6

One solution to increasing Blockchain Transactions Per Second (TPS) is________.

A) adding more network nodes
B) off-chain transactions
C) using faster microprocessors
D) fewer regulations

Question 7

Blockchain technology uses__________________.

A) the latest banking software
B) the same network S/W as the central bank
C) the latest router S/W and network H/W
D) A combination of older technology

Question 8

Blockchains are being implemented in the food supply chain because_____________.

A) consumers demand to know where their food comes from
B) it allows farm to table accountability for safety
C) they have the potential to provide fast, specific supplier data
D) it prevents food waste if a food contamination problem occurs
E) All of the above

Question 9

Transparency allows_____________.

A) a trustless system where users can be certain of a result
B) easy iteration through the Blockchain
C) Records on the Blockchain to never be changed
D) users on the Blockchain to change data on the Blockchain

Question 10

In its simplest state, a ledger_______________.

A) determines which node stores the assets
B) records the transfer of an asset between participants
C) proves ownership on the Blockchain
D) provides privacy to users on the Blockchain

Question 11

Which of the following statements sums up the Proof of Work consensus process?

A) Miners complete to find a nonce results in a hash that starts with a predetermined number of leading zeros.
B) Miners put up a stake. A miner is then selected based on stake value to add a new block to the chain. If a miner adds an invalid block to the chain, that miner loses their stake.
C) All nodes agree on the data of the transaction.
D) Miners send assets to an inactive address. This process selects the next owner of a block.

Question 12

How does a private Blockchain differ from a public one? Select all that apply.

A) A private Blockchain does not use proof of work consensus
B) A private Blockchain is more efficient and has faster transaction times
C) A private Blockchain is not distributed
D) A private Blockchain often requires the identity of users to be known

Question 13

What is Ethereum?

A) Another name for Bitcoin
B) A platform for creating decentralized applications
C) A currency
D) Another name for Blockchain

Question 14

What is a hash function?

A) A one-way function that converts input to a unique string output
B) A function that stores data behind a key
C) A two-way function used for condensing information
D) The block-ID of the block
E) All the above

Question 15

What is dApp?

A) A decentralized application
B) A dishonest application
C) A decoded application
D) A distributed application

Question 16

How does the Bitcoin provide anonymity?

A) Through Merkle trees
B) Through public/private key cryptography
C) Through consensus algorithms such as Proof of Work
D) By publishing only the block address
E) None of the above

Question 17

Once a record is stored on the Blockchain ____________.

A) the record is moved to a secure server
B) the record is stored on a central node
C) it can be changed by an authorized person
D) the record is permanent

Question 18

Blockchain is faster and more efficient than a standard database.

Question 19

What is the focus or primary goal of a private Blockchain? Select all that apply.

A) To provide anonymity in business
B) To save money by eliminating intermediaries
C) To create a distributed database that allows for CRUD
D) To provide transparency and trust for business while remaining secure

Question 20

Blockchain 3.0 combined with the internet 3.0 will dramatically increase Blockchain use?

Question 21

How does Blockchain use hashing? Select all that apply.

A) To condense information making it easy to compare large amounts of data.
B) To chain together blocks
C) To provide anonymity with public key cryptography
D) To select which node to use
E) All of the above

Question 22

The Blockchain ledger is commonly referred to as___________.

A) a database ledger
B) a triple-entry ledger
C) a double-entry ledger
D) a genesis block

Question 23

What is a block?

A) A list or record of data
B) A wallet that stores digital currency
C) A pool of unconfirmed transactions
D) A list or record of certificates
E) All of the above

Question 24

How do consensus algorithms like Proof of Work or Proof of Stake incentivize miners to participate?

A) By paying miners with U.S. dollars
B) By paying the miners with cryptocurrency
C) By placing their name on the Blockchain
D) By not charging users monthly subscription costs

Question 25

Blockchain is the same as Bitcoin.

Question 26

Why is Blockchain important?

A) It allows for a secure, global, and peer to peer record of data
B) It provides anonymity when making transactions
C) It is a free, trusted bank
D) It replaces all ledgers
E) All of the above

Question 27

How much data can be represented by the data hash of a block?

A) a maximum of 20 MB
B) virtually any amount
C) not to exceed 100k bytes
D) the hash is only a memory location

Question 28

How are blocks chained together?

A) By sharing the same transaction details
B) Information of the previous block is embedded into the current block through hashing
C) Information of the current block is embedded into the genesis block
D) With a physical chain

Question 29

How would a developer make a change to Blockchain protocol?

A) There are no restrictions, a developer could just change the code
B) A developer would need to initiate a hard fork
C) There is no way to change Blockchain protocol
D) change the orderer configuration
E) None of the above

Question 30

What do consensus methods achieve?

A) Anonymity in a peer to peer network
B) The highest level of security in a database by ensuring 51% agreement of nodes on the network.
C) The most efficient way of recording a transaction in any database.
D) It confirms that all nodes on the network are legitimate.
E) None of the above

Question 31

One of Blockchain's primary uses of cryptography is___________.

A) keeping the network configuration a secret
B) providing a public and private encryption key
C) allowing users to communicate with each other anonymously
D) keeping the I.P. addresses a secret

Question 32

A smart contract on the Blockchain provides __________. Select all that apply.

A) Specific actions to be taken on events or transactions
B) The same contracts a bank provides
C) A set of business conditions that must be met
D) Better anonymity of those making transactions

Question 33

Blockchain has more built-in security than a standard database.

Question 34

What is a Blockchain?

A) A digital currency
B) An unchangeable record
C) A database of usable secret data
D) A Smart Contract
E) All of the above

Question 35

Blockchain does not provide?

A) Security
B) Immutability
C) Fault tolerance
D) Fact Transaction time

Question 36

Which type of data can be stored on a Blockchain?

A) A financial transaction
B) A vote cast in an election
C) A personal medical record
D) Romeo and Juliet: The entire play
E) All of the above

Question 37

Who can read records on a public Blockchain?

A) Everyone on the Blockchain
B) No one
C) Only the creator
D) The users with access permissions
E) None of the above

Question 38

Cryptocurrencies are a security regulated by the Securities and Exchange Commission.

Question 39

The common safe place to store personal cryptocurrency is_____________.

A) A digital wallet
B) in a secure ledger
C) a bank account
D) in a secure database

Question 40

What happens if a block is confirmed at the same time?

A) The blocks splits into two chains. Blocks are then added to each chain until one chain becomes larger. The longest chain is then considered to be the Blockchain.
B) Nodes select which block to be added to the Blockchain
C) Both chains are deleted, and the unconfirmed transactions are added back to the pool
D) The Orderer Block confirms which block has the most confirmed transactions
E) None of the above

Question 41

What is a node in a Blockchain? Select all that apply.

A) A block
B) Certificate Authority
C) A miner
D) A computer running on the Blockchain

Question 42

Which of the following problems did Blockchain solve for cryptocurrencies?

A) Anonymity
B) Double Spending
C) Destination of currencies
D) None of the above

Question 43

Why is a private Blockchain used instead of a public one?

A) To limit user access and permissions
B) It is less expensive to develop
C) It requires less mining power than a public Blockchain
D) It requires fewer administrators to manage it

Question 44

A Blockchain does NOT provide which attribute?

A) Security through distribution
B) Anonymity through cryptography
C) Fault Tolerance through distribution
D) Immutability through hashing

Question 45

Blockchain transaction code categorizes the data put into blocks.

Question 46

One of the big issues that new financial transaction Blockchain solutions face is____________.

A) increasing the number of transactions per second (TPS)
B) the inability to find use cases
C) solving user identity
D) getting banks to cooperate

Question 47

The Blockchain combined with the Internet of Things (IoT) will dramatically ____________.

A) increase the use of cryptocurrency
B) speed up the internet
C) make Bitcoin less expensive
D) increase device connectivity

Question 48

The Corda distributed ledger is designed for _______________.

A) Any business transactions
B) International shipping
C) The transportation industry
D) Financial transactions

Question 49

If a node on the network were to lose a copy of the ledger, the ledger is not lost. The large number of other nodes have a copy and won't lose track. This is known as___________.

A) Censorship
B) Immutability
C) Transparency
D) Redundancy

Question 50

Blockchain applications can provide____________________.

A) the elimination of intermediaries
B) building more trust between trusted parties
C) collaboration between trusted parties
D) better cooperation between banks

Question 51

What are the drawbacks of using Blockchain? Select all that apply

A) High cost of developers
B) Changing technology and the lack of a stable standard
C) Its use of cryptography
D) Its use of new applications

Question 52

Transactions per second (TPS) for a Proof-of-Work Blockchain are approximately?

A) 24K per second
B) 175K per second
C) Only limited to the number of nodes on the network
D) 7-15 per second
E) None of the above

Question 53

Which of these applications would be suited for a private Blockchain?

A) financial transactions
B) manufacturing supply chain
C) medical records
D) food traceability
E) All of the above

Question 54

Blockchain is always distributed.

Question 55

A distributed network is always decentralized.

Question 56

The transaction has contained in a block is the ___________.

A) Metadata used for ID
B) Same as the user private key
C) Digital fingerprint of the block
D) Unique number to show it's a Bitcoin block