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

Accepted Answer

Blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp, a transaction record, and a reference to the previous block. Once a block is added to the chain, it cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.This makes blockchain ideal for applications where data integrity and security are paramount, such as voting, medical records, and identity management.

Question 2

Blockchain is always a better alternative to a standard database.

Accepted Answer

While blockchain has certain advantages over traditional databases such as tamper resistance, decentralization, and transparency, it may not always be the best choice for every application. Factors such as performance, cost, and scalability should be carefully evaluated before choosing between a blockchain or traditional database solution.

Question 3

The Ethereum Blockchain provides a/an _____________ virtual machine.
A) Windows compatible
B) energy efficient
C) Linux compatible
D) turing-complete

Accepted Answer

The Ethereum Virtual Machine is turing-complete, meaning it has the ability to run any program that can be run on a computer, making it highly versatile and powerful.

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

Accepted Answer

Blockchain technology enables a decentralized, peer-to-peer ledger system that operates without the need for a central authority or third party, ensuring transparency and security through consensus mechanisms.

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

Accepted Answer

The answer of Which Blockchain protocol uses Proof of Work...

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

Accepted Answer

Off-chain transactions allow for transactions to occur quickly and without the burden of being processed on the main blockchain, thus increasing TPS. Adding more nodes or using faster microprocessors may help to some extent, but may not be enough to significantly increase TPS. Fewer regulations may not necessarily have a direct impact on TPS.

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

Accepted Answer

Blockchain technology often uses a combination of older technologies such as cryptographic hash functions, distributed computing, and peer-to-peer networks to create a decentralized and secure ledger system.

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

Accepted Answer

All of the above reasons are valid reasons for why blockchains are being implemented in the food supply chain. Consumers want to know where their food comes from and how it was produced, and using a blockchain can provide them with that information. Blockchain can also help with farm to table accountability for safety by tracing the entire supply chain, which can help identify any potential sources of contamination. Additionally, the use of blockchain can provide fast, specific supplier data, which can be beneficial for inventory management and supply chain efficiency. In the event of a food contamination problem, blockchain can also help prevent food waste by quickly identifying and removing affected products from the market.

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

Accepted Answer

Transparency allows for a trustless system because it provides visibility and accountability, allowing users to be certain of a result.

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

Accepted Answer

A ledger, in its simplest form, is used to record the transfer of an asset between participants.

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.

Accepted Answer

The answer of Which of the following statements sums up...

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

Accepted Answer

The answer of How does a private Blockchain differ from...

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

Accepted Answer

Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (dapps). While it has its own cryptocurrency called Ether (ETH), it is primarily known as a platform for creating dapps. it is not another name for Bitcoin or 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

Accepted Answer

The answer of What is a hash function?
A) A one-way...

Question 15

What is dApp?
A) A decentralized application
B) A dishonest application
C) A decoded application
D) A distributed application

Accepted Answer

A decentralized application (dApp) is a software application that runs on a distributed network, rather than on a single computer. This makes dApps more resistant to censorship and hacking than traditional applications.

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

Accepted Answer

The answer of How does the Bitcoin provide anonymity?
A) Through...

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

Accepted Answer

Once a record is stored on the blockchain, it is immutable and permanent. It cannot be changed or deleted, making it a reliable and secure method of storing data.

Question 18

Blockchain is faster and more efficient than a standard database.

Accepted Answer

Blockchain is generally slower and less efficient than a standard database due to its decentralized nature and the need for consensus mechanisms.

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

Accepted Answer

The answer of What is the focus or primary goal...

Question 20

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

Accepted Answer

Blockchain 3.0 refers to the evolution of blockchain technology to support decentralized applications beyond cryptocurrencies, while Internet 3.0 (Web 3.0) focuses on a more intelligent, connected, and decentralized web. Their combination can enhance blockchain's utility and adoption by enabling more complex and scalable applications.

Exam 1: Certified Blockchain Business Foundations

Which of the following are practical use cases for Blockchain?

Blockchain is always a better alternative to a standard database.

The Ethereum Blockchain provides a/an _____________ virtual machine.

Blockchain allows for which of the following?

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

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

Blockchain technology uses__________________.

Blockchains are being implemented in the food supply chain because_____________.

Transparency allows_____________.

In its simplest state, a ledger_______________.

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

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

What is Ethereum?

What is a hash function?

What is dApp?

How does the Bitcoin provide anonymity?

Once a record is stored on the Blockchain ____________.

Blockchain is faster and more efficient than a standard database.

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

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