Blockchain in Banking Masterclass Assessment – 1

Please complete the following evaluation assessment of the Blockchain in Banking Masterclass. This assessment consists of 25 questions. You have three (3) chances to take the test and are required to attain a score of 70% or higher to complete the requirements for the Blockchain in Banking Masterclass course.

HINT: You may get different questions each time you do the test, and the correct answers are shown after each question, to help you.

Good Luck!
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1. The first step to implementing a blockchain project starts _______

 
 
 
 

2. The start of a successful blockchain project begins __________

 
 
 
 

3. Which two statements best describes the two basic features of blockchain?

 
 
 
 

4. Which term can also be used to describe a blockchain?

 
 
 
 

5. Is it possible to program a blockchain to record transactions automatically?

 
 
 
 

6. Blockchain records are added sequentially (one after the next) into a ‘chain’ so each record is linked to the previous one. Complete the following sentence. Each new record is linked ______

 
 
 
 

7. Which statement best describes how blockchain works?

 
 
 
 

8. True or False; The terms ‘Blockchain’ and ‘Bitcoin’ can be used interchangably as they mean the same thing

 
 
 
 

9. A ________ is used to hold or store the value of Digital Currency?

 
 
 
 

10. What is the process of issuing or minting new Digital Currencies popularly known as?

 
 
 
 

11. Ripple’ has been adopted by many banks around the world, where it acts as both Cryptocurrency and a Digital Payment Network for cross-border Financial transactions. Which two features are proprietary to Ripple Networks?

 
 
 
 

12. Blockchains are comprised or made up of blocks of information linked in a sequential chain. Which of the following elements would be found in each blockchain block?

 
 
 
 

13. True or False: Each block on a blockchain network can never have more than one parent block

 
 

14. Which word below describes the permanent, tamper-proof nature of a blockchain record or set of records?

 
 
 
 

15. What is a blockchain Mining?

 
 
 
 

16. Each data block of a blockchain consists of which of the following elements?

 
 
 
 

17. What is the term used to describe an event when a single blockchain network separates into two or more distinct blockchain entities,

 
 
 
 

18. In a public and decentralised blockchain, parties are usually free to join and participate in the core activities of the blockchain network

 
 

19. Which parties would normally have access to a PUBLIC blockchain?

 
 
 
 

20. What term is used to describe the way that blockchain are organised in a distributed architecture?

 
 
 
 

21. The primary benefit to a Bank of having ‘Immutable’ records is ______

 
 
 
 

22. ___________ is the technology that makes Bitcoin unique

 
 
 
 

23. It is extremely difficult to tamper with or alter data, once it has been committed to the blockchain because _____

 
 
 
 

24. What type of blockchain has the least restrictions on who may access it?

 
 
 
 

25. Are there any specific conditions for using Blockchain technology in an organization?

 
 
 
 

26. Peer-to-peer blockchain networks have centralized points of vulnerability that computer hackers can exploit

 
 

27. What is meant by a blockchain “Proof of Stake”?

 
 
 
 

28. What is the first consideration when commencing a blockchain project?

 
 
 
 

29. True or False: A permissioned blockchain has properties of both private and public blockchains.

 
 

30. Why is blockchain sometimes called a “trustless” network? (Mark all that apply)

 
 
 
 

31. Permissioned blockchains are a popular choice in Banking thanks to their ability to allocate specific permissions to various users on the network.

 
 

32. Banks (or a grouping of Banks and organisations) will often choose two of the following blockchain types, when creating a shared, common platform, such as  a Trade Finance platform, involving multiple, untrusted parties . These are called _________ blockchains and __________ blockchains

 
 
 
 

33. What is the name of the Digital Currency that has popularised blockchain as a technology?

 
 
 
 

34. Which of the following Use Cases would likely be most interesting for a Bank considering blockchain?

 
 
 
 

35. Which arguments may be used to convince a Bank to implement a Private blockchain instead of a Public blockchain?

 
 
 
 

36. Which of the following examples would you consider to be successful implementations of blockchain? (All the examples below are real-world examples)

 
 
 
 

37. In blockchain, ‘Nodes’ are an important component part of each blockchain network. What is a Node?

 
 
 
 

38. What is the correct term to describe the incentive for participants in a Public blockchain network to validate transactions correctly?

 
 
 
 

39. Once a record is successfully lodged on a blockchain, can that record be altered? (Select the two applicable answers)

 
 
 
 

40. Which statements apply to the notion of ‘Immutability’ when used in conjunction with blockchain? (more than one answer applies)

 
 
 
 

41. What sort of information is contained in the blockchain ‘Ledger’?

 
 
 
 

42. How could an information leak from an insecure data network impact an organisation? Select all that apply

 
 
 
 

43. A private blockchain allows entry to only selected participants; the blockchain operator has the rights to override edit or delete the necessary entries on the blockchain.

 
 

44. True or False: Smart Contracts are Valid Legal Contracts

 
 


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