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.

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1. 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 ______


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


3. 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


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


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


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


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


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


9. The first step to implementing a blockchain project starts _______


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


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


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


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


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


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


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


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


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


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


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


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


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


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


24. What is a blockchain Mining?


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


26. 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?


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


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


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


30. 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?


31. Which statement best describes how blockchain works?


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


33. 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.


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


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


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


37. The start of a successful blockchain project begins __________


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


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


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


41. ___________ is the technology that makes Bitcoin unique


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


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


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



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