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Blockchain CBBF Certified Blockchain Business Foundations Online Training

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Question #1

What does a Merkle tree provide?

  • A . Efficient block lookups and protection against forgery
  • B . Anonymity and transparency
  • C . A Turing complete distributed network
  • D . A way to deploy smart contracts onto the Blockchain
  • E . All of the above

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Correct Answer: A
Question #2

What does P2P stand for?

  • A . Person to Person
  • B . Public to Person
  • C . Peer to Peer
  • D . Product to Person
  • E . None of the above

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Correct Answer: C
Question #3

Blockchain is always decentralized.

  • A . True
  • B . False

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Correct Answer: A
Question #4

What is Ethereum?

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

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Correct Answer: B
B

Explanation:

Reference: https://blockgeeks.com/guides/ethereum/
Question #5

Why is Hyperledger a good business solution over other Blockchains?

  • A . Always permissioned and private
  • B . It can employ smart contracts
  • C . Modular design allowing for flexibility in solution
  • D . Multiple consensus methods can be chosen for use
  • E . All the above

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Correct Answer: D
Question #6

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

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Correct Answer: A
A

Explanation:

Reference: https://lisk.io/academy/blockchain-basics/benefits-of-blockchain/why-is-blockchain-trustless
Question #7

Blockchain is always a better alternative to a standard database.

  • A . True
  • B . False

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Correct Answer: B
B

Explanation:

Reference: https://www.coindesk.com/information/what-is-the-difference-blockchain-and-database
Question #8

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

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Correct Answer: D
D

Explanation:

Reference: https://medium.com/coinmonks/public-vs-private-blockchain-in-a-nutshell-c9fe284fa39f
Question #9

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

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Correct Answer: A
A

Explanation:

Reference: https://medium.com/coinmonks/public-vs-private-blockchain-in-a-nutshell-c9fe284fa39f
Question #10

A distributed network is always decentralized.

  • A . True
  • B . False

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Correct Answer: B
B

Explanation:

Reference: https://stackoverflow.com/questions/49195562/difference-between-a-distributed-and-a­decentralized-network

Question #11

Blockchains work best when they are____________________.

  • A . combined with other technologies
  • B . used for financial applications
  • C . used alone
  • D . used as an alternative to a database

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Correct Answer: B
Question #12

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

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Correct Answer: D
Question #13

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

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Correct Answer: E
E

Explanation:

Reference: https://www.forbes.com/sites/jennysplitter/2018/09/30/what-can-blockchain-really-do-for-the­food-industry/#151984fe488e
Question #14

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

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Correct Answer: E
E

Explanation:

Reference: https://www.mycryptopedia.com/16-promising-blockchain-use-cases/
Question #15

Which item(s) make up a block header?

  • A . The hash of the Merkle root and the header of the previous block
  • B . The hash of every transaction in a specific block and the next block
  • C . The time stamp of the block and the genesis block hash
  • D . The hash of the previous block

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Correct Answer: D
D

Explanation:

Reference: https://www.cryptocompare.com/coins/guides/what-is-a-block-header-in-bitcoin/
Question #16

How is Blockchain benefiting voting?

  • A . By revealing the identity of each voter and who or what they voted for
  • B . By controlling who gets to vote
  • C . By only allowing a certain number of votes per person
  • D . By allowing voters to trust their vote has been counted

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Correct Answer: D
Question #17

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.

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Correct Answer: C
C

Explanation:

Reference: https://www.nichanank.com/blog/2018/5/23/consensus-algorithms-pow
Question #18

The Ethereum Blockchain provides a/an _____________ virtual machine.

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

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Correct Answer: D
D

Explanation:

Reference: https://www.mycryptopedia.com/ethereum-virtual-machine-explained/
Question #19

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

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Correct Answer: ACD
Question #20

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

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Correct Answer: A
A

Explanation:

Reference: https://www.cnbc.com/2018/10/01/five-crucial-challenges-for-blockchain-to-overcome­deloitte.html

Question #21

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

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Correct Answer: D
D

Explanation:

Reference can be changed by an authorized person
Question #22

An asset is defined as ____________.

  • A . all records on a database
  • B . any data on the ledger
  • C . anything of value requiring accountability of ownership
  • D . any record on a private network

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Correct Answer: C
Question #23

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

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Correct Answer: B
Question #24

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

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Correct Answer: A
Question #25

A Blockchain does NOT provide which attribute?

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

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Correct Answer: B
Question #26

____________ledger technology is referred to as DLT.

  • A . Distributed
  • B . Decentralized
  • C . Database
  • D . All of the above
  • E . None of the above

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Correct Answer: A
A

Explanation:

Reference: https://cryptocurrencyfacts.com/what-is-distributed-ledger-technology-dlt/
Question #27

In a private business Blockchain, transactions are endorsed by______________.

  • A . only relevant business participants
  • B . only the smart contract developer
  • C . all the nodes on the Blockchain
  • D . all participants with access to the network

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Correct Answer: A
A

Explanation:

Reference: https://developer.ibm.com/opentech/wp-content/uploads/sites/43/2017/08/Blockchain­Explained-v4.06.AdaptedforBeirutConferenceAug2017-1.pdf (p.10)
Question #28

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

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Correct Answer: D
D

Explanation:

Reference: https://intellipaat.com/blog/what-is-blockchain-technology/
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