Understanding Blockchain Technology

What often confuses people when they first hear about blockchain?

• The color of the blockchain

• The speed of transactions

• The high cost of investment

• Its complexity and technological jargon

What is the relationship between cryptocurrencies like Bitcoin and blockchain?

• Bitcoin uses blockchain technology

• Blockchain is a type of Bitcoin

• There is no relationship

• Bitcoin prevents blockchain from working

What is the primary function of blockchain technology?

• To secure and replicate information across a distributed database

• To create digital art

• To increase internet speed

• To reduce the use of paper

How does blockchain ensure the security of data?

• Through physical locks

• By using a single server

• By distributing data across many computers

• Blockchain does not ensure security

How does blockchain technology remove the need for trust in transactions?

• By increasing transaction fees

• By eliminating intermediaries through a distributed ledger

• By requiring government ID for all transactions

• By using a centralized database

What potential does blockchain have beyond financial transactions?

• Improving gaming speeds

• Enabling societal and political change

• Creating virtual realities

• None of the above

Which industry could blockchain technology disrupt?

• Automobile manufacturing

• None of the above

• Social media

• Textile production

What is a major challenge for the future of blockchain technology?

• Decrease in technology use

• Overpopulation

• Proper regulation

• Lack of interest

How can blockchain impact the art world?

• By disrupting traditional sales and ownership

• By making art more expensive

• By reducing the quality of art

• It has no impact on the art world

Why is the future of blockchain uncertain?

• Until it gets properly regulated

• Because of its dependence on cryptocurrencies

• Due to lack of technological support

• Because it is too complex