Understanding Blockchain Technology

Understanding Blockchain Technology

11th Grade

15 Qs

quiz-placeholder

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Understanding Blockchain Technology

Understanding Blockchain Technology

Assessment

Interactive Video

Business

11th Grade

Practice Problem

Easy

Created by

Michael Piccolo

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of blockchain technology?

To simplify record-keeping

To centralize data storage

To decentralize control and enhance security

To increase transaction costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What problem does blockchain technology primarily solve?

Speed of transactions

Centralization and its associated risks

Data storage limitations

Internet connectivity issues

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why was Bitcoin created?

To eliminate the need for central authorities in financial transactions

To compete with traditional banks

To facilitate faster transactions

To create a new digital currency

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a decentralized blockchain?

Controlled by a single entity

Requires a central authority for validation

Open to everyone and resistant to censorship

Operates only within one country

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the consensus algorithm in a blockchain ensure?

Transactions are processed instantly

All transactions are free

Only verified users can make transactions

New blocks are added to the blockchain in a standardized way

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does market adoption play in the effectiveness of a blockchain?

It decreases the value of the blockchain

It is irrelevant to the blockchain's operation

It increases the cost of transactions

It is crucial for achieving decentralization and security

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major difference between public and private blockchains?

Private blockchains offer better security

Private blockchains are open to everyone

Public blockchains are slower

Public blockchains do not require a third party

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