
Understanding KYC and Blockchain Risks
Authored by Prakash K Elamana 2837
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University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of KYC regulations in digital platforms?
To verify the identity of users and prevent fraud and illicit activities.
To comply with international trade regulations.
To collect user data for marketing purposes.
To enhance user experience and increase engagement.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a major risk associated with blockchain forks?
Fragmentation of the community and network security.
Simplified regulatory compliance.
Enhanced privacy for all users.
Increased transaction speed and efficiency.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does blockchain provenance help in reducing counterfeiting in supply chains?
Blockchain provenance helps reduce counterfeiting by providing transparent, immutable records of product origins and movements in the supply chain.
Blockchain provenance increases the cost of supply chain management.
Blockchain provenance relies on physical inspections to verify product authenticity.
Blockchain provenance eliminates the need for any documentation in supply chains.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a zero-knowledge proof and how does it enhance blockchain security?
A zero-knowledge proof is a type of digital currency used in blockchain transactions.
A zero-knowledge proof is a method to reveal all transaction details on the blockchain.
A zero-knowledge proof is a technique that allows users to share their private keys with others.
A zero-knowledge proof is a cryptographic method that allows one party to prove knowledge of a value without revealing it, enhancing blockchain security by ensuring privacy and preventing fraud.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are KYC regulations important in digital and blockchain environments?
KYC regulations are only necessary for traditional banks.
KYC regulations help in increasing transaction speeds.
KYC regulations are designed to promote anonymity in transactions.
KYC regulations are important to prevent fraud and ensure compliance with financial laws.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What challenges might arise when implementing KYC regulations?
Increased customer satisfaction
Lower operational costs
Simplified regulatory processes
Challenges include compliance costs, technology requirements, customer resistance, and regulatory complexity.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What solutions could be proposed to address KYC implementation challenges?
Eliminating customer identification requirements
Proposed solutions include adopting a risk-based approach, leveraging technology, enhancing data sharing, providing staff training, and ensuring compliance.
Implementing a one-size-fits-all approach
Reducing regulatory oversight
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