Quiz on Blockchain Technology

What is the primary function of a blockchain?

• To serve as a distributed ledger

• To enhance internet speed

• To create cryptocurrencies

• To store large amounts of data

Which characteristic of blockchain ensures that data cannot be altered once added?

• Consensus Mechanisms

• Immutability

• Transparency

• Decentralization

What mechanism is commonly used to validate transactions in blockchain?

• Proof of Concept

• Proof of Work

• Proof of Identity

• Proof of Ownership

In which area can blockchain enhance transparency and traceability?

• Supply Chain Management

• Online Gaming

• Healthcare

• Social Media

What are smart contracts?

• Contracts that can be altered after signing

• Contracts that are only valid in digital form

• Self-executing contracts with terms written in code

• Contracts that require a lawyer

How can blockchain technology improve voting systems?

• By allowing anonymous voting

• By ensuring votes are counted accurately and securely

• By enabling paper ballots

• By reducing the number of voters

What is a significant challenge facing blockchain technology?

• Limited applications

• Lack of interest from businesses

• Scalability issues

• High transaction fees

Which of the following is NOT an application of blockchain technology?

• Asset management

• Trade finance

• Social media networking

• Cross-border payments

What does decentralization in blockchain help to reduce?

• User privacy

• Single points of failure

• Data redundancy

• Transaction speed

What is the future outlook for blockchain technology?

• It is expected to decline in use

• It will remain stagnant

• Ongoing research will address current challenges

• It will only be used for cryptocurrencies