Blockchain and Smart Contracts Quiz

What is the primary goal of the Black Wall Street digital wallet?

• To create a new cryptocurrency

• To offer a new social media platform

• To solve the racial wealth gap by providing opportunities

• To provide a platform for digital collectibles

How does blockchain technology differ from traditional databases?

• It requires a central authority to function

• It is slower than traditional databases

• It can only store information

• It offers an open database without the need for a central authority

What is a smart contract often compared to?

• A traditional contract

• A bank transaction

• A legal document

• A vending machine

What is one of the main benefits of using smart contracts for music royalties?

• They allow artists to bypass third parties and receive payments directly

• They make music more expensive for consumers

• They require more oversight from legal authorities

• They increase the total earnings for record labels

What is one potential use of blockchain technology in elections?

• To eliminate the need for political parties

• To increase voter turnout

• To automatically record and audit votes while protecting voter identity

• To replace all government functions

What is one of the challenges facing the widespread adoption of blockchain technology?

• Lack of interest from governments

• Debate over its potential to replace traditional systems

• Insufficient computing power

• High transaction fees

What is an NFT?

• A traditional art piece

• A type of cryptocurrency

• A unique asset tracked on the blockchain

• A digital wallet

What is a common criticism of NFTs?

• They are often used by fraudsters to deceive people

• They are too easy to create

• They are not recognized by any government

• They have no real-world applications

What is a potential future implication of NFTs?

• They will become obsolete

• They will only be used in video games

• They will represent all property ownership, eliminating middlemen

• They will replace all physical art

What is a key factor that will determine the utility of blockchain technology?

• The speed of transactions

• The amount of data it can store

• Its adoption in the real world

• The number of cryptocurrencies available