Quiz 12 Block Chain Questions and Answers

Question No 1

1. What is true in context of BlockChain?

  • It will create USD 3.1 tn in business value by 2030
  • "Currently less than cohesive regulatory positions is causing hesitation for any large investment"
  • It will create USD 38 bn in business value by 2021
  • All of the above

Answer : All of the above

Blockchain is estimated to create USD 3.1 tn and USD 38 bn business value by 2030 and 2021 respectively. Lack of clear regulatory positions is also restricting large investments.

Question No 2

2. What is(are) not a blockchain's element

  • Blockchain has smart contract which is used as a legally binding contract between two parties
  • Hash functions that prevent data temparing through encryption and a chain of hashed (indexed) data
  • Algorithms that ensure the validity of transactions through consensus among network participants
  • A distributed ledger and peer-to-peer network, in which network nodes ensure resiliency and transparency

Answer: Blockchain has smart contract which is used as a legally binding contract between two parties

Smart contracts are not legally binding between two parties (as of yet)

Question No 3

3. Which Indian bank has issued an INR 100 cr Commercial Paper to Vedanta using blockchain technology, a first in Asia

  • ICICI Bank
  • Yes Bank
  • HDFC Bank

Answer: Yes Bank

Yes Bank facilitated the issuance of a Commercial Paper (CP) of INR 100 Crores using Blockchain technology for Vedanta Limited, a natural resources conglomerate.

Question No 4

4.Yes Bank has used Blockchain solution to fully digitize vendor financing for Bajaj Electricals.

The details are as follows:

Process: Vendor financing
Solution details:
The solution will allow Bajaj Electricals (anchor client) to digitize the process for discounting and disbursal of funds to its vendors by integrating seamlessly with YES BANK’s systems. The solution will also facilitate an automated debit from Bajaj Electricals’ account by YES BANK. Technical Architecture: The process has been design on IBM's Hyperledger Fabric, while the business logic/ rules for transaction has been captured in smart contract with the help of a US based start up Cateina Technologies. While the real automated transaction happens (from Bajaj Electricals' Yes Bank account to Vendors' bank account) automatically (with 0 manual intervention) through Yes Bank's API Banking technology

  • This will allow huge reduction in transaction time (from 4 days to almost real time)
  • Transparency through blockchain shared public ledger
  • Allow ability to pay in Crypto currency
  • Use of superior Cryptokey to offer state-of-the-art security for both documents and transactions on the Blockchain.

Answer : Allow ability to pay in Crypto currency

peaking on the implementation, Mr. Rana Kapoor, MD&CEO, YES BANK, said,” Since inception, YES BANK has used technology and innovation, as mission critical pillars, to offer a superior banking experience to its corporate and retail customers. Our Blockchain implementation is a continuation of this philosophy to offer revolutionary banking technology to our clients.

Question No 5

5. Tokenization of Assets in Blockchains does not cover

  • Shares & Equities
  • Real Estatebr
  • Art work
  • Manpower

Answer: Manpower

Tokenization is the process of representing real-world assets in the form of tokens issued on the Blockchain.

Question No 6

6.Distributed Ledger Technology (DLT) can be used for Livestock Trading.

  • True
  • False

Answer: True

Distributed ledger technology (DLT), blockchain technology assists in end-to-end value chain visibility and transparency...

Question No 7

7. Which of the following Crypto Assets has the highest market capitalization?

  • Bitcoins
  • Ethereum
  • Ripple
  • Stablecoins

Answer: Bitcoins

Bitcoins Crypto Assets has the highest market capitalization.

Question No 8

8. The process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain is called

  • Conscripting
  • Mining
  • Drafting
  • Scalping

Answer: Mining

This process is called Mining.

Question No 9

9. Which of the following is not a Bitcoin Wallet?

  • Paper Wallet
  • Online Wallet
  • Hardware Wallet
  • Dynamic Wallet

Answer: Dynamic Wallet

Dynamic Wallet is not a BitCoin Wallet.
Read more:-

Question No 10

10. Which of the following became the first pure-play cryptocurrency company to gain Visa membership?

  • Binance
  • Bitcoin.com
  • Coinbase
  • CoinDesk

Answer: Coinbase

Coinbase is the first pure-play cryptocurrency company to gain visa membership.
Read more here.