Question 1

In which of the following situations would blockchain add value?
A)Multiple parties that do not trust each other want to collaborate.
B)Management would like to automate routine tasks.
C)A prediction on weather related losses is needed.
D)Contracts need to be reviewed for revenue recognition.

Accepted Answer

Blockchain's distributed ledger technology can enable multiple parties to collaborate and share information in a secure and transparent way, even if they do not trust each other. It can also help automate certain processes, but that would be better suited for a centralized database rather than a decentralized blockchain. Predictions on weather-related losses and contract reviews for revenue recognition are more traditional business functions that do not necessarily require blockchain.

Question 2

Which of the following is not accurate regarding blockchain?
A)Data is distributed safely.
B)The technology uses cryptography.
C)Consensus must be reached to propagate transactions.
D)Only the administrator keeps a copy of the entire database.

Accepted Answer

One of the defining features of blockchain technology is that data is decentralized and distributed across a network of participants, not just held by a single administrator. Therefore, D is the least accurate statement. A, B, and C are true statements about blockchain technology.

Question 3

The key difference between artificial intelligence applications and machine learning is that machine learning involves the computer learning from specific instructions versus experience.

Accepted Answer

The statement is incorrect. Machine learning involves the computer learning from experience or data, rather than being specifically programmed with instructions. Artificial intelligence applications can also utilize machine learning algorithms as a means of learning and improving performance.

Question 4

Which of the following is not a consensus algorithm?
A)Proof of miner.
B)Proof of work.
C)Proof of authority.
D)Proof of stake.

Accepted Answer

Proof of miner is not a consensus algorithm. The other three options, proof of work, proof of authority, and proof of stake are all consensus algorithms used in blockchain technology.

Question 5

Which of the following is a key difference between Bitcoin and Ethereum?
A)Only Bitcoin uses blockchain technology.
B)Only Bitcoin provides mining rewards.
C)Ethereum employs smart contracts.
D)Ethereum has no cryptocurrency.

Accepted Answer

Ethereum employs smart contracts, which allow for decentralized applications to be built on top of its blockchain, whereas Bitcoin primarily serves as a digital currency.

Question 6

A benefit of blockchain is the lowered cost of processing transactions.

Accepted Answer

Blockchain allows for peer-to-peer transactions, eliminating the need for intermediaries such as banks or payment processing companies, leading to decreased transaction fees. Additionally, the decentralized nature of blockchain means that there is no need for centralized servers or infrastructure, further reducing costs.

Question 7

Blockchain was built to minimize the use of:
A)US Dollars.
B)Regulators.
C)Intermediaries.
D)Accountants.

Accepted Answer

The purpose of blockchain technology is to facilitate peer-to-peer transactions without the need for intermediaries such as banks. It works by maintaining a decentralized ledger of all transactions, eliminating the need for third parties to facilitate transactions. This reduces costs, speeds up transactions, and increases transparency. While blockchain doesn't necessarily minimize the use of US Dollars, regulators, or accountants, it does aim to reduce the need for intermediaries.

Question 8

Satoshi Nakamoto used all of the following when creating a distributed ledger system except:
A)Confusion Matrix.
B)Resource intensive mining.
C)Peer-to-peer transactions.
D)Open participation.

Accepted Answer

A confusion matrix is a tool used in machine learning to evaluate the accuracy of a predictive model, and is not relevant to the creation of a distributed ledger system like Bitcoin. The other options listed (resource intensive mining, peer-to-peer transactions, and open participation) were all important elements in Satoshi Nakamoto's design of the Bitcoin protocol.

Question 9

Consortium blockchain has no access restrictions in relation to viewing or participating in the blockchain network.

Accepted Answer

Consortium blockchains have restricted access in terms of who can join and participate in the network. Only approved organizations or entities can join the consortium blockchain network.

Question 10

A use case for blockchain may exist wherever there is a significant cross-organization workflow.

Accepted Answer

Blockchain technology can facilitate trust and transparency in workflows that involve multiple organizations, making it a useful tool in industries such as finance, supply chain management, and healthcare.

Question 11

Blockchain is only used for cryptocurrency.

Accepted Answer

Although blockchain is most widely known for its use in cryptocurrency, it has been applied to various industries such as healthcare, supply chain management, and identity verification.

Question 12

Ethereum is a type of artificial intelligence.

Accepted Answer

Ethereum is not a type of artificial intelligence. It is a decentralized blockchain platform that enables the running of smart contracts and decentralized applications (DApps).

Question 13

Smart contracts may be an opportunity for auditors as they contain business rules.

Accepted Answer

Smart contracts contain business rules and auditors can review these rules to ensure compliance and accuracy, which presents an opportunity for auditors to provide their services in this emerging field.

Question 14

The cost of a false prediction is important to data analysts.

Accepted Answer

The cost of a false prediction can have significant consequences and impact the decisions made based on the data. Therefore, it is important for data analysts to consider the cost of false predictions.

Question 15

Which of the following is not benefit of blockchain?
A)Past information is easily edited.
B)New transactions are propagated to all participants.
C)Consensus must be reached to propagate transactions.
D)Participating parties do not need to trust each other.

Accepted Answer

The ability to easily edit past information is not a benefit of blockchain. In fact, one of the main features of blockchain technology is its immutability, meaning once information is recorded on the blockchain, it cannot be altered or deleted.

Question 16

Artificial neural networks are the engines of machine learning.

Accepted Answer

Artificial neural networks are a subset of machine learning algorithms that are modeled after the structure and function of the human brain. They are used for tasks such as image recognition, natural language processing, and predictive analytics.

Question 17

Smart contracts do all of the following except:
A)Define terms.
B)Define business rules.
C)Define miners.
D)Define transfer of assets.

Accepted Answer

Smart contracts define terms, business rules, and transfer of assets within a network, but they do not define miners. Miners are individuals or entities who use their computing power to verify transactions and add them to the blockchain.

Question 18

To be considered blockchain a technology must have all of the following except:
A)Rewardability.
B)Consensus.
C)Immutability.
D)Decentralization.

Accepted Answer

The term "rewardability" is not a defining characteristic of blockchain technology. Consensus, immutability, and decentralization are the three key characteristics typically associated with blockchain technology.

Question 19

How often is a block added to Ethereum?
A)Every 10 minutes.
B)Every 12-15 seconds.
C)Every 16-22 minutes.
D)Every second.

Accepted Answer

A block is added to the Ethereum blockchain approximately every 12-15 seconds. This is much faster than the block time for Bitcoin, which is approximately 10 minutes.

Question 20

Blockchain is a highly regulated technology.

Accepted Answer

While certain use cases of blockchain technology, such as cryptocurrency, may be subject to regulations, blockchain technology itself is not inherently regulated. Instead, regulations may be placed on specific applications or industries utilizing blockchain.

Quiz 12: Emerging Technologies: Blockchain and Ai Automation

In which of the following situations would blockchain add value?

Which of the following is not accurate regarding blockchain?

The key difference between artificial intelligence applications and machine learning is that machine learning involves the computer learning from specific instructions versus experience.

Which of the following is not a consensus algorithm?

Which of the following is a key difference between Bitcoin and Ethereum?

A benefit of blockchain is the lowered cost of processing transactions.

Blockchain was built to minimize the use of:

Satoshi Nakamoto used all of the following when creating a distributed ledger system except:

Consortium blockchain has no access restrictions in relation to viewing or participating in the blockchain network.

A use case for blockchain may exist wherever there is a significant cross-organization workflow.

Blockchain is only used for cryptocurrency.

Ethereum is a type of artificial intelligence.

Smart contracts may be an opportunity for auditors as they contain business rules.

The cost of a false prediction is important to data analysts.

Which of the following is not benefit of blockchain?

Artificial neural networks are the engines of machine learning.

Smart contracts do all of the following except:

To be considered blockchain a technology must have all of the following except:

How often is a block added to Ethereum?

Blockchain is a highly regulated technology.