De Brac) Block Chain Questions Latest Block Chain MCQ Objective Questions _ a PEPER ABA Racial Start Complete Exam Preparation aC a a eee ra Cites a he Download App jon Bank Question 1: View this Question Online > In block chain, tree storesall the transactionsin a block by producing a digital fingerprint of the entire set of transactions. 1. Merkle 2. Binary 3. AVL 4, Red black um” of the above/More than one of the above Answer (Detailed Solution Below) Option 1: Merklecoaching India's Super Teachers for all ef Ay AO Tel Oln moles or Block Chain Question 1 Detailed Solution The correct answeris option 1. Concept: Blockchain: Blockchain technology is most simp! ed asa decentralized, distributed ledger that records the provenance of a digital asset. Merkle tree: A Merkle tree stores all the transactionsin a block by producing a digital fingerprint of the entire set of transactions. + It allows the user to verify whether a transaction can be included in a block or not. * Merkle trees are made by hashing pairs of nodes repeatedly until there is only one hash remaining + The Merkle Root, or Root Hash, isthe name given to this hash, The Merkle Treesare built in a bottom-up manner. Hence the correct answer is Merkle. ge eee Race Cee yt Start Complete Exam Preparation Pus ocd Praca) aad Ces old resieacoug Ex tiery ¥ e oof D> Download App Question 2:ee Oe ee ee 1. Itruns on thetechnology 6f block chain. 2 sie hidden in data blocks and can be mined. 3. Bitcoinsasa medium of payment is authorized by ReserveBank of India. 4. Bitcoin canbe sold and bought on Exchangeplatforms. 5. None of the above/More than one of the above Answer (Detailed Solution Below) Option 3: Bitcoinsasa medium of payment is authorized by Reserve Bank of India. Block Chain Question 2 Detailed Solution + Bitcoin asa medium of paymentiig not authorized by RBI. + RBI recently issued ayulic advisory-against the use of bitcoins. It said that creation, trading or usage of virtual “a = Bitcoinsas a medium of payment isnot authorized by any central bank or monetaRyuauthority. + Bitcoin runs on blocéi.Transactiondata. ii, Hash point. iil Timestamp. 1. only so AS lone of the above Answer (Detailed Solution Below) Option 4: More than one of the above Block Chain Question 3 Detailed Solution Concept: A blockchain isa distributed database that maintains a continuously growing list of ordered records, called blocks.” These blacks “are linked using cryptography. Eachblock contains, * A cryptographic hash of the previous block, + A timestamp, and + Transactiondata. Hence the correct answer is only |, ji, and iii. © Additional Information. A blockchain is a decentralized, distributed, and public digital ledger that is used to record transactionsacrossmany computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensusof the network. The blocks created by various miners are chained together to form what is known asa truly co a “SE gersted | DIOCK fr Cre re | Hash of || Hash of Hash of block n block n+14 block n+2! Tx100 Tx201 Tx351 1102 Tx202 Tx352 Tx112 Tx208 Tx359 Hash Hash Hash reer Eco) aS ae Start Complete Exam Preparation Dally Live Giga Exe r) ee leche a ed ears jownload App Question 4: View this Question Online > What isa blockchain? 1. A blockchain Is a centralized digital ledgef, consistingot records called blocks. 2. Ablockchain is a decentralized, distributed, digital ledger consisting of records called blocks. 3. A blockchainis.a digital database consisting of records called class. We en ‘one of the above 5. None of the aboveAnswer (Detailed Solution Below) Option 2: A blockchain isa decentralized, distributed, digital ledger consisting of records called blocks. Block Chain Question 4 Detailed Solution Correct Option 2). 1. A blockchain isa digitally distributed, decentralized, public ledger that existsacrossa network. 2. A blockchainis a distributed database that is shared among the nOdes of a’computer network. 3. Asa database, a blockchain stores information electronicallyin digital format. © Key Points. Blockchains are best known for thelr crucial,ole in eryptocurrency systems,such as Bitcoin, for maintaining a secure end decentralized record of trar'sactions. The innovation with a blockchain is that it guarantees the fidelity angsecurity of a record of data and generates trust without the need for a trusted third party. ‘% , + Blockchainisa type of shared database that differs from a typical database in the way that it storesinformation; blockchains store data in blocks that are then linked together via cryptography. + ASsnew data comesin, it is entered into a fresh block. Once the block isfilled with data, it is chained onto the previous block, which makes the data chained together in chronological order. + Different types of information can be stored on a blockchain, but the most common useso far has been asa ledger for transactions. + In Bitcoin’s case, blockchain is used in a decentralized way sothat no single person or group has control— rather, all userscollectively retain control + Decentralized blockchainsare immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactionsare permanently recorded and viewable to anyone. India’s #1 Learning Platform Rocio A ett Start Complete Exam Preparation rye bec 7) Mock Tes Clete Ed Seer Gals Download App Question 5: View this Question Online >wes loa Nene fing of records called blocks. YW 1. A blockchain is a centralized digital nes 2. Ablockchainis a de XO ributed, digital ledger consisting of records called blocks. 3A onde Qa database consisting of records called class. private ledger that no one cen inspect. 5. None of the above Answer (Detailed Solution Below) Option 2: A blockchain isa decentralized, distributed, digital ledger consisting of records called blocks. Block Chain Question 5 Detailed Solution Correct Option 2). network. 2. A blockchainis a distributed database that is shared among the 3. Asa database, a blockchain stores information electronica! © Key Points Blockchains are best known for their crucial A urrency systems,such as Bitcoin, for maintaining a secure end decentralized epee The innovation with a blockchain is that it guarantees the fidelity curity ord of data and generates trust without the need for a trusted third party. + Blockchainisa type of shared database that differs from a typical database in the way that it storesinformation; blockchains store data in blocks that are then linked together via cryptography. + Asnew data comesin, it is entered into a fresh block. Once the block is filled with data, itis chained onto the previous block, which makes the data chained together in chronological order, + Different types of information can be stored on a blockchain, but the most common useso far has been asa ledger for transactions. + In Bitcoin’s case,blockchain is used in a decentralized way so that no single person or group has control— rather, all users collectively retain control. + Decentralized blockchains are Immutable, which means that the data entered is Irreversible. For Bitcoin, this means that transactionsare permanently recorded and viewable to anyone.PPE aR ea Berl) Start Complete Exam Preparation RCC DR Sect alien pokes a Does cielnny resieacrd Exotic) Jownload App Question 6: View this Question Online > In block chain, ‘tree storesall the transactionsin @ block by producing a digital fingerprint of the entire set of transactions, 1. Merkle 2. Binary we 4. Red black Answer (Detailed Solution Below) Option 1: Merkle Block Chain Question 6 Detailed Solution The correct answeris option 1. Concept: Blockchain: Blockchain technology is most simply defined asa decentralized, distributed ledger that records the provenance of a digital asset. Merkle tree: AMerkle tree stores all the A... a block by producing a digital fingerprint of the entire set of transactions. + Itallowsthe user to verify whether a transaction can be included in a block or not + Merkle trees are made by hashing pairs of nodes repeatedly until there is only one hashremaining. + The Merkle Root, or Root Hash, isthe name given to this hash. The Merkle Treesare built in a bottom-up manner. Hence the correct answer is Merkie. & eee ec Start Complete Exam Preparation CR Coe Dc ott Pea foe iets eter Download App Question 7: View this Question Online > Which of the following is not a blockchain component? 1. Ledger 2. Wallet 3. Certificate authority ‘ Answer (Detailed Solution Below) Option 3 : Certificate authority Block Chain Question 7 Detailed Solution © Key Points. Blockchainis a distributed ledger where data can be stored securely suchthat any alteration in the data is not possible. The technology behind Bitcoinsis the BlockchainNetwork. Following are the components of a Blockchain network Node: It is of two types. Full Node and Partial Node.+ Full Node: It maintainsa full copy of all the transactions. + Partial Node: It is also called a Lightweight Node becauseit doesn't maintain thewhole copy of the blockchain ledger Ledger: Itisa digital databaseof information. Here, we have used the term ‘digital’ becausethe currency exchanged between different nodes is digital i.e cryptocurrency. There are three types of the ledger. Public Ledger, Distributed Ledger, and Decentralized Ledger. Wallet: Itis a digital wallet that allows A.. their cryptocurrency. Every node in the blockchain network hasa Wallet. Cryptocurrancy wallets are mainly of two types are Hot wallets and Cold wallets. Nonce: Anonce is an abbreviation for “number only used once,” whichis a number added to ahashed or encrypted biock in a blockchain. Hash: The data is mapped to a fixed sizeusing hashing. It plays a very important role in cryptography. Hence the correct answer is the certificateauthority. No mS ee se eee CR Coe Dm contr Start Complete Exam Preparation Cuda ond Mock Tests MasterClass Question Bank Ga eter Download App Question 8: View this Question Online > Identify one of the types of the blockchain network. 1. Open blockchain network 2. Constraint blockchain hetwork 3. —,, network 4. Restricted blockchain networkAnswer (Detailed Solution Below) Option 3 : Private blockchain network Block Chain Question 8 Detailed Solution The correct answer is option (3) Concept Blockchainis a distributed, unchangeable ledger that makesrecording tfansactionsand managing assetsin a corporate network much easier. - There are four main types of blockchain networks: 1. Publicblockchain network 2. Private blockchain network 3. Consortium blockchain network 4. Hybrid blockchain network © Key Points = + A private blockchain is a blockchein network that operates in a restricted context, such asa closednetwork, or is controlled by a single entity. + Anyone with internet accesscan sign on to a blockchain platform to become an authorized node, and a public blockchainis non-restrictiveand permissionless. + Real estate isone of the many compelling use casesfor hybrid blockchain. Companies can utilize a hybrid blockchain to run systemssecurely while exposing certain information to the public, such aslistings. + The fourth form of blockchain, known asa federated blockchain, is similar to a hybrid blockchain in that it combines private and public blockchain capabilities. CM eee PS eTa me) CM climate hace) ACR Sc ea a mac oes co .jownload App Question 9: View this Question @nlinel> ve benefits of blockchain technology? 1. No hidden fees 2. Fraud control & Accesslevels 3. Security & Speed 4, Allof the Above Answer (Detailed Solution Below) Option 4: All of the Above Block Chain Question 9 Detailed Solution The correct answeris option 4. Concept: atoml Blockchain technology: E Blockchainis a method of storing information in-such’@ way that it is difficult or impossibleto edit, hack, or trick the system.A bloc! is simply @ digital record of transactionsthat is replicated and distributed throughout the block complete network of computer systems. Benefits of blockchain technology: + Enhanced Security. + Enhanced Speed + Fraud control & Accesslevels. + No hidden fees. + Better Transparency. + True Traceability. + Improved Speed and Highly Efficient. Hence the correct answer is Al of the Above.CER ABR Rell Start Complete Exam Preparation Rr et Weaury ete Download App Question 10: View this Question Online > The term used for a blockchain splitsis 1) A merger 2) A fork 3)A division 4) None of the above Answer (Detailed Solution Below) Option 4:2 Block Chain Question 10 Detailed Solution Correct Option is 4). In the blockchain, a fork is defined variously as: What happens when a blockchain diverges into two potential paths forward, a change in protocol or. a situation that “occurs when two or more blockshave the sameblock height’. ©; Additional_Information.The decentralized nature of public blockchains (for example, Bitcoin and Ethereum) meansthat participantson the network must be able to\cometo an agreement asto the shared state of the blockchain(sharedpublic ledger aga blocks and the blockchain protocol). * The unanimous consensusamt the network nodes results in a single blockchain that contains verified data(transactions)that the network assertsto be correct. However, many times, the nodes in the network can't come to @ unanimous consensusregarding the future state of the blockchain, + This event leads to forks (like a tuning fork used in experimental science), meaning that point in which the ideal ‘single’ chain of blocksis split into two or more chains which are all valid. Types of Fork:- 1. Soft Fork: when the blockchain protocol is altered in a backward-compatible way. 2. Hard Fork: when the blockchain protocol is altered in a non-backward-compatible way. 3. Temporary Fork: when two miners mine a new block at the sametime. ee eRe ae eon ee tiniy Start Complete Exam Preparation CRCCC DAR ecto noe ee Cites Question Bank Download App Question 11: View this Question Online > The term used for a blockchain splits is 1. A merger 2. A fork ¥ WBigon 4. None of the above Answer (Detailed Solution Below)Option 2: A fork Block Chain Question 11 Detailed Solution Correct Option is 2). In the blockchain, a fork is defined variously as: What happens when a blockchain diverges into two potential paths forward. a change in protocol or. a situation that “occurs when two or more blocks have the sameblock heightt & Additional Information. ‘The decentralized nature of public blockchains (for example, Bitcoin and Ethereum) means that participantson the network must be able to come tovan agraément asto the shared state of the blockchain(sharedpublic ledger and blocks and the blockchain protocol). contains verified data(trans@eligns)that the network assertsto be correct. However, many times, the nodes in the netiworki@en't come to @ unanimous consensusregarding the future state of the blockchain. + This event leads to forks (lise ¢ tuning fork used in experimental science), meaning that point in which the ideal ‘single’ chain of blocksis split into two or more chains which are all valid. + The unanimous te network nodes results in a single blockchain that Types of Fork:- 1. Soft Fork: when the blockchain protocol Is altered in a backward-compatible way. 2. Hard Fork: when the blockchain protocol is altered in a non- backward-compatible way. 3. Temporary Fork: when two miners mine a new block at the sametime. India’s #1 Learning Platform SRE Start Complete Exam Preparation gue ee aoa Calireeterneny Eee Co lpcardins Download AppQuestion 12: o° View this Question aio What are the pi lockchain technology? nsparency 2. immutability 3. Decentralization 4. Allof the Above Answer (Detailed Solution Below) Option 4: All of the Above Block Chain Question 12 Detailed Solution The correct answeris option 4, «0 Concept: co Blockchain technology: Blockchain is a method of storing data in such a manner that it is i possible to alter, hack, or defraud it. A blockchain is a digital log of transaction: pied and distributed throughout the blockchain's complete network of computer Three pillars of blockchain: & Decentralization: \ The actual definition of decentral the absence of a central authority. If we apply this notion to Blockchain, it indicatesthat the s self-governing and doesnot have ¢ central authority. Transparency: In real life, transparency refers to anything that has no opacity. When we apply this notion to Blockchain, it means that there is no privacy. To be more specific, when it comes to transactions, all transactionsare public and can be read by everyone on the network. Immutability: Immutable implies precisely what it sounds like in real life: something that cannot be changed. When we talk about blockchain, we're referring to the fact that once a transactionis published into the system, it can't be changed.Hence the correct answer is All of the Above. & ee rere parc RCD cesta Pela mew beim ie lel) ees coos eens MasterCl resietccig Download App Px) Question 13: View this Question Online > Which technology is used in Bitcoin? 1. Information Technology 2. BusinessTechnology” 3. BlockchainTechnology 4, Medical Technology Answer (Detailed Solution Below) Option 3: Blockchain Technology Block Chain Question 13 Detailed Solution The correct answeris option 3. Concept : + Cryptocurrencies (Bitcoin) are digital currenciesthat employ blockchain technology to record and safeguard every transaction. + A blockchainis a database that Sevesenerypted chunks of data and then connects them to build a chronological source of truth for the data : Beckchan etl Weve that maintains public transactionalinformation, also known asblocks, in nnanyedatebasesconnected by peer-to-peer nodes in a network. Thistype of storage is sometimesreferred to asa ‘digital ledger! «ormeincurranes fey nvetaeda Plienin\ man he: nee cen dinial dormant oavmoniic eavinceverything from little transactionsto huge purchasessuch asautomobiles and houses. Hence the correct answer is Blockchain Technology. & India’s #1 Learning Platform 19 Start Complete Exam Preparation CR CCC RR Secs cy Pa fos ciapey Download App Question 14: View this Question Online > What isa blockchain? 1. A blockchain is a centralized digital ledger consisting of records called blocks. 2. Ablockchain is a decentralized, distributed, digital ledger consisting of records called blocks. 3. A blockchain isa digital database consisting of records called class. 4. None of the above Answer (Detailed Solution Below) Option 2: A blockchain isa decentralized, distributed, digital ledger consisting of records called blocks. Block Chain Question 14 Detailed Solution Correct Option 2). 1, A blockehain isa digitally distributed, decentralized, public ledger that existsactossa network. 2. A blockchainis a distributed database that is shared among the nades of a computer network 3. Asa database, a blockchain stores information electronically in digital format.Blockchains are best known for their crucial role in eryptocurrency systems such as Bitcoin, for maintaining a secure and decentralized record of transactions.The innovation with a blockchain is that it guarantees the fidelity and security of arecord of data and generates trust without the need for a trusted third party. J + Blockchainisa type of shafed\/etabase that differs from 2 typical database in the way that it storesinformation; blocker ains store data in blocks that are then linked together via cryptography. + Asnew data comesin, it isentered into a fresh block. Once the block isfilled with data, it is chained onto the previous block, which makes the data chained together in chronological order. + Different types of information can be stored on a blockchain, but the most common use so far has been asa ledger for transactions. + In Bitcoin’s case, blockchain is used in a decentralized way so thet no single person or group has control—rather, all users collectively retain control + Decentralized blockchainsare immutable, which means that the data entered is irreversible. For Bitcoin, this mens that transactionsare permanently recorded and viewable to anyone. Ca India’s #1 Learning Platform Cee Dae rc PS ela mean) (My Cima teh ecel) Git as rel Download App Question 15: View this Question Online > Where do you keep your cryptocurrency? 1. e-Wallet 2. ma" 3. Floppy Disk 4. In your pocket Answer (Detailed Solution Below)Upton 1. e Wanet Block Chain Question 15 Detailed Solution © Key Points. Cryptocurrency is stored in e-Wallet. A custodial wallet co crypto storage. A third party holds your crypto f. (online) storage, or a combination of the two. + A crypto wallet does not stor: to trade cryptocurrency online. market and anyone s hol crypto coins. + When you buy coins )stocurrency exchanges, apps, or stockbrokers, they typically put it in a custodial wallet they control. Ifyou want to store it yourself, you can transfer it to your own hot or cold e- Wallet . + Offline crypto storage is widely considered the best option from a security perspective, and many platforms useit to protect most of their own crypto. While your crypto is offline, it can't be stolen by hackers.For large amounts of cryptocurrency, a cold wallet is a good investment. jered the default option for igh cold (offline) storage, hot , but it holds a private key, which allows you fe key is your digital identity to the cryptocurrency is can perform fraudulent transactionsor steal your Hence the correct answer is e-Wallet