CBC Business Applications & Strategy

Question 1

How can blockchain benefit business operations?

Accepted Answer

It enhances transparency, security, and efficiency

Answer

Blockchain enhances transparency, security, and efficiency in business transactions, reducing fraud and operational costs.

Question 2

Which industry has widely adopted blockchain for supply chain management?

Accepted Answer

Logistics and retail

Answer

The logistics and retail industry leverages blockchain to track product authenticity, enhance efficiency, and prevent counterfeiting.

Question 3

What is a major challenge businesses face in adopting blockchain?

Accepted Answer

Scalability and transaction speed limitations

Answer

Scalability remains a concern as transaction speeds can be limited compared to traditional centralized systems.

Question 4

Which blockchain feature benefits financial institutions the most?

Accepted Answer

Automation of transactions using smart contracts

Answer

Smart contracts automate financial transactions, reducing processing times and minimizing the need for intermediaries.

Question 5

How does blockchain help with digital identity management?

Accepted Answer

By securing and verifying digital identities

Answer

Blockchain provides a secure and verifiable way to store digital identities, reducing identity fraud and improving authentication.

(CBC) Certified Blockchain Consultant Practice Test