FREE Certified Blockchain Professional (CBCP) MCQ Questions and Answers

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Decentralized markets are now conceivable thanks to blockchain technology. What are some advantages of a decentralized market?

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Without the need for a middleman, the blockchain makes sure that everyone is who they claim to be and safeguards the movement of money.

How can data in a blockchain be protected?

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With asymmetric cryptography, anyone can encrypt a message using a public key, but only the right private key can decrypt it.

How do con artists employ a Ponzi scheme?

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In traditional Ponzi schemes, the fraudster uses the money from later investors to pay dividends to the earlier investors.

What function does a decentralized autonomous organization, or DAO, serve?

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To solve what is known as the "principal-agent dilemma" in economics, the idea of a DAO was developed. The principal-agent problem is a conundrum that arises when one "agent" has the authority to act on another agent's behalf while still being motivated by their own self-interest. Since the "agent" does not bear the cost of the risk, they may decide to take more of a chance.

What form of public witness do blockchains use?

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On a blockchain network, each node records information. Similar to how individuals save knowledge in courthouses, libraries, and archives to refer to at a later time, all nodes attest to its authenticity and honesty at that time.

The narcissism of little distinctions is one of the biggest risks to the blockchain community. What outcome does this narcissism of subtle differences produce?

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Communities that are close and have adjacent territories are more inclined to clash.

How might blockchain technology assist protect identification data the most effectively?

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One of the key roles of a blockchain is to provide information without revealing the real data.

Which application for smart contracts works the best?

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A agricultural smart contract can guarantee automatic insurance payments. The farmer will be compensated if the temperature drops and crops are harmed.

Blockchain makes it possible for autonomous identification. How can blockchain accomplish this?

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Blockchain technology has made it possible for the ideas of self-ownership to change. It has given social movements focused on each person's moral and natural right to have sole control over their finances, possessions, and identity fresh life.

What benefits may blockchain networks bring to the Internet of Things (IoT)?

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Blockchain protected identity can be used by IoT to prevent spoofing attacks, in which a bad actor impersonates another device to conduct an attack in order to steal data or wreak other havoc.

What are DApps made to accomplish?

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DApps go beyond straightforward A-to-B value transfers in smart contracts. DApps are created using smart contracts, but they also make use of secure messaging and frequently permit an infinite number of users to communicate under a predefined set of rules.

What situation provides the best opportunity for a smart contract to solve the issue?

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This is a good illustration of how a smart contract can be helpful.

An organization wants to create blockchain-based smart contracts. The company does not want to put a burden on its staff to keep the blockchain secure. Which blockchain technology is most appropriate for the company?

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A public blockchain reduces the likelihood that the blockchain's smart contracts may be altered. A public blockchain's security does not depend on a small number of personnel, which is in line with the organization's preference.

With public blockchains, users have an incentive to mine blocks and protect the network. What kind of motivation is that?

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Cryptocurrency is typically given as a reward for mining on public blockchains.

What distinguishing feature of the Hyperledger network?

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People can create their own DLT because Hyperledger is a private yet open-sourced network.

What aspect of a blockchain network's protection is also its feature?

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One of a blockchain's primary security measures is distribution.

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