Chapter C1. Use Cases of Blockchain: Introduction & Marketing

Question 1

3 steps for a block to be added to the chain:

What those 3 steps create to the user?

Answer 1

1. A cryptographic puzzle must be solved
2. The solution, or proof-of-work, is shared with all the computers network
3. The network verifies the proof-of-work

That created trust in the data.

Question 2

Whereas Western countries have a more _________ power structure, China has a more _______. This allows China to move quickly to both regulate and innovate.

Answer 2

Whereas Western countries have a more distributed and decentralized power structure, China has a more centralized one. This allows China to move quickly to both regulate and innovate.

Question 3

2 things that allow for two major shifts in how

insurance will be bought and sold in the future:

Answer 3

Individuals will be able to gain more custom coverage, and new markets will open up that weren’t possible before due to costs.

Question 4

Micro insurance is ….

Answer 4

insurance to protect low-income people against risk, such as accident, illness, and natural disaster.

Question 5

The blockchain micro insurance principle is simple and consists of four steps:

Answer 5

1. Lending/insuring agreement proposal
2. Agreement review
3. Agreement signature and notarization
4. Confirmation tokes

Question 6

Blockchain technology is widely discussed as a way to enhance the reliability of big data.

Select one:
True
False

Answer 6

True

Question 7

Blockchain technology…

Select one or more:

a.
requires an intermediary

b.
looked at as a way to solve the trust issue involved in sharing data between two or more parties that don’t have aligned incentives

c.
offers many new solutions

d.
is being discussed as a way to enhance the reliability of big data

Answer 7

b, c and d

Question 8

KYC stands for…

Select one or more:

a.
know your customer

b.
kick your cryptocurrencies

c.
krypto yellow community

d.
know young clients

Answer 8

a

Question 9

Digital currency firms only need approval for changes that are proposed to…

Select one or more:

a.
a new product

b.
an existing service

c.
an existing activity

d.
an existing product

Answer 9

b, c and d

Question 10

Blockchain technology offers many new solutions to track…

Select one or more:

a.
origin

b.
private data

c.
ownership

d.
authenticity

Answer 10

a, d and d

Question 11

Centralization comes with certain inherent security risks, such as

Answer 11

data corruption and theft.

Question 12

DAOs are…

Answer 12

corporate entities that have no full-time employees, but are able to perform all the functions that a standard corporation can. In essence, a DAO is a form of an advanced smart contract.

Question 13

Blockchain loyalty - 4 model variants:

Answer 13

1. Single new cryptocurrency (create its own)
2. Existing cryptocurrency (such as bitcoin or ethereum)
3. Multiple new cryptotokens
4. Enterprise blockchain loyalty solution (probably will be the most successful model - can delivery value in scale)

Question 14

what is an ICO

Answer 14

An initial coin offering or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible.