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Module 4: Real-World Applications of Blockchain and Cryptocurrencies

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Questions and Answers

Which of the following is a key benefit of blockchain in financial services?

Slower transaction times
Enhanced transparency and security (correct)
Higher transaction costs
Increased paper usage

What is Decentralized Finance (DeFi)?

A type of blockchain consensus mechanism
A cryptocurrency exchange platform
A traditional banking system
Financial services using blockchain technology without intermediaries (correct)

IBM Food Trust uses blockchain technology to:

Increase the price of food products
Store financial transactions
Reduce employee wages
Track food products from farm to table (correct)

How does blockchain improve supply chain management?

By reducing the need for documentation and increasing transparency (B) Signup and view all the answers

Which blockchain platform is known for enabling secure, mobile voting?

Voatz (C) Signup and view all the answers

What does NFT stand for?

Non-Fungible Token (C) Signup and view all the answers

In which industry is blockchain used to enhance data security and patient privacy?

Healthcare (B) Signup and view all the answers

What is one of the main challenges faced by blockchain technology?

Scalability issues (B) Signup and view all the answers

Which of the following is a real-world example of a DeFi platform?

Uniswap (C) Signup and view all the answers

What is the primary function of smart contracts in blockchain technology?

To automate and enforce agreements without intermediaries (B) Signup and view all the answers

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