Welcome to your ultimate guide for Blockchain and Business quiz answers! Whether you’re completing practice quizzes to solidify your understanding or preparing for graded quizzes to test your knowledge, this guide is here to help.
Covering all course modules, this resource will introduce you to how blockchain technology is disrupting and enhancing various business processes, including digital transactions, supply chain management, and business model innovations.
Blockchain and Business Quiz Answers for All Modules
Table of Contents
Blockchain and Business Module 01 Quiz Answers
Re-Architecting the Firm Graded Quiz Answers
Q1. What is/are the feature(s) of a holacracy that have been adapted into the management model for ConsenSys?
Correct Answer: All of the above
Explanation: ConsenSys has adopted features of holacracy, such as dynamic roles, organization around projects rather than departments, and distributed teams rather than centralized units, to create a flexible and decentralized management model.
Q2. In his 1937 paper, “The Nature of the Firm,” economist Ronald Coase identified three types of transaction costs for a firm. Which of these includes the cost of policing and enforcing business agreements.
Correct Answer: Agency costs
Explanation: Agency costs refer to the costs associated with ensuring that agents (e.g., employees) act in the best interest of the firm, including the cost of policing and enforcing business agreements.
Q3. According to Coase, under what conditions will an enterprise continue to expand?
Correct Answer: Until the cost of performing a transaction inside the firm exceeds the cost of performing that transaction outside the firm, in an open market
Explanation: Coase argued that firms expand until the cost of internal transactions exceeds the cost of conducting those transactions through the open market.
Q4. When recruiting new talent, how would searching on a blockchain differ from searching on the Internet?
Correct Answer: Hiring managers would only be able to search relevant information that users have made open, and would query the blockchain using a series of verifiable yes/no questions specific to the position.
Explanation: On a blockchain, only information explicitly made open by users is searchable, and hiring managers can query using verifiable questions, ensuring transparency and relevance.
Q5. This Nobel laureate argued that firms exist to resolve conflicts, largely through contracts made with various parties inside the firm.
Correct Answer: Oliver Williamson
Explanation: Oliver Williamson, a Nobel laureate, argued that firms exist to minimize transaction costs and resolve conflicts through contracts between parties within the firm.
Q6. When managers and executives act in their own interests, rather than in the interests of shareholders or customers, this is an example of a(n):
Correct Answer: Agency cost
Explanation: Agency costs arise when there is a conflict of interest between managers (agents) and shareholders or customers, leading to actions that benefit the managers rather than the other parties.
Q7. How can smart contracts on a blockchain assist in coordinating the work of an enterprise?
Correct Answer: All of the above
Explanation: Smart contracts can enable decentralized coordination, transparent recording of actions, and accountability for both workers and managers, facilitating efficient operations and reducing inefficiencies.
Q8. How does blockchain technology reduce the costs of (re)building trust?
Correct Answer: Trust is coded into the software protocol; cheating the system would cost more than using it as designed.
Explanation: Blockchain reduces trust-building costs by providing transparency and immutability, where cheating or manipulating the system is more costly than following its rules.
Q9. What did management experts, Gary Hamel and C.K. Prahalad, argue in their famous Harvard Business Review (HBR) on “core competencies?”
Correct Answer: Companies gain competitive advantage by mastering a distinct competence, such as specialized skills, proprietary techniques, or unique knowledge.
Explanation: Hamel and Prahalad emphasized that a company’s competitive advantage lies in mastering core competencies that are difficult for competitors to replicate.
Q10. Which of the following is/are a good starting point(s) for making corporate boundary decisions?
Correct Answer: All of the above
Explanation: Understanding the industry, identifying growth opportunities, and developing a solid business strategy are all essential starting points for making informed corporate boundary decisions.
Blockchain and Business Module 02 Quiz Answers
Blockchain Business Models Graded Quiz Answers
Q1. Why is it inaccurate to label companies such as Uber and Airbnb as being part of the “sharing economy?”
Correct Answer: All of the above
Explanation: Uber and Airbnb are not purely sharing economy companies. They profit by acting as service aggregators, charge fees, collect valuable data, and maintain control over transactions through centralized systems, rather than fostering true sharing between individuals.
Q2. What is a “prosumer?”
Correct Answer: A consumer who produces value
Explanation: A prosumer is both a consumer and a producer, contributing value in a way that blurs the line between the two roles. For example, individuals who create content and also consume others’ content.
Q3. How might the business model for an enterprise collaboration platform differ on a blockchain vs. not on a blockchain?
Correct Answer: All of the above
Explanation: On a blockchain, users can maintain control over their personal data, advertisers can reward users for attention, and privacy is enhanced due to the decentralized and transparent nature of blockchain.
Q4. Which of the following statements best represents the key transformation demonstrated by Moog, VeriTX, and the Rapid Medical Parts Network?
Correct Answer: A shift from the mindset of shipping parts, to one of exchanging data and licensing patented designs
Explanation: These companies emphasize the exchange of data and intellectual property, rather than simply shipping physical parts, enabling more efficient and scalable manufacturing processes.
Q5. The first step that needed to be achieved in Walmart’s blockchain pilot for food traceability was:
Correct Answer: Identify a technology platform that integrates with current operations
Explanation: Walmart’s food traceability pilot required identifying a technology platform that could integrate with existing supply chain operations to track food from farm to store.
Q6. What are the challenges of centralized cloud services that Filecoin seeks to address?
Correct Answer: All of the above
Explanation: Filecoin addresses issues such as the exploitation of user data by digital conglomerates, the risk of account closures and asset deletion, and the vulnerability of centralized cloud storage to hacks, bankruptcies, and government interference.
Q7. This type of token gives its holders a vote in matters affecting a Decentralized Autonomous Organization (DAO):
Correct Answer: Governance token
Explanation: Governance tokens provide holders with the ability to vote on decisions that affect the operation and governance of a DAO, ensuring decentralized decision-making.
Q8. What was “The DAO”?
Correct Answer: All of the above
Explanation: The DAO was a decentralized investment fund built on the Ethereum blockchain, which was attacked, leading to a hard fork of Ethereum. It serves as a case study on the interaction between off-chain governance and on-chain rules.
Q9. What would have happened if Satoshi Nakamoto had filed for and been issued a patent for the basic concept of Bitcoin?
Correct Answer: It would have stifled innovation, since a Bitcoin patent would have been broad enough to encompass pretty much any application of blockchain.
Explanation: A broad Bitcoin patent would have likely hindered innovation in the blockchain space, as it would have prevented others from using similar concepts for different applications.
Q10. In what way(s) does blockchain technology support artists and other creators of value?
Correct Answer: All of the above
Explanation: Blockchain enables artists to prove ownership with time-stamped hashes, control usage rights through smart contracts, and ensure the provenance of digital assets by recording every transaction on the ledger.
Blockchain and Business Module 03 Quiz Answers
The CEO Graded Quiz Answers
Q1. One key responsibility of a CEO in leading the blockchain revolution in his/her company is:
Correct Answer: Balancing the hype and the promise of blockchain technology through consistent internal messaging, training, and incentives
Explanation: A CEO must manage expectations and guide the organization through the challenges and opportunities of blockchain adoption, balancing enthusiasm with practical application and training.
Q2. How can a CEO associate her company’s brand with a blockchain future?
Correct Answer: All of the above
Explanation: CEOs can position their company as forward-thinking in the blockchain space by sharing stories, using clear communication, and even writing position papers on blockchain, all of which help align the company’s brand with innovation.
Q3. What strategies can a CEO use to assess the market readiness for blockchain technology?
Correct Answer: All of the above
Explanation: A CEO can gain insights into market readiness by observing blockchain pilots, participating in or designing proof-of-concept projects, and staying engaged with industry developments to assess how blockchain is being adopted and applied.
The COO Graded Quiz Answers
Q1. How will global supply chain management be transformed by blockchain technology?
Correct Answer: All of the above
Explanation: Blockchain will enable trust, traceability, and transparency in global supply chains, helping partners build relationships, track stolen assets, and verify identities, especially across borders.
Q2. How did Moog use blockchain to support its operations?
Correct Answer: It used blockchain to secure the transfer and use of 3D printing files so they couldn’t be tampered with, and would print exactly the number of parts that were paid for.
Explanation: Moog used blockchain to secure and track the integrity of 3D printing files, ensuring that the parts produced matched the order and preventing tampering.
Q3. How might blockchain technology be used for supply chain management within the agricultural industry?
Correct Answer: All of the above
Explanation: Blockchain, combined with IoT sensors, can track crop and soil quality, match excess yields with food needs, and screen out bad actors in the global food supply chain, improving efficiency and accountability.
The CLO Graded Quiz Answers
Q1. What strategies can a CLO use to support the development of smart contracts?
Correct Answer: All of the above
Explanation: A CLO can support smart contract development by ensuring the use of well-tested methods, having staff to audit smart contract code, and staying informed about cases involving blockchain technologies to ensure compliance and risk management.
Q2. The watch phrase for CLOs is “Don’t roll your own crypto.” What does this mean?
Correct Answer: Don’t create some new cryptographic means of securing your smart contracts without publishing it for peer review and outside testing.
Explanation: The phrase advises against creating custom cryptographic solutions without proper peer review and testing, as creating new cryptographic methods without verification could lead to vulnerabilities.
Q3. Why is the process of obtaining a blockchain patent not straightforward?
Correct Answer: All of the above
Explanation: Obtaining a blockchain patent is challenging due to the complexity of determining eligibility, courts’ reluctance to patent existing business practices, and the need for designs to be “non-obvious,” which is a deep and nuanced legal concept.
The CFO Graded Quiz Answers
Q1. Which of the following describes “triple-entry accounting”?
Correct Answer: All of the above
Explanation: Triple-entry accounting, as described by Ian Grigg, involves a cryptographically sealed third entry that represents a shared receipt of transactions on a blockchain. This concept has been seen as a useful extension of traditional double-entry accounting, although some debate whether it’s truly a departure from it.
Q2. How does blockchain technology disrupt the audit process?
Correct Answer: It provides an immutable ledger showing the entire history of an asset and the real-time status of all transactions.
Explanation: Blockchain provides an immutable and transparent ledger, which allows auditors to access the entire history of transactions in real-time, enhancing transparency and trust in the audit process.
Q3. How can a CFO help usher in the blockchain revolution in their organization?
Correct Answer: All of the above
Explanation: A CFO can help drive the adoption of blockchain by understanding the changes in financial services, articulating how blockchain can be used strategically, and implementing policies that balance innovation with stakeholder protection.
The CMO Graded Quiz Answers
Q1. How will blockchain technology disrupt marketing?
Correct Answer: All of the above
Explanation: Blockchain will disrupt marketing by eliminating the need for invasive customer profiling, enhancing the precision of smart contracts for performance improvement, and providing advertisers with more transparent and accountable ad spending.
Q2. How did the company, Brave Software, implement blockchain technology in its development of the Brave web browser?
Correct Answer: It employed a token called the “Basic Attention Token” (BAT) to let advertisers pay end users directly for their attention to ads.
Explanation: Brave Software introduced the Basic Attention Token (BAT) to reward users directly for their attention to ads, removing intermediaries and empowering users in the advertising ecosystem.
Q3. How can blockchain technology be used to improve a brand?
Correct Answer: All of the above
Explanation: Blockchain helps improve a brand by enabling verifiable proof of claims, rewarding those improving brand experiences, and providing transparent and trustworthy branding that is visible to all.
The CIO & CTO Graded Quiz Answers
Q1. How can CIOs and CTOs help other members of the C-suite understand the business strategy implications of blockchain technology?
Correct Answer: All of the above
Explanation: CIOs and CTOs can help the C-suite understand blockchain’s business implications by providing compelling examples, identifying relevant use cases, and developing proposals for pilot projects to demonstrate its potential.
Q2. Which of the following pose(s) a threat to the security of blockchain-based systems?
Correct Answer: All of the above
Explanation: Blockchain security can be compromised by various factors, including users who fail to protect their private keys, developers making trade-offs between security and scalability, and the future risks posed by quantum computing.
Q3. What strategies can a CIO or CTO use to ensure their systems are quantum-resistant?
Correct Answer: All of the above
Explanation: To prepare for quantum threats, CIOs and CTOs can perform audits to identify vulnerable data, assess the level and timing of the threat, and deploy quantum-resistant blockchains to protect valuable assets.
The CHRO Graded Quiz Answers
Q1. How can a CHRO become a “blockchain pioneer” within their organization?
Correct Answer: All of the above
Explanation: A CHRO can lead blockchain adoption by experimenting with blockchain for talent management, focusing on task-oriented structures rather than traditional positions, and fostering diverse talent to innovate and overcome challenges.
Q2. How will blockchain technology impact the process of recruitment?
Correct Answer: All of the above
Explanation: Blockchain can streamline recruitment by making credentials verifiable, reducing concerns about false résumés, and enabling smart contracts to create more flexible, task-specific employment relationships.
Q3. How will the HR job market be transformed by blockchain technology?
Correct Answer: All of the above
Explanation: Blockchain will automate some HR processes, eliminate certain HR roles, and create new jobs focused on maintaining fairness and inclusivity in talent management systems.
Blockchain and Business Module 04 Quiz Answers
Consortia, Coalitions, and Coopetition Graded Quiz Answers
Q1. Which of the following best describes a consortium?
Correct Answer: A consortium is a group of organizations coming together to achieve a shared goal or take part in a shared activity, with each member retaining its separate legal status.
Explanation: A consortium is a collaborative effort where multiple organizations work together towards a common objective, while still maintaining their independence and legal identity.
Q2. Which factor(s) affect(s) the structure and design of a consortium?
Correct Answer: All of the above
Explanation: The structure and design of a consortium are influenced by various factors, including membership, beneficiaries, and governance, all of which shape the consortium’s operations and objectives.
Q3. This type of consortium model brings together companies and other stakeholders to advance the adoption and use of a specific blockchain platform.
Correct Answer: Platform application consortium
Explanation: A platform application consortium focuses on advancing the adoption and use of a particular blockchain platform, with members collaborating to apply blockchain technology within specific contexts.
Q4. Which of the following statements is true with respect to talent within a consortium project?
Correct Answer: Consortia can expand the pool of talent to solve problems, which helps boost discovery rates.
Explanation: By bringing together a diverse range of organizations and expertise, consortia have the advantage of accessing a broader talent pool, which can drive innovation and problem-solving.
Q5. Given that the competitive landscape has never been tougher, why would a company invest time and resources into a consortium project?
Correct Answer: All of the above
Explanation: A consortium can offer benefits such as opening new markets, creating economies of scale for shared commodities, and building synergies between complementary products and services, which make it a worthwhile investment.
Q6. The Blockchain in Transport Alliance Standards Council (BSC) is an example of a(n):
Correct Answer: Industry consortium
Explanation: The BSC is an industry consortium focused on advancing blockchain adoption within the transport industry, bringing together stakeholders in the sector.
Q7. This term, coined by Barry Nalebuff and Adam Brandenburger, refers to organizations who cooperate on win-win initiatives and compete on everything else.
Correct Answer: Coopetition
Explanation: “Coopetition” refers to a business strategy where companies cooperate in certain areas to achieve mutual benefits while competing in others.
Q8. Which of the following statements is true regarding a strong consortium leader?
Correct Answer: A strong consortium leader will be skilled at diplomacy, bringing together diverse parties, managing diverse interests, and identifying goals all parties can support.
Explanation: A strong leader in a consortium needs to be diplomatic, understanding diverse interests, and capable of aligning everyone towards common objectives while managing the collaboration effectively.
Q9. To maximize impact, a consortium project must:
Correct Answer: All of the above
Explanation: To be successful, a consortium project should align around ambitious goals, engage diverse stakeholders, and create opportunities for entrepreneurship, all of which contribute to its overall impact and success.
Blockchain and Business Module 05 Quiz Answers
Blockchain Governance & Leadership Graded Quiz Answers
Q1. What can we learn about blockchain regulation from attempts to regulate the Internet?
Correct Answer: All of the above
Explanation: Similar to early Internet regulation, blockchain developers have more technical expertise than most regulators. The “hands-off” approach used for the Internet may not work for blockchain due to the expectation of asset protection, and self-regulation might be preferable.
Q2. Why is it difficult to establish regulations for cryptocurrencies?
Correct Answer: All of the above
Explanation: Cryptocurrencies are multifaceted, acting as a currency, commodity, or security. Regulators struggle to predict the implications of applying existing laws to cryptocurrencies, and premature rulemaking could create confusion and legal challenges.
Q3. Which of the following describes an approach to regulation that would give regulators time to undertake the necessary research and analysis to learn about blockchain technology, while stepping in as needed to protect the public?
Correct Answer: The combination of a wait-and-see approach with the occasional regulatory threat
Explanation: A wait-and-see approach allows regulators to observe blockchain technology’s evolution while providing the flexibility to intervene when necessary to protect the public.
Q4. Whereas “regulation” refers to laws designed to control behaviour, “governance” refers to:
Correct Answer: Stewardship, collaboration, and incentives to pursue common interests
Explanation: Governance involves guiding principles, collaboration, and incentivizing stakeholders to work together for common goals, contrasting with regulation, which focuses on controlling behavior through laws.
Q5. Which of the following serves as the foundation of the blockchain technology stack, and defines what’s possible to build at the higher levels?
Correct Answer: The blockchain layer
Explanation: The blockchain layer forms the core of the technology stack, determining what is possible at higher levels, such as the application and performance layers.
Q6. This layer of the blockchain stack includes two components: DApps and DApp frameworks.
Correct Answer: The application layer
Explanation: The application layer includes decentralized applications (DApps) and frameworks, enabling the development and operation of applications built on the blockchain.
Q7. Which of the following refers to the rules, social norms, customs, and other governance structures that are developed or endorsed from within a community?
Correct Answer: Endogenous rules
Explanation: Endogenous rules are created and enforced within a community, based on its norms and customs, rather than being imposed externally.
Q8. What is/are the disadvantage(s) of on-chain governance?
Correct Answer: All of the above
Explanation: On-chain governance can be unpredictable, may struggle with handling unexpected situations, and can be opaque, influenced by human judgment rather than clear, transparent processes.
Q9. This type of GSN develops new thinking, research, and ideas to help solve global problems, and creates spaces for ideas and information to be shared and debated.
Correct Answer: Knowledge network
Explanation: A knowledge network focuses on creating and sharing new ideas, research, and information to address global challenges and stimulate intellectual debate.
Q10. Which of the following attributes must a hub have in order for blockchain-based innovation to thrive?
Correct Answer: All of the above
Explanation: For blockchain innovation to thrive, a hub must support incubators and entrepreneurship, offer a strong investment climate, and receive government support to foster a conducive environment for development.
Sources: Blockchain and Business
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