Preview Questions FinTech Specialist | Role Specific Skill

Question 1: What is the role of "gas" in the Ethereum blockchain when executing smart contracts?

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Gas is a method to increase transaction speed

Gas is used to determine the computational cost of executing transactions

Gas reduces the energy consumption of Ethereum miners

Gas ensures that transactions are immutable

Question 2: Which of the following blockchain platforms is most commonly used for building decentralized finance (DeFi) applications?

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Hyperledger

Ripple

Bitcoin

Ethereum

Question 3: In digital payment systems, what is the purpose of "two-factor authentication" (2FA)?

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To encrypt the payment details

To ensure the transaction is authorized by both the user and the payment provider

To speed up the payment process

To ensure that the mobile device is secure

Question 4: What is the role of a cryptographic hash function in the operation of a blockchain?

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It ensures data privacy and anonymity

It generates a unique digital signature for each transaction block

It provides proof of work for the consensus mechanism

It encrypts sensitive transaction data

Question 5: How does the implementation of blockchain technology impact KYC (Know Your Customer) processes in BFSI?

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It eliminates the need for any identity verification

It reduces the need for banks to follow regulations

It provides a decentralized and secure method for storing and sharing customer data

It accelerates the customer onboarding process without any data security risks

Question 6: In the context of digital payments, what is the purpose of Payment Request API (Request for Payment)?

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To enable businesses to send digital payment requests to consumers through a standardized protocol

To provide real-time transaction alerts to users

To store payment details for future use

To validate users' identities during payment processing