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Eccouncil Exam 312-82 Topic 9 Question 12 Discussion

Actual exam question for Eccouncil's 312-82 exam
Question #: 12
Topic #: 9
[All 312-82 Questions]

Which of the following are benefits of blockchain for financial services according to IBM ''Blockchain for Financial Services''?

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Suggested Answer: A

The right to publish a new block is commonly determined by Proof of Work (PoW) in blockchain networks like Bitcoin. In PoW, network nodes, known as miners, compete to solve a cryptographic puzzle. The first node to successfully solve it gains the right to add a new block to the blockchain.

Key Details:

Proof of Work Mechanism: Miners perform computational work to solve a hash puzzle, which proves that they have expended effort. This process ensures that blocks are added in a way that is resistant to tampering and fraud.

Reward System: The miner who successfully publishes a new block receives a block reward (in Bitcoin, for example), incentivizing miners to participate in maintaining the blockchain network's security.

Alternative Mechanisms: Other consensus mechanisms, such as Proof of Stake (PoS), do not rely on computational work but rather on a node's stake or investment in the blockchain. However, in the context of traditional blockchain models like Bitcoin, PoW is the primary method for determining block publication rights.

Therefore, A. Nodes proof of work is the correct answer, as PoW is the standard method by which nodes earn the right to publish new blocks in many blockchain networks.


Contribute your Thoughts:

Glory
11 hours ago
Blockchain for faster settlement? Sign me up! Beats waiting around like a sloth in a traffic jam.
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Asuncion
7 days ago
I believe increased customer base and streamlined regulations are also important benefits. Blockchain can attract more customers and simplify the regulatory process.
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Sherron
9 days ago
I agree with Claudio. Faster settlement can reduce transaction time and automated compliance can ensure regulatory requirements are met.
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Claudio
12 days ago
I think the benefits of blockchain for financial services are faster settlement and automated compliance.
upvoted 0 times
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