FIRE Question 1 of 5 Which of the following is the best definition of blockchain? A centralized way to store and transmit information between different departments within an organization. O A distributed and decentralized way for any type of data to be stored and shared either internally or externally. A decentralized way that financial services organizations can coordinate the flow of information from reporting and tax reporting purposes. A computer system that emphasizes the ability of individuals and institutions to upload information in a manner completely free from errors. o A publicly available and accessible network open to any individual or institution to join SLISMIT RAPID FIRE Question 2 of 5 How are cryptocurrencies, coins, and tokens connected to blockchain platforms? OC O In order for a blockchain to function, it must use a cryptocurrency. O The primary use case of blockchains for management accounting purposes is connected to cryptocurrencies. o Due to the legal uncertainty surrounding blockchain, it has generally not been adopted outside of a few prototype use cases. O The best and most well-known use cases for blockchain are the ones linked to financial services. In order for a cryptocurrency to function correctly, it must run on a blockchain. SUBMIT Question 3 of 5 RAPID FIRE In what manner does blockchain connect and improve data integrity from a management accounting perspective? Since blockchain has encryption at the core of the idea, this ensures that no errors will occur linked to different analysis. O Blockchain, at the current state of implementation, hasn't yet demonstrated any significant connection to data integrity. Since blockchains have only been used for financial services applications, its impatt on data integrity has been limited. o By the nature of the consensus methodologies that drive blockchain from an operational point of view, data integrity and consistency can be improved. The blockchain ecosystem is still too immature to effectively evaluate how it'll impact data integrity. 00:32 SUBMIT RAPID FIRE Question 4 of 5 00:37 What is the most appropriate definition of consensus methodologies in the context of blockchain technology? O Consensus methodologies aren't applicable to much of the blockchain conversation due to the decentralized nature of how data is managed on the network. The cryptographic encryption protocol that secures blockchain network information O How information and data are communicated between the different members of the blockchain network. The method by which data is uploaded and approved by blockchain network members. O It establishes and defines the type of blockchain that has been established by an organization SUBMIT RAPID FIRE Question 5 of 5 00:21 How can management accountants leverage blockchain technology? To spend less time focused on redundant reporting and compliance efforts, and instead harness the improved efficiency to focus on higher value-added tasks. Unless the accounting professional is employed at a public accounting firm, blockchain has limited applicability. O By taking over work and tasks traditionally handled by internal audit professionals. O Since blockchain is only being used for audit and tax reporting at the current time, its industry accounting adoption is limited. O Since no errors are possible in a blockchain environment, this may ultimately render the role of accounting professionals less important over time. SUBMIT
