MIS 301 Blockchain Final Review Questions and Answers Latest Update 2025/2026
Impossible in blockchain - Answers Remove or erase data, Edit or change data
Possible in blockchain - Answers Retrieve or read data
Add or write date
List all of the bitcoin protocol - Answers Any node (miner) can add a block of transactions to the
blockchain. A transaction can offer commission to the miner who adds it. The miner who adds
the block takes its commissions. The miner also gets additional bonus from thin air. So miners
compete to add the next valid block. The longest valid chain is the canonical chain. Balances are
not stored but calculated from previous transactions.
the canonical chain - Answers the longest valid chain
Proof of Work - Answers The first miner who finds the hash of block adds the block. The hash
of block should be smaller than 2N. Should have 256-N zeros at the beginning. Each block
contains a nonce. Miner should find a nonce that makes the hash less than 2N
Hashing - Answers links blocks together
hash contains transaction information -amount, address, timestamp. can only get one hash out
of identical inputs (impossible to get identical hashes out of two differing inputs). impossible to
get two hashes out of one input
nonce - Answers a 32-bit (4-byte) field whose value is adjusted by miners so that the hash of the
block will be less than or equal to the current target of the network. The rest of the fields may
not be changed, as they have a defined meaning. 256 zeroes or 2^N = nonce/hash.
Proof of work vs. proof of stake - Answers Generally in proof of work, your vote is more
influential if you spend more for it, whereas in proof of stake your vote is more influential if you
have more stake (e.g. coins) in the system
Permissioned vs. permissionless - Answers Permissionless blockchain protocols like Bitcoin
and Ethereum allow everybody to participate and add blocks, whereas only identified members
can approve and add blocks in permissioned blockchains.
Problems with bitcoin - Answers Scalability, Speed, Sustainability, Vulnerability to Quantum
computers, Lack of governance structure, Hard forks
Competitive advantages of bitcoin as first-mover - Answers Economies of scale results in higher
security, Network effects
Maersk - Answers Paperwork had delays, errors, complications, inefficiencies and blind spots.
GTD is an industry wide blockchain platform that provides single source of truth
Impossible in blockchain - Answers Remove or erase data, Edit or change data
Possible in blockchain - Answers Retrieve or read data
Add or write date
List all of the bitcoin protocol - Answers Any node (miner) can add a block of transactions to the
blockchain. A transaction can offer commission to the miner who adds it. The miner who adds
the block takes its commissions. The miner also gets additional bonus from thin air. So miners
compete to add the next valid block. The longest valid chain is the canonical chain. Balances are
not stored but calculated from previous transactions.
the canonical chain - Answers the longest valid chain
Proof of Work - Answers The first miner who finds the hash of block adds the block. The hash
of block should be smaller than 2N. Should have 256-N zeros at the beginning. Each block
contains a nonce. Miner should find a nonce that makes the hash less than 2N
Hashing - Answers links blocks together
hash contains transaction information -amount, address, timestamp. can only get one hash out
of identical inputs (impossible to get identical hashes out of two differing inputs). impossible to
get two hashes out of one input
nonce - Answers a 32-bit (4-byte) field whose value is adjusted by miners so that the hash of the
block will be less than or equal to the current target of the network. The rest of the fields may
not be changed, as they have a defined meaning. 256 zeroes or 2^N = nonce/hash.
Proof of work vs. proof of stake - Answers Generally in proof of work, your vote is more
influential if you spend more for it, whereas in proof of stake your vote is more influential if you
have more stake (e.g. coins) in the system
Permissioned vs. permissionless - Answers Permissionless blockchain protocols like Bitcoin
and Ethereum allow everybody to participate and add blocks, whereas only identified members
can approve and add blocks in permissioned blockchains.
Problems with bitcoin - Answers Scalability, Speed, Sustainability, Vulnerability to Quantum
computers, Lack of governance structure, Hard forks
Competitive advantages of bitcoin as first-mover - Answers Economies of scale results in higher
security, Network effects
Maersk - Answers Paperwork had delays, errors, complications, inefficiencies and blind spots.
GTD is an industry wide blockchain platform that provides single source of truth
