Virtual Labs

What is a smart contract in the context of blockchain?

a: A self-executing program that runs automatically when predefined conditions are met Explanation

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b: A physical document signed by users Explanation

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c: A type of cryptocurrency wallet Explanation

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d: A manually executed agreement between parties Explanation

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Which feature of smart contracts ensures that their rules cannot be changed after deployment?

a: Decentralization of the blockchain Explanation

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b: Immutability of the blockchain Explanation

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c: Manual approval of transactions Explanation

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d: Encryption of personal messages Explanation

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How do smart contracts receive real-world data to execute actions?

a: Through oracles that provide external data to the blockchain Explanation

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b: By manually entering information in the blockchain ledger Explanation

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c: Through email notifications Explanation

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d: By storing physical records in a secure vault Explanation

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Why are smart contracts considered efficient?

a: They reduce manual intervention and automatically enforce rules Explanation

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b: They generate physical products without human work Explanation

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c: They replace all legal processes entirely Explanation

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d: They work without any digital records Explanation

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Which step involves coding the agreed-upon rules of a smart contract?

a: Step 2: Writing the contract code using a programming language like Solidity Explanation

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b: Step 1: Deciding the rules with all parties Explanation

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c: Step 4: Deploying the contract to the blockchain Explanation

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d: Step 5: Waiting for a trigger to execute the contract Explanation

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What happens when the conditions of a smart contract are met?

a: The contract executes automatically, and results are recorded on the blockchain Explanation

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b: The parties must manually approve each action Explanation

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c: The blockchain is updated only after a physical audit Explanation

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d: Nothing happens until a government authority intervenes Explanation

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Why are smart contracts considered trustworthy?

a: Because all transactions are transparent and immutable on the blockchain Explanation

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b: Because they rely on a central authority to approve each step Explanation

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c: Because they allow parties to edit results after execution Explanation

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d: Because they do not store any data digitally Explanation

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Smart Contract