CELPIP Reading for Information Blockchain Technology

CELPIP Reading for Information Blockchain Technology

CELPIP Reading for Information, designed to evaluate your ability to comprehend detailed written information and apply it to answer specific questions. In this section, you will read various information passages on different topics and be asked to understand the main ideas, supporting details, and logical inferences. The key to success in this part is your ability to quickly scan the passage and identify key information relevant to the questions.

Here, in this passage related to blockchain technology, you’ll need to focus on the concepts and implications of this modern system to answer the questions accurately. Practice using reading strategies, such as skimming and scanning, to efficiently manage your time and extract the information you need.

Part 1

Directions: Read the following information passage.

A
Blockchain is a new technology that is taking over the old ways of how money was managed. Blockchain is used mainly for cryptocurrency where the nodes of computer networks record transactions and keep an online log of all transactions that are taking place between different people. This is managed very accurately in order to create transparency and a complete record of every single transaction that has taken place. A blockchain compiles pieces of information in what is known as a block, however, due to the storage capacities, it has to be combined with other blocks within the same chain of transactions, which leads the blocks to form a chain, and hence, the name, block chain.

B
The aspect of decentralization makes a lot of people fond of blockchain technology. In essence, with different nodes of computers storing information, the complete sequence of transactions of, let’s say a company or an individual, or someone’s payment history, is all recorded in multiple locations by multiple computers worldwide. This has the benefit of giving the user access to information in case their own hard drive fails or their data is lost. The information will still be stored on the blockchain network that can be retrieved at any time. Moreover, in case someone tries to commit fraud and changes one transaction, it doesn’t derail the other sequence of transactions in the blockchain. That means, if there is faulty data or any discrepancy, the other nodes will pinpoint that and make it easily detectable.  celpipmaterial.cm

C
Although the records stored in most blockchains are completely encrypted, they can be decrypted by the owner. This has the benefit of preventing fraud. In the past and predictably, in the near future, there have been and there will be frauds and scams. By allowing transparency in the blockchain, the scammer can easily be detected and caught by authorities, which has happened in the past. Any amount of crypto that is spent by the scammer can easily be detected and pinpointed as to where it was found, who spent it and how much was spent.

D
When talking about blockchain technology versus banks, there are a lot of differences to keep in mind. Although the fees for both are competitive, the speed of transactions for blockchain far outweighs the value that a bank would provide in the same area. Moreover, while banks can have control over your money and see your accounts (if the government wants to take action against you), it is virtually impossible to do that in the blockchain networks. Also, identification is needed for banks; not the case with blockchain! Finally, the hours are 24/7 when it comes to blockchain compared to the limited business hours of banks.

E
Not given

Part 2

Decide which paragraph A to D matches with the following statements. Insert ‘E’ if it is not given

1. The person who spends a certain amount of money can be found.

A      B      C      D      E

2. A name for the concept is formulated.

A      B      C      D      E

3. Blockchain leaves no digital footprint due to no identification.

A      B      C      D      E

4. Government control.

A      B      C      D      E

5. Impossible for governments to take action against you if you use blockchain.

A      B      C      D      E

6. Another component is needed due to constraints.

A      B      C      D      E

7. Protects the hard drive.

A      B      C      D      E

8. Several devices are used to execute the workings of blockchain.

A      B      C      D      E

9. A global application.

A      B      C      D      E

CELPIP Reading for Information Blockchain Technology Answers

1. C
2. A
3. E
4. D
5. E
6. A
7. E
8. A
9. B

Also Check: CELPIP Reading Diagram Brochure Style