A multinational corporation wants to use blockchain for cross-border payments but must comply with existing financial messaging standards used by its banking partners. The corporation needs to ensure that its blockchain-based payment instructions can be understood by traditional banks. Which standard should the corporation adopt?

A custom JSON schema for payment instructions.

Interledger Protocol (ILP) to route payments across different ledgers.

ISO 20022 to format payment messages in a standardized way.

A sidechain protocol to transfer value between blockchains.

How does blockchain interoperability benefit cross-border payments?

It enables direct transfers between different payment networks, reducing settlement time and costs

It eliminates the need for any regulatory compliance

It only works with cryptocurrencies and not fiat currencies

It requires all countries to use the same currency

A team is implementing a notary scheme for a cross-chain bridge. They want to reduce the risk of a single notary being compromised. Which configuration should they use?

A notary scheme with a time-lock to delay transactions.

A federated notary scheme where multiple notaries must sign each transaction.

A notary scheme that uses a hardware security module (HSM) for key storage.

A single notary with a backup notary that takes over if the primary fails.

EC-CouncilBlockchain Fintech Certification

Domain 7Objective 1

Interoperability in Blockchain Systems BFC Practice Questions (Page 6)

Part of the Blockchain Integration in Financial Infrastructure domain, which makes up ~9% of our current practice bank.

44questions here

9free pages

7concepts

Questions 26–30

26foundation · easy
Which type of blockchain interoperability involves the exchange of information between a blockchain and an external system that is not a blockchain?
Select an answer first
27foundation · easy
Which type of interoperability is exemplified by a smart contract on Ethereum interacting with another smart contract on the same Ethereum network?
Select an answer first
28application · medium
A multinational corporation wants to use blockchain for cross-border payments but must comply with existing financial messaging standards used by its banking partners. The corporation needs to ensure that its blockchain-based payment instructions can be understood by traditional banks. Which standard should the corporation adopt?
Select an answer first
29foundation · easy
How does blockchain interoperability benefit cross-border payments?
Select an answer first
30application · medium
A team is implementing a notary scheme for a cross-chain bridge. They want to reduce the risk of a single notary being compromised. Which configuration should they use?
Select an answer first

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Interoperability in Blockchain Systems BFC Practice Questions (Page 6)

Questions 26–30

Which type of blockchain interoperability involves the exchange of information between a blockchain and an external system that is not a blockchain?

Which type of interoperability is exemplified by a smart contract on Ethereum interacting with another smart contract on the same Ethereum network?

How does blockchain interoperability benefit cross-border payments?

A team is implementing a notary scheme for a cross-chain bridge. They want to reduce the risk of a single notary being compromised. Which configuration should they use?

Keep studying — Blockchain Integration in Financial Infrastructure