IELTS Reading 91: The future of blockchain technology

IELTS Reading 91: The future of blockchain technology là chủ đề thuộc chuỗi bài luyện tập 11 dạng bài IELTS Reading và các bài tập luyện tập.

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IELTS Reading: The future of blockchain technology

Blockchain technology has been revolutionizing various sectors, from finance to supply chain management. As a decentralized ledger, blockchain offers an unparalleled level of transparency, security, and efficiency, making it highly attractive to businesses and governments alike. Despite its initial association with cryptocurrencies, blockchain’s potential extends far beyond digital currencies.

One of the most promising applications of blockchain lies in the financial industry. Banks and financial institutions have started to explore blockchain to improve transaction speed, reduce fraud, and lower costs. Blockchain can facilitate secure cross-border payments, cutting out intermediaries and minimizing the time taken for money to move between countries. As a result, financial transactions become not only faster but also more affordable for users around the globe.

Another important area where blockchain is making an impact is supply chain management. With blockchain, companies can track the movement of goods from the point of origin to the end consumer. This enables better transparency and accountability, as each transaction is recorded in real time. Blockchain can help prevent fraud and counterfeiting, allowing consumers to verify the authenticity of products. This feature is particularly valuable for industries dealing with high-value items, such as luxury goods, pharmaceuticals, and food products.

Moreover, the technology has the potential to transform the healthcare industry. Blockchain could be used to securely store patient records, providing a safe and efficient way to access medical data. This would eliminate the need for paper records, reduce administrative costs, and enable patients to have control over their medical information. Additionally, blockchain can facilitate data-sharing among hospitals and research institutions while maintaining patient privacy, promoting advancements in medical research.

However, the widespread adoption of blockchain faces significant challenges. One of the main issues is scalability; as the number of transactions increases, blockchain networks can slow down, making them inefficient for large-scale applications. Additionally, there are regulatory concerns, as many governments are still unsure how to handle blockchain technology. Issues of data privacy, security, and jurisdiction further complicate the path to regulation.

Despite these challenges, many experts believe that blockchain has the potential to become a foundational technology, similar to the internet. With ongoing research and development, blockchain might overcome its limitations, making it a viable option for even more sectors in the future.

Questions

1. Multiple Choice
What is one of the main challenges facing the widespread adoption of blockchain technology?
A. Lack of interest from the financial industry
B. Issues with scalability and regulation
C. Limited applications outside of cryptocurrency
D. High costs associated with implementation

2. True/False/Not Given

1. Blockchain technology was originally developed for the healthcare industry.
2. Blockchain could potentially speed up cross-border payments.
3. There are currently no privacy concerns associated with blockchain technology.

3. Yes/No/Not Given

1. Blockchain is expected to become as essential as the internet in the future.
2. Many experts believe blockchain will eliminate the need for traditional financial institutions.
3. Blockchain enables consumers to track the origin of products they purchase.

4. Matching Information
Match each piece of information with the correct paragraph (A, B, C, etc.):

1. The potential use of blockchain for patient record storage
2. A challenge related to government regulations on blockchain
3. Blockchain’s role in enhancing supply chain transparency

5. Matching Headings
Choose the correct heading for each paragraph from the list below:
i. The Benefits of Blockchain in Healthcare
ii. Financial Industry Transformation Through Blockchain
iii. Current Issues and Future Challenges for Blockchain
iv. Enhanced Transparency in the Supply Chain

6. Matching Sentence Endings
Complete each sentence by matching it with the correct ending:

1. Blockchain can help reduce fraud by…
2. One of the main applications of blockchain in finance is…
3. Regulatory concerns with blockchain include…

Endings:
A. issues of data privacy and jurisdiction
B. allowing consumers to verify product authenticity
C. facilitating secure international transactions

7. Sentence Completion
Complete the sentences below using NO MORE THAN TWO WORDS from the passage.

1. Blockchain’s association with _________ has evolved into broader applications.
2. Financial institutions use blockchain to improve _________ and reduce fraud.
3. Blockchain can allow consumers to verify the _________ of goods.

8. Summary Completion
Complete the summary using words from the passage. Use NO MORE THAN TWO WORDS for each answer.
Blockchain technology offers benefits such as increased __________, reduced __________, and improved transaction speeds. While blockchain has potential in areas like healthcare and __________, its widespread adoption is hindered by issues related to scalability and __________.

9. Diagram Label Completion
Label the diagram below with information from the passage. Use NO MORE THAN TWO WORDS for each label.

Diagram: “Blockchain Technology Benefits”

1. __________ (relevant to financial transactions)
2. __________ (relevant to supply chain)
3. __________ (relevant to healthcare)

10. Short Answer Questions
Answer the questions below using NO MORE THAN THREE WORDS from the passage.

1. What aspect of blockchain is particularly useful for high-value goods?
2. Which industry could blockchain transform by storing patient records?
3. What is a potential long-term impact of blockchain similar to?

11. Table/Flowchart/Note Completion

Đáp án

1. Multiple Choice
B. Issues with scalability and regulation

2. True/False/Not Given

1. False (Blockchain technology was initially associated with cryptocurrencies, not healthcare.)
2. True (Blockchain can facilitate faster cross-border payments.)
3. False (The passage mentions data privacy concerns related to blockchain.)

3. Yes/No/Not Given

1. Yes (Experts believe blockchain could become as foundational as the internet.)
2. Not Given (The passage does not explicitly state that blockchain will eliminate the need for traditional financial institutions.)
3. Yes (Blockchain enables consumers to verify the authenticity of products.)

4. Matching Information

1. Paragraph C (Blockchain for storing patient records in healthcare)
2. Paragraph E (Challenges related to government regulations on blockchain)
3. Paragraph B (Blockchain enhancing supply chain transparency)

5. Matching Headings

• Paragraph A: ii. Financial Industry Transformation Through Blockchain
• Paragraph B: iv. Enhanced Transparency in the Supply Chain
• Paragraph C: i. The Benefits of Blockchain in Healthcare
• Paragraph D: iii. Current Issues and Future Challenges for Blockchain

6. Matching Sentence Endings

1. B (Blockchain can help reduce fraud by allowing consumers to verify product authenticity.)
2. C (One of the main applications of blockchain in finance is facilitating secure international transactions.)
3. A (Regulatory concerns with blockchain include issues of data privacy and jurisdiction.)

7. Sentence Completion

1. cryptocurrencies
2. transaction speed
3. authenticity

8. Summary Completion

1. transparency
2. costs
3. healthcare
4. regulation

9. Diagram Label Completion

1. Transaction speed
2. Supply chain transparency
3. Patient record storage

10. Short Answer Questions

1. Product authenticity
2. Healthcare
3. The internet

11. Table/Flowchart/Note Completion