Summarize Written Text: Understanding Blockchain Technology in the Banking Sector for PTE Exam

The Summarize Written Text task in the PTE Speaking & Writing section tests candidates’ ability to understand complex texts and summarize them in one single sentence. In this task, you’ll need to condense the most important points of a passage into a concise and well-structured summary. One of the popular topics often covered in Summarize Written Text includes the role of blockchain technology in the banking sector—a conversation that has garnered attention due to its revolutionary impact on financial and banking systems.

In this guide, we’ll provide practice questions along with sample answers for the Summarize Written Text task, specifically focused on blockchain technology in banking.

Sample Task 1: Blockchain’s Transformation in Banking

Instructions: Read the text below and summarize it in one sentence. Your summary should be between 5 and 75 words.

Blockchain technology has rapidly changed the landscape of traditional banking by providing secure, decentralized methods of transaction verification. Unlike centralized systems, blockchain removes the need for intermediaries, hence reducing operational costs. Additionally, it provides enhanced security through cryptographic techniques, making it harder for fraudulent activities to occur. Due to these benefits, several major banks are exploring blockchain’s potential in improving transaction efficiency and financial innovations.

Response Samples:

Band Score 90:

Blockchain technology revolutionizes transaction verification in banking by eliminating intermediaries, reducing costs, and enhancing security with cryptographic techniques, which is why major banks are investigating its potential for improving financial efficiency and innovation.

Analysis:

• Content: Excellent understanding and coverage of all main points (transaction verification, cost reduction, security enhancement, and potential adoption by banks).
• Form: One sentence, within the required word range.
• Grammar: Complex and well-structured.
• Vocabulary: Uses precise and diverse vocabulary such as “transaction verification,” “enhancing security,” and “financial innovation.”
• Spelling: Correct.

Band Score 75:

Blockchain technology offers a decentralized transaction system that lowers costs and improves security, encouraging banks to explore its potential for enhancing efficiency.

Analysis:

• Content: Good coverage but misses mentioning the full extent of cryptographic security and how it prevents fraud.
• Form: One sentence, within the required length.
• Grammar: Solid, but simpler in structure compared to the 90-band response.
• Vocabulary: Uses appropriate but slightly more basic language.
• Spelling: Correct.

Band Score 60:

Blockchain helps banks save money through decentralized transactions and stronger security.

Analysis:

• Content: Some points are missing, like the trust created through cryptography or the exploration by banks.
• Form: One sentence but shorter than the other responses.
• Grammar: Simple sentence structure.
• Vocabulary: Limited variety.
• Spelling: Correct.

Sample Task 2: Impact of Blockchain on Transaction Costs

Instructions: Read the text below and summarize it in one sentence. Your summary should be between 5 and 75 words.

With the traditional banking structure, fees for transactions—especially cross-border transfers—can be quite high due to the involvement of multiple intermediaries. Blockchain technology presents solutions by facilitating peer-to-peer transactions, thus significantly reducing transaction fees. By lowering costs and ensuring transparency, blockchain makes banking processes not only more efficient but also more accessible to underserved communities.

Response Samples:

Band Score 90:

Blockchain reduces transaction fees by eliminating intermediaries through peer-to-peer transactions, making banking more efficient, transparent, and accessible to underserved communities.

Analysis:

• Content: Covers the core points of transaction fee reduction, transparency, and accessibility for underserved populations.
• Form: One sentence and within the word limit.
• Grammar: Well-structured with clear cause-and-effect sequence.
• Vocabulary: Advanced use of phrases like “peer-to-peer transactions” and “underserved communities.”
• Spelling: Correct.

Band Score 75:

Blockchain lowers the cost of banking by removing intermediaries and enhancing transparency for efficient transactions.

Analysis:

• Content: Core points are mentioned, but accessibility for underserved communities is not addressed.
• Form: One sentence, within the word limit.
• Grammar: Clear sentence, but less complex.
• Vocabulary: Adequate vocabulary choice, but lacks range.
• Spelling: Correct.

Band Score 60:

Blockchain reduces transaction costs by removing middlemen in banking.

Analysis:

• Content: Very minimal details covered. Fails to mention transparency or underserved communities.
• Form: One sentence, but too short and simple.
• Grammar: Basic.
• Vocabulary: Limited vocabulary.
• Spelling: Correct.

Vocabulary and Grammar

Here are 10 challenging words from the provided texts, along with their phonetics, definitions, and example sentences to help expand your vocabulary for the PTE exam:

1. Decentralized /diˈsɛn·trəˌlaɪzd/ (adj): Removing central control over an operation or process.
   Example: Many industries now use decentralized systems to enhance efficiency.

2. Intermediary /ɪntərˈmiːdiəri/ (n): A person or thing standing in between two parties in a transaction.
   Example: Banks often act as intermediaries for financial transactions.

3. Cryptographic /ˌkrɪp·toʊˈɡræf·ɪk/ (adj): Related to the use of encryption for secure communication.
   Example: Cryptographic methods are essential for securing online data.

4. Verification /ˌvɛ·rɪ·fɪˈkeɪ·ʃn/ (n): The process of proving or checking the truth or accuracy of something.
   Example: Blockchain systems rely on cryptographic verification to prevent fraud.

5. Fraudulent /ˈfrɔ·dʒə·lənt/ (adj): Involving deception or trickery.
   Example: The company had safeguards in place to prevent fraudulent activities.

6. Transparency /trænˈspærənsi/ (n): The quality of being open and visible to others, without secretiveness.
   Example: Blockchain operations promote transparency by making transactions visible to all.

7. Peer-to-peer /pɪər tuː pɪər/ (adj): Direct transactions without an intermediary.
   Example: Peer-to-peer platforms are revolutionizing financial transactions.

8. Efficiency /ɪˈfɪʃənsi/ (n): The ability to complete a task with the least amount of waste or effort.
   Example: Blockchain improves banking efficiency by reducing unnecessary steps.

9. Exploration /ɪkspləˈreɪʃən/ (n): The act of investigating or considering something in detail.
   Example: Banks are in the early stages of exploration into blockchain technologies.

10. Underserved /ʌn·dərˈsɜrvd/ (adj): Not provided with adequate services or opportunities.
    Example: Blockchain has the potential to bring financial services to underserved communities.

Conclusion

Blockchain technology in the banking sector is a highly relevant topic that students preparing for the PTE Summarize Written Text task should study, as it includes significant global developments in financial security, decentralized finance, and digital currencies. Practicing these types of texts will not only improve your summary skills but also help you become more familiar with typical exam content related to technology in modern finance. Check out related articles such as Blockchain’s impact on financial security and Digital currencies in global transactions for deeper insights.

Continue practicing, and feel free to leave a comment below with your own summaries or questions! You’re on the right track to mastering the PTE exam!