Question
With reference to “Blockchain Technology”, consider the following statements:
1. It is a public ledger that everyone can inspect, but which no single user controls.
2. The structure and design of blockchain is such that all the data in it are about cryptocurrency only.
3. Applications that depend on basic features of blockchain can be developed without anybody’s permission.
Which of the statements given above is/are correct?
(a) 1 only
(b) 1 and 2 only
(c) 2 only
(d) 1 and 3 only
Answer:
D
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Explanation:
1. Statement 1 is correct. Blockchain technology is a public ledger where all transactions are recorded in a transparent and immutable manner. It is designed to be decentralized, meaning that no single user or entity has control over the entire blockchain. Instead, multiple participants (nodes) in the network validate and maintain the integrity of the ledger.
2. Statement 2 is incorrect. While blockchain technology was initially associated with cryptocurrencies, such as Bitcoin, its application extends beyond that. Blockchain can be used to record and verify various types of data and transactions, not limited to cryptocurrency transactions. It provides a secure and transparent platform for a wide range of applications, including supply chain management, healthcare records, identity verification, and more.
3. Statement 3 is correct. Blockchain technology allows the development of applications that leverage its basic features without requiring permission from a central authority. It provides a decentralized and trustless environment, enabling developers to create applications that operate autonomously and securely without the need for intermediaries. This feature has opened up opportunities for innovative and disruptive applications in various industries.