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?
Answer:
(d)
CA
Blockchain can be defined as a distributed ledger technology that can record transactions between parties in a secure and permanent way. At its core it is an extremely democratic ledger that cannot be arbitrarily manipulated and easily shareable. Hence, statement 1 is correct. The structure of block chain to eliminate intermediary and enhance authentication such that it supports wide range of applications in health, education, governance, diamond industry, financial sector, etc. Hence, statement 2 is not correct. Following from Statement 1 it does not require anybody’s permission for making basic application Hence, statement 3 is correct. Therefore, the correct answer is (d).