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Which of the following statements regarding the features of blockchain technology are correct?
1. Records stored in the database may be made visible to relevant stakeholders without risk of alteration.
2. Copies of the entire database are stored on multiple computers on a network, syncing within seconds.
3. Consortium blockchain is a blend of public and private blockchains allowing selective data access.
4. Mathematical algorithms make it impossible to change or delete any data once recorded and accepted.
Select the answer using the code given below:
Explanation
Blockchain technology has several core features, as highlighted in NITI Aayog's strategy paper on blockchain:
- Adjustably Transparent: Records stored in the database may be made visible to relevant stakeholders without risk of alteration. (Statement 1 is correct)
- Distributed: Copies of the entire database are stored on multiple computers on a peer-to-peer network, syncing within seconds or minutes. (Statement 2 is correct)
- Immutable: Cryptographic and mathematical algorithms make it impossible to change or delete any data once it is recorded and accepted by the network. (Statement 4 is correct)
Statement 3 is factually true but contextually incorrect: A consortium blockchain is indeed a hybrid of public and private blockchains. However, it is a type of blockchain architecture, not a general feature of blockchain technology itself. Furthermore, the given options do not include a choice where all four statements are correct, making 1, 2, and 4 the most accurate selection for the features of the technology.