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 cryptocur

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Q: (IAS/2020)
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?

question_subject: 

Science & Technology

question_exam: 

IAS

stats: 

0,169,45,17,16,12,169

keywords: 

{'blockchain': [0, 0, 0, 1], 'blockchain technology': [0, 0, 0, 1], 'public ledger': [0, 0, 0, 1], 'cryptocurrency': [0, 0, 0, 1], 'design': [0, 0, 1, 4], 'applications': [0, 0, 0, 3], 'structure': [7, 0, 5, 8], 'single user controls': [0, 0, 0, 1], 'basic features': [1, 0, 0, 4], 'data': [1, 1, 7, 9]}

The correct answer is (d) 1 and 3 only.

Explanation:

It is a public ledger that everyone can inspect, but which no single user controls - This statement is correct. Blockchain is a decentralized, distributed ledger technology that allows for secure, transparent, and tamper-proof record-keeping of transactions.

The structure and design of blockchain is such that all the data in it are about cryptocurrency only - This statement is incorrect. Although blockchain technology was initially developed for use in cryptocurrency, it has now found applications in various fields beyond cryptocurrency.

Applications that depend on basic features of blockchain can be developed without anybody’s permission - This statement is correct. Since blockchain is a decentralized technology, applications can be built on top of it without requiring permission from any central authority.