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 is about crypto currency 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?

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YESPYQ · Accepted Answer

Correct answer: 1 and 3 only. Blockchain technology is a decentralized and secure system for recording and verifying transactions across multiple computers. It uses cryptography to link blocks of data together in a chain, making it difficult to alter or tamper with the information. This technology has applications in various fields, including finance, supply chain management, and healthcare. Statement 1 is correct: Blockchain operates as a decentralized and distributed ledger, allowing all participants to view transactions without granting control to any single user. This transparency and lack of central authority are fundamental characteristics of blockchain technology. Statement 2 is incorrect: While blockchain gained prominence through cryptocurrencies like Bitcoin, its applications extend far beyond digital currencies. Blockchain’s versatile structure supports various uses, including supply chain management, healthcare data management, and identity verification, among others. Statement 3 is correct: Public blockchain platforms, such as Ethereum, enable developers to build decentr

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