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?

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CollectorBabu · Accepted Answer

Correct Answer: 1 and 3 only. Statement (1) is correct. Blockchain is a shared, trusted, public ledger of transactions, that everyone can inspect but which no single user controls. Statement (2) is not correct. Originally created as the ultra-transparent ledger system for Bitcoin to operate on, blockchain has long been associated with cryptocurrency, but the technology’s transparency and security has seen growing adoption in a number of areas, much of which can be traced back to the development of the Ethereum blockchain.3rd statement is tricky but correct as it is a completely decentralized and un regulated platform therefore anyone can create an application based on the basic BCT without obtaining any specific permissions however one needs to get the verification from the various nodes of the blockchain. Hence 3rd statement is correct

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