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 ?
A
1 only
B
1 and 2 only
C
2 only
D
1 and 3 only
Correct answer
Explanation
Statements 1 and 3 are correct because blockchain is a decentralized, distributed ledger that provides transparency without central control and allows for the development of "permissionless" applications (like DApps) on public networks. Statement 2 is incorrect because it uses the restrictive word "only"; blockchain is a foundational technology with diverse applications beyond cryptocurrency, including supply chain management, voting systems, and healthcare. The core concept being tested is the fundamental nature of Distributed Ledger Technology (DLT) and its multi-sectoral utility.
Information TechnologyBlockchain Technology FundamentalsBlockchainpublic ledgerdecentralizedcryptocurrencypermissionless applicationsdata security