Question
With reference to “Blockchain Technology”, consider
the following statements: I. It is a form of public ledger which can be viewed but cannot be controlled by any single user. II. The structure and design of blockchain is such that all the data in it are about cryptocurrency only. III. The blockchain is not only about the cryptocurrency but it turns out that blockchain is actually a pretty reliable way of storing data about other types of transactions, as well. Which of the statements given above is/are correct?Solution
Statement I is correct - A blockchain is a form of public ledger, which is a series (or chain) of blocks on which transaction details are recorded and stored on a public database after suitable authentication and verification by the designated network participants. A public ledger can be viewed but cannot be controlled by any single user. Statement II is not correct - In fact, blockchain technology can be used in property exchanges, bank transactions, healthcare, smart contracts, supply chain, and even in voting for a candidate. Statement III is correct - The blockchain is not only about the cryptocurrency but it turns out that blockchain is actually a pretty reliable way of storing data about other types of transactions, as well.
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