Question
With reference to “Blockchain Technology”, consider
the following statements: (2020) 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?Solution
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. 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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