Question 40
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?
AOptions
BSolution
Let's examine the statements about "Blockchain Technology":
1. It is a public ledger that everyone can inspect, but which no single user controls. This statement is correct. Blockchain is fundamentally a distributed ledger technology (DLT). In public blockchains, the ledger is transparent, meaning anyone can view the transactions, but it is decentralized, meaning no single entity or user has central control over the entire network or the data within it. Control is distributed among participants through a consensus mechanism.
2. The structure and design of blockchain is such that all the data in it are about cryptocurrency only. This statement is incorrect. While blockchain technology gained prominence with cryptocurrencies like Bitcoin, its applications extend far beyond digital currencies. Blockchain can be used to store and manage various types of data and transactions for different purposes, including supply chain management, digital identity, healthcare records, smart contracts, intellectual property rights, voting systems, and more. Cryptocurrency is just one application of blockchain, not its exclusive domain.
3. Applications that depend on basic features of blockchain can be developed without anybody's permission. This statement is correct. Many public blockchains are permissionless, meaning anyone can join the network, read the ledger, and develop applications (DApps) on top of it without needing permission from a central authority. This openness and decentralization are core features of many blockchain platforms.
Therefore, statements 1 and 3 are correct.
CStrategy
When encountering questions about new technologies, it's crucial to understand their core principles, advantages, and broad applications, while also being vigilant about common misconceptions or absolute statements (e.g., "only about X"). Distinguishing between primary use cases and the full potential of a technology is key.
DSyllabus Analysis
This question falls under Science & Technology, focusing on emerging technologies, particularly Information Technology and Blockchain.
EQuestion Analysis
Medium. Requires a clear understanding of blockchain's fundamental characteristics and applications, dispelling common misconceptions.