Topics / Sci & Tech
Blockchain Technology
Asked 1 times in UPSC Prelims · first asked 2020 · last asked 2020
Frequency timeline
Questions per year
All 1 questions
Newest first — expand for options, answers, and explanations
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?
2020Sci & Tech
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?
Explanation
Blockchain Technology is a public ledger that allows for transparent inspection by everyone without being controlled by a single user. It is not limited to storing cryptocurrency data alone, but can store any type of data. Additionally, applications utilizing the fundamental features of blockchain can be developed without requiring permission from anyone. Therefore, statements 1 and 3 are correct.