Blockchain Technology
Question
With reference to "Blockchain Technology", consider the following statements: Which of the statements given above is/are correct?
- 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.
Options
1 only
1 and 2 only
2 only
1 and 3 only
Explanation
Blockchain operates as a decentralized, distributed public ledger (Statement 1 is correct). While famous for cryptocurrencies, its structure allows for the storage of any digital data (smart contracts, supply chain logs, voting records), not just cryptocurrency (Statement 2 is incorrect). Open-source, permissionless blockchains (like Ethereum) allow anyone to develop applications (DApps) on them without requiring centralized permission (Statement 3 is correct). > One-line conceptual takeaway: Blockchain is essentially a decentralized ledger framework with applications far beyond just cryptocurrency. Answer: (d).
Question details
Year
2020
Paper
GS Paper 1
Question
Q40
Subject
Science & Technology
Sub-topic
Emerging & Applied Technology
Type
Statement-based
Difficulty
Medium
Nature
Current-affairs-linked
Source hint
Rise of Cryptocurrencies / Web3
Same sub-topic — other years
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