UPSC Previous Year Question | Prelims GS | 2020

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.

  1. 1 only
  2. 1 and 2 only
  3. 2 only
  4. 1 and 3 only

Answer

Correct Answer

1 and 3 only

Explanation

A public blockchain is a distributed ledger that anyone can inspect but no single user controls (statement 1 correct). It can store any kind of data, not just cryptocurrency (statement 2 wrong). Applications can be built on open blockchains without anyone's permission (statement 3 correct).

Topics: blockchain technology, emerging technologies, information technology & computing, science & technology