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?
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A hard Science & Technology multiple-choice question from UPSC Prelims 2020. Attempt it above, then check the correct answer and detailed explanation below.
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Correct answer: D. 1 and 3 only
Statements 1 and 3 are correct — a blockchain is a distributed public ledger that no single user controls, and permissionless applications can be built on it. Statement 2 is wrong — blockchains can store many kinds of data, not just cryptocurrency transactions.
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