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 ?
Show answer
Answer: D. Statement 1 is correct: a blockchain is a shared public ledger anyone can check, with no single controller. Statement 2 is wrong: blockchain stores many kinds of data, such as land records and supply chains, not only cryptocurrency. Statement 3 is correct: on public blockchains anyone can build applications without permission. So 1 and 3.
Watch for: Bitcoin made blockchain famous, so students think it only holds cryptocurrency data.
Why the other options are wrong
- A. Wrong because statement 3 is also correct.
- B. Wrong because blockchain is not limited to cryptocurrency.
- C. Wrong because blockchain is not limited to cryptocurrency.
Source to check: NITI Aayog, Blockchain: The India Strategy (2020); MeitY National Strategy on Blockchain
Answer from the official UPSC key. Written and fact-checked by AI against the official key. Spotted a mistake? Report it.