With reference to ‘Blockchain Technology,’ consider the following statements:

Correct Option (d)

Explanation

Statements 1 and 3 are correct.

Statement 1: Blockchain operates as a distributed and decentralized public ledger. This means that transaction records are maintained across a network of computers rather than on a single central server. While the ledger is public and transparent, allowing participants to inspect transactions, no single entity or user has central control over the entire system. This distributed nature enhances security and immutability.

Statement 3: Many blockchain platforms, especially public and permissionless blockchains like Bitcoin and Ethereum, are designed to allow developers to build and deploy applications (decentralized applications or dApps) without requiring explicit permission from a central authority or the platform's creators. This open-source and permissionless characteristic fosters innovation and broad participation in the ecosystem.

Incorrect Options

Statement 2 is incorrect. The structure and design of blockchain technology are not limited to cryptocurrency data only. While blockchain is the underlying technology for cryptocurrencies, its applications extend to a wide range of fields, including supply chain management, digital identity, land records, healthcare data, voting systems, and smart contracts. Any type of data can be recorded and managed on a blockchain, not exclusively financial transactions related to cryptocurrency.

Based on the analysis:

• Option (a) "1 only" is incorrect because statement 3 is also correct.
• Option (b) "1 and 2 only" is incorrect because statement 2 is factually false.
• Option (c) "2 only" is incorrect because statement 2 is false, and statements 1 and 3 are correct.