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 the blockchain are such that all the data in it are about cryptocurrency only. 3. Applications that depend on the basic features of blockchain can be developed without anybody’s permission. Which of the statements given above is/are correct? Correct Answer 1 and 3 only The correct answer is 1 and 3 only. Blockchain Technology- It is referred to as Distributed Ledger Technology. It facilitates the process of recording transactions and tracking assets in a business network. It is ideal for delivering the information in business because it provides immediate, shared, and completely transparent information stored on an immutable ledger that can be accessed only by permission network members. With the shared ledger, transactions are recorded only once, eliminating the duplication of effort. No participant can change or tamper with a transaction after it’s been recorded to the shared ledger. The blocks form a chain of data as the ownership changes hands. Hence, it has no single user control. Hence statement 1 is correct. The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered. Each additional block strengthens the verification of the previous block and hence the entire blockchain is formed. The verification of each block make the blockchain tamper-evident and builds a ledger of transactions that network members can trust. The applications that depend on the basic features of the blockchain can be developed without asking anybody for permission or paying anyone. Hence statement 3 is correct. Since blockchain operates through a decentralized platform requiring no central supervision, it is used in voting, banking, messaging app, internet advertising, etc. Hence, it is not restricted to cryptocurrency. Hence statement 2 is not correct.