With reference to the Blockchain Technology, consider the following statements: 1)It is a public ledger that everyone can inspect, which no single user controls. 2) The structure and design of blockchain is such that all the data in it are about cryptocurrency only [2020]

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

It is a public ledger that everyone can inspect, which no single user controls.
The structure and design of blockchain is such that all the data in it are about cryptocurrency only
Applications that depend on the basic features of blockchain can be developed without anybody’s permission

Blockchain is a type of distributed ledger technology where data is recorded in a decentralized manner.
- Ledger in accounting means a record of transactions, accounts, statements, etc. A ledger in blockchain means a database. A distributed ledger is a decentralised and shared database synchronised across multiple devices, locations and geographies and accessible to every participant (node) within the network.
Each transaction is added to a block, which is then linked to the previous block, forming a chain. This structure makes the ledger publicly accessible and transparent, allowing anyone to inspect it. However, no single user or entity controls the entire blockchain, which ensures that the data remains secure and resistant to tampering. The decentralized nature of blockchain prevents the manipulation of data by any single party.

Although blockchain technology was initially popularized by cryptocurrencies like Bitcoin, its applications extend far beyond digital currencies. The blockchain structure can store various types of data, including smart contracts, supply chain information, medical records, voting systems, and much more.

Blockchain allows for the development of decentralized applications (DApps) without needing permission from a central authority. Platforms like Ethereum enable developers to build smart contracts and DApps using blockchain technology’s foundational principles—decentralization, security, and transparency.
This permissionless nature fosters innovation by allowing developers to create applications that operate autonomously on the blockchain, adhering to pre-set rules coded into the smart contracts. Unlike traditional systems that require centralized oversight, blockchain applications are open and accessible to anyone.

Statement 2 can be eliminated first because blockchain technology is not limited to cryptocurrency alone; it has wide applications across multiple sectors. Hence, Statement 2 is incorrect. The other statements describe core and general features of blockchain technology, making them easier to identify as correct.