Q. Consider the following statements regarding “blockchain technology”:
1.It is a distributed or decentralized ledger technology which is an amalgamation of various technologies.
2.It provides efficient distributed ledger storage mechanism.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: Blockchain is a distributed or decentralized ledger technology which is an amalgamation of various technologies such as distributed systems, cryptography, etc.

  • Data and transactions stored in blocks are secured against tampering using cryptographic hash algorithms and are validated and verified through consensus (consensus protocols) across nodes of the Blockchain network.
  • Blockchain technology provides efficient distributed ledger storage mechanism.
  • Blockchain technology brings transparency and efficiency along with increasing processing speed and reducing cost.

Source: FORUMIAS