Consider the following about Blockchain technology 1 It is a centralized ledger that records financi...........

Science Affairs Information Technology

Consider the following about Blockchain technology.

1.It is a centralized ledger that records financial transactions with the use of an intermediary.

2.A blockchain is secure because a user cannot manipulate or modify it without the approval of the regulating authority.

3.Each block is ‘chained’ to the next block using a cryptographic signature for enhanced security

Select the correct answer using the codes below.

1 and 2 only

1 and 3 only

3 only

1, 2 and 3

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Explanation:

It is the digital and decentralized ledger that records transactions without the need for a financial intermediary, which in most cases is a bank.
A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.
Blockchain enables two entities that do not know each other to agree that something is true without the need of a third party.
As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block.
Each block is then ‘chained’ to the next block using a cryptographic signature.

This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so.

If everyone in the process is pre-selected, the ledger is termed ‘permissioned’. If the process is open to the whole world, the ledger is called unpermissioned