Blockchain is an emerging technology Consider the following about it 1 It is an anonymous online led...........

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Blockchain is an emerging technology. Consider the following about it.

1.It is an anonymous online ledger using a distributed database.

2.It allows users to manipulate data entries in a secure way without the help of a third party.

Which of the above is/are correct?

1 only

2 only

Both 1 and 2

None

Statement 1 is correct

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

Statement 2 is correct

The algorithm used in blockchain reduces the dependence on people (or third party) to verify the transactions.
For example, Honduras government has put all land records on a public ledger – the blockchain. The minute there is a change in ownership, it gets recorded publicly.
Blockchain is the technology behind crypto-currency such as Bitcoin, which is a purely electronic currency that can also be traded on exchanges.

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