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 blockchain is such that all the data in it are about cryptocurrency only.

3. Applications that depend on basic features of blockchain can be developed without anybody’s permission.

Which of the statements given above is/are correct?

The correct option is 1 and 3 only.

Statement 1 is correct:
Blockchain is a decentralized, distributed, and public ledger technology. It is shared across a network of computers (nodes), allowing anyone to inspect the recorded transactions. Because it works on a consensus mechanism among all participating nodes, no single centralized entity or user has control over the ledger, making it highly secure and transparent.

Statement 2 is incorrect:
Although blockchain technology was initially popularized by cryptocurrencies like Bitcoin, its applications are not limited to cryptocurrencies. Blockchain is a general-purpose ledger technology that can store any data or record transactions for various use cases, including supply chain tracking, digital voting, smart contracts, land registry, and digital identity management.

Statement 3 is correct:
Blockchains can be categorized into permissionless (public) and permissioned (private) blockchains. The basic, public features of blockchain (like the ones powering Ethereum or Bitcoin) are open-source and permissionless. Anyone can build decentralized applications (dApps) or deploy smart contracts on these networks without needing approval from any central authority or administrator.