A blockchain is a distributed ledger where transactions are recorded across multiple participants (distributed verifiability). The chain structure, with each block linked to the previous one, creates an immutable and transparent history (auditability). Adding new blocks and validating transactions requires agreement among participants through a consensus mechanism. These features collectively eliminate the need for a central trusted authority.
Blockchain can broadly be defined as a type of network infrastructure that create trust in networks by introducing ______. 1. Distributed verifiability 2. Auditability 3. Consensus
Asked in GPSC Prelims CSP 2 2022 · Topic: Future Trends in Information and Communication Technology (Blockchain Technology and Distributed Ledger Technologies (DLT))
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Answer: A. 1, 2 and 3
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