Which of the following is true in reference to the Blockchain Technology? 1. It is a cryptographically secure database or distributed ledger shared across a number of participants 2. It’s a digital ledger of transactions 3. Blockchain is a Cryptocurrency.

Blockchain Technology

• Blockchains are a new data structure that is secure, cryptography-based, and distributed across a network. Hence, statement 3 is incorrect.
• It is a cryptographically secure database or distributed ledger shared across a number of participants. Hence, statements 1 and 2 are correct.
• The technology supports cryptocurrencies such as Bitcoin and the transfer of any data or digital asset.
• As a public ledger system, blockchain records and validate each and every transaction made, which makes it secure and reliable.
• All the transactions made are authorized by miners, which makes the transactions immutable and prevent it from the threat of hacking.