Question-Consider following statement regarding Blockchain Technology-
(i) Blockchain Technology was invented by Satoshi Nakamoto in 2008.
(ii) It was first invented to serve as the public transaction ledger of the cryptocurrency bitcoin.
(iii) It is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks.
(iv) Not any particular single entity controls Blockchain.
Select the correct answer from the given code below
(a) Only (i)
(b) (ii) &(iii)
(c) (i),(ii) &(iii)
(d) (i),(ii),(iiii)&(iv)
Answer-(d)
Related Facts-
- Blockchain technology was invented in 2008 by a Japanese person Satoshi Nakamoto (reportedly inventor of cryptocurrency bitcoin); he invented this technology to serve as the public transaction ledger of cryptocurrency bitcoin.
- Technically this technology is managed by a peer-to-peer network collectively stuck to a protocol for inter-node communication and validating new blocks.
- Unlike any physical or any other kind of currency it is not controlled by any particular designated entity which claims its operational responsibility.
- Why Blockchain technology is preferable-
- Blockchain, a very foundational technology for cryptocurrencies particularly bitcoins, is one of the most attractive technology gaining lot of attention from various enterprises in the market.
- With the help of this technology companies are exploring ways and methods to-
- (i) Execute transactions quicker, safer for an enhanced customer service,
(ii) Ensure cost efficiency in its operations making it easier, trusted and efficient.
(iii) Assure transparency to customers and regulators. - Why in News-
- Recently on 23 August 2018, World Bank and Australia’s largest bank “Commonwealth Bank” have issued world’s first public bond exclusively created and managed by blockchain technology.
- World Bank had first notified this project on 10 August, 2018.
References-
https://cointelegraph.com/news/world-bank-and-australias-largest-bank-issue-bond-exclusively-through-blockchain
https://www2.deloitte.com/content/dam/Deloitte/in/Documents/strategy/in-strategy-innovation-blockchain-technology-india-opportunities-challenges-noexp.pdf
https://en.wikipedia.org/wiki/Blockchain
https://www.cnbc.com/2018/08/24/world-bank-exceeds-expectations-with-world-first-blockchain-bondcba.html