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Which technology is primarily used by cryptocurrency networks like Bitcoin to maintain a secure and decentralized transactional ledger?
Cloud Computing
Blockchain Technology
Quantum Cryptography
Neural Networks
Blockchain Technology
Blockchain is a distributed, immutable ledger technology that records transactions across multiple computers in a peer-to-peer network. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data, ensuring high security and data integrity without the need for a central authority.
Blockchain is a distributed, immutable ledger technology that records transactions across multiple computers in a peer-to-peer network. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data, ensuring high security and data integrity without the need for a central authority.
In India, the Ministry of Electronics and Information Technology (MeitY) released the National Strategy on Blockchain in 2021 to explore its potential in e-governance and digital identity verification, similar to how the UIDAI utilizes centralized databases for Aadhaar.
Satoshi Nakamoto is the pseudonym of the person or group who authored the Bitcoin whitepaper in 2008 and introduced blockchain technology.
Decentralization ensures that no single entity has total control over the network, making it resistant to censorship and single points of failure.
Cryptography (specifically SHA-256 in Bitcoin) is the mechanism used to secure and link blocks, creating a tamper-evident history.
Cloud Computing (Option A) refers to on-demand availability of computer system resources over the internet, serving as a platform but not the ledger architecture itself.
Quantum Cryptography (Option C) is a field of secure communication based on quantum mechanics, which is a future threat/security layer rather than the current foundation of Bitcoin.
Neural Networks (Option D) are a subset of machine learning used for pattern recognition, not for maintaining transactional ledger history.
Proof of Work (PoW) is the consensus mechanism currently used by the Bitcoin network to validate transactions and secure the blockchain.
B is correct тАФ Blockchain technology acts as the foundational decentralized ledger for cryptocurrency networks by utilizing cryptographic hashing and distributed consensus.
Link this with the Economics topic of 'Digital Currency' and the RBI's initiative on 'Central Bank Digital Currency (CBDC)' or e-Rupee, which differs from decentralized crypto by being regulated by the central bank.
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