Which of the following statements about blockchain is not true?Group of answer choicesA blockchain system is a transaction processing system.A blockchain system is inherently centralized.Cryptocurrencies are based on blockchain technology.A blockchain system is composed of a distributed network of computers.
Question
Which of the following statements about blockchain is not true?Group of answer choicesA blockchain system is a transaction processing system.A blockchain system is inherently centralized.Cryptocurrencies are based on blockchain technology.A blockchain system is composed of a distributed network of computers.
Solution
The statement "A blockchain system is inherently centralized" is not true. Blockchain technology is fundamentally decentralized. This means that no single entity or authority has control over the entire network. Instead, control is distributed among many different nodes (computers) that participate in the network, each of which has an equal say in the validation and recording of transactions.
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