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 composed of a distributed network of computers.Cryptocurrencies are based on blockchain technology.A blockchain system is inherently centralized.
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 composed of a distributed network of computers.Cryptocurrencies are based on blockchain technology.A blockchain system is inherently centralized.
Solution
The statement about blockchain that is not true is: "A blockchain system is inherently centralized."
Blockchain technology is actually decentralized by nature. This means that instead of being controlled by a single central authority, the information on the blockchain is spread across multiple computers in a network. This decentralization is one of the key features of blockchain technology.
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