ACCA Applied Knowledge · Business and Technology · Financial systems and technology
Which statement best describes blockchain technology as used in distributed ledgers?
Blockchain is a shared ledger of linked, time-stamped records replicated across many participants, making past entries very difficult to alter. It has no single administrator able to edit history. Subscription software is SaaS, and self-learning programs relate to artificial intelligence, not blockchain.
- AA single central administrator can edit past entries to correct errors
- BA shared ledger of linked, time-stamped records that is replicated across many participants and is very difficult to alterCorrect
- CA cloud model in which software is delivered on subscription
- DA program that learns to perform tasks without human data
Explanation
Blockchain records transactions in blocks linked cryptographically and copied across a network, making retrospective changes very hard. A central administrator editing entries contradicts decentralisation. Subscription software describes SaaS, and the last option describes a form of artificial intelligence.
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