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Blockchain is a shared, unchangeable ledger used to record transactions and monitor assets within a business network. Learn about its applications, significance, uses, etc here.
By Vajiram Editor – Jan 4, 2026, 09:09 IST
Blockchain, also known as Distributed Ledger Technology (DLT), is an emerging technology that facilitates the conversion of currency and various assets into digital formats for storage and management. It enables the recording and distribution of digital information, serving as an immutable ledger of transactions that cannot be altered, deleted, or erased.
Originally created to enable peer-to-peer digital currency transactions in the form of Bitcoin, blockchain now has disruptive applications across sectors like finance, supply chains, voting, contracts, etc. With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as Non-fungible Tokens (NFTs) and Decentralised Finance (De-Fi).
Blockchain is an emerging digital infrastructure enabling the decentralized storage and transfer of information without requiring third-party verification.
Blockchain is an emerging technology that is being adopted innovatively by various industries. Its applications in various sectors are described below.
In India, various government agencies have initiated the use of blockchain technology. Some of the initiatives are listed below.
Question 1: With reference to Web 3.0, consider the following statements:
Which of the statements given above are correct? (UPSC Prelims 2022)
Answer: (d)
Question 2: With reference to “Blockchain Technology”, consider the following statements:
Which of the statements given above is/are correct? (UPSC Prelims 2020)
Answer: (d)
Question 3: Consider the following pairs:
Terms sometimes seen in news Context/Topic
Which of the pairs given above is/are correctly matched? (UPSC Prelims 2018)
Answer: (b)
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Last updated on June, 2026
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Q1. What is blockchain technology?+
Ans. An advanced database system called blockchain technology makes it possible for information to be shared transparently within a business network. Data is kept in blocks that are connected in a chain within a blockchain database.
Q2. What are the types of blockchain networks?+
Ans. The four main types of blockchain networks are public blockchain networks, private blockchain networks, hybrid blockchain networks, and consortium blockchain networks.
Q3. What are the applications of blockchain technology?+
Ans. Blockchain technology has found applications in peer-to-peer energy trading platforms, blockchain services are used by established financial institutions, such as banks and stock exchanges, to handle online payments; and ledger technology helps healthcare researchers uncover genetic code by facilitating the secure transfer of patient medical records.
Q4. What are the features of blockchain technology?+
Ans. Blockchain technology has important features like decentralisation, immutability, consensus, traceability, a distributed ledger, smart contracts, and public key cryptography.
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