Topic : Awareness in the fields of IT, Space, Computers, robotics, nano-technology, bio technology and issues relating to intellectual property rights.
3) What do you understand by blockchain technology? Evaluate its prospects and challenges.(250 words)
Why this question:
Blockchain technology has been in news for quite a time now. The technology is not only revolutionary but also foundational in the sense other systems/ applications can be built on it.
Key demand of the question:
The answer must discuss
Evaluate – When you are asked to evaluate, you have to pass a sound judgement about the truth of the given statement in the question or the topic based on evidences. You have to appraise the worth of the statement in question. There is scope for forming a personal opinion here.
Structure of the answer
write a few introductory lines on the importance of a such remarkable technologies.
- Answer should have the following dimensions covered:
- Discuss the concept of blockchain Technology -The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
- Enlist the possible applications of blockchain Technology in economic, societal and political spheres.
- Discuss the associated challenges, and how one can overcome it and bring its prospects to use.
Conclude with significance and what should be the way forward.