A blockchain is a growing list of records called blocks that are interconnected by utilizing cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Utilizing blockchain, we can safely store information over the shared system (as a public ledger), where everyone can see or inspect but cannot do any alteration. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. The blockchain technology can be utilized for various purposes, including cryptocurrencies, safe exchange of things like cash, property, contracts, etc., and for storing data from land records to vehicle ownership. There is no need to require a third-party intermediary like a bank or government in blockchain to verify or transfer ownership. Blockchain applications can be developed without taking permission from anybody, like any government or central bank. Hence, statement 1 and 3 are correct, while statement 2 is incorrect.