Blockchain Technology: Is it Building a Brighter Future

Dec 2022

What is Blockchain Technology?

The Blockchain is an incorruptible digital ledger of transactions that can be programmed to record virtually everything of value. So a blockchain is a continuously growing list of records called blocks, which are linked and secured. It protects the identities of the users. Although transactions on the blockchain are not completely anonymous, personal information about users is limited to their digital signature or username.

Regulation Of Cryptocurrency:

Many crypto currencies are decentralized networks based on blockchain technology. A popular saying about blockchain and crypto currencies trending among many nations in the world is ‘blockchain is good while cryptos are bad’.

Why cryptocurrency a reason for concern in India:

Crypto currency transactions are encrypted, only the parties involved can track transactions, and regulators are unable to keep track of the money and transactions.
Crypto currencies they are vulnerable to being prey to illegal activities or crime, and they are a source for tax evasion.

Countries such as India and China have banned crypto currencies, while a few countries such as Japan and Korea are regulating them.

How can this Blockchain technology help in building brighter future?

Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for crypto currencies, most notably bit coin. Blockchain is seeing a lot of attraction within India majorly in Banking, Insurance and Cards industry, Trade Finance, Cross-border Payments, Bill Discounting, Supply chain financing, Loyalty and Digital Identity areas. Some of the Indian banks, business conglomerates, and stock exchange are among the pioneers for exploring blockchain in India. India can see tremendous benefits from the application of blockchain technology.

In India, there has been a huge shift from transacting in physical currency to digital payments through platforms such as Paytm, GooglePay, PhonePE, etc.
It eliminates the need of trusted third party in the transactions.
It has a prospective to provide the new openings for occupation in the industry.
It also enhances the professional’s capability to upgrade themselves.
As the blockchain is a public ledger, the data is verified and encrypted using innovative cryptography technology. In this manner, the information or data is less likely to be attacked or altered without authorization.
Through blockchain, significant amount of time and money could be saved, including a drastic reduction in the time needed for processing and validating transactions. It functions on a distributed database which makes the operations smoothly, ensuring tight security, and made it safe from cyber-attacks.
It can also help in reducing the flow of black-money and dealing with the extensive money cleaning in the economy because each address used for transactions is stored forever on the databases, making all the transactions provable and responsible.

With the noble intentions of Start-up India and Digital India, blockchain technology can be an effective way to achieve the goals of the initiatives and ease the business in India.

Trending Blogs

Early-Stage Intellectual Property to Raise More Money

What is Artificial Intelligence? Creation of innovative ideas is what matters the most in running a business. People were least bothered to patent the designs. But with increasing use of almost similar ideas in the businesses, it is of great importance to patent the ideas. This shall help in better growth of the business and […]

These days, there is an increased use of smartphones, computers and tablets and multimedia has shown its great influence in our lives. In the digital world, there are several works used by us. Have you thought whose work are we using? Well, none of us have tried to find out the owner of the work […]

The Clash Of Jurisdiction Of CCI And TRAI

Overlapping Jurisdiction The Competition Act, 2002 read with section 18 of the legislation delegates to the Competition Commission of India (the “CCI”) the duty of “promoting and sustaining competition” in the Indian economy. This implies that the CCI will have principal jurisdiction to regulate conditions of competition in the relevant market of India. Whereas, Section […]

Trademarking surnames

Having difficult surnames may be challenging to explain others and also when you want to register the name as trademark. As per the trademark and merchandise act of 1958, it is stated that a mark can be refused if one choose a personal name or surname. Though, there is no such clear specification in the […]

Copyrights of Music in India

Music is an art more specifically an intangible form of art. Copyrighting a song or a melody protects the basic right of the creator. The copyright also assist the creator financially. In order to ask for copyright the creator needs to file a registration. Once the creator gains the copyright, any infringement to the copyrighted […]

Domain Name Disputes in India

Domain Name As Trademarks A domain name which is unique, capable of identifying itself and distinguishing its goods and services from those of others and acts as a reliable source identifier of concerned goods and services on the internet may be registered as a trademark. Domain Name Disputes A domain name dispute would arise when […]

US and India to join hands on the grounds of Intellectual Property Rights

After US President Donald Trump’s visit in India from February 24 to 25th February, India and the US have opted for an agreement relating to intellectual property rights or IPR. As a result of this, the cabinet sanctioned MoU with the US pertaining to IPRs, relevant to information and broadcasting as has been stated by […]

Breaking News: Toyota Loses Trademark Battle over Prius at Indian Supreme Court

The plaintiff, in this case, is Toyota Jidosha Kabushiki Kaisha and they seek to prevent the defendant, a spare parts supplier by the name M/S Prius Auto Industries Limited, from the usage of the trademarks- “Toyota”, “Innova”, and “Prius”. According to the finding of the court, two of the three trademarks mentioned, namely Toyota and […]

Protection of Acronyms under Trademark Law

It is known that acronyms are the first letters of a long phrase of words combined together. On the other hand, trademark is about a mark that shall help distinguish the product or service of goods or service from the rest of the items. Therefore, it can be said that an acronym can be registered […]

Well Known Trademark And Indian Law

What is well-known trademark? As per new Trade Mark Rules 2017, a new procedure has been created that allows the Registrar to proclaim a particular trademark as “well known”. Section 2(1)(zg) Of The Trademark Act, 1999 states that well- known trademark is a mark which has become well known to the section of the public […]