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 […]
Read More
Celebrity Rights – Public, Private or Intellectual Property
Celebrity lives are mostly public these days through different sources but they too want to maintain certain privacy. This has triggered the need to maintain celebrity rights on different properties. There are several company options that are selling products with celebrity faces from bags to soaps to cosmetics to many others. It requires suitable celebrity […]
Read More
Intellectual Property Rights in the Era of Counterfeit Goods
The industry of counterfeited products has taken shape due to the desire of customers to get hands-on high quality item at reasonable rates. They have great satisfaction in this and this is where the counterfeited goods are made available in the market. Different world markets are full of counterfeited products ranging from cosmetics, electronics, footwear, […]
Read More
3D Printing and IPR
The three-dimensional or 3D printing service is different from the traditional way of manufacturing. In the 3D process, objects are created layer wise to get the desired three dimensional impacts. Since the inception of this latest idea in 1980s, it has gone through several changes in the technology used. This requires use of different production […]
Read More
Patents – An Important Tool for Pharmaceutical Industry
For suitable protection of medical inventions, patents are the perfect option. This would also safeguard medical discoveries that are research-based and it is done by most of the pharmaceutical companies. In return for the protection offered by the patent, it can disclose the research used in coming up with the medical innovation in the pharmaceutical […]
Read More
Alibaba IPR Report Shows Ideal Brand Protection Program
As per sources, e-commerce giant, Alibaba group has successfully gained success using intellectual property rights-protection. The giant has been able to offer quality service due to well integration of the latest technological improvements coupled with partnerships with top-rated brands. Also, external stakeholders assisted the giant in offering quality service to proactively monitor, go through rights-holders […]
Read More
The Common Law Protection Of Trade Secrets And The Need For A Statue
Introduction: A trade secret is anything you use in your business that gives you an advantage over your competitors. A trade secret can be a recipe, process, formula, strategy, technique or device that your competitors do not know, do not have, and cannot use. With development in technology, as well as the ease of sharing, […]
Read More
PTAB Should Not Disapprove Claims on the Grounds of Indefiniteness in IPR
Federal Circuit has disapproved of arguments of claims that show any reason other than anticipation pertaining to party procedures. Federal Circuit has rejected the challenge shown by Samsung Electronics America, Inc. The company challenged that PTAB can disapprove claims that are considered indefinite in IPR. Samsung has been charged on the grounds of infringing U.S. […]
Read More
Drug Patents and Generic Pharmaceutical Drugs
When a drug is manufactured and released to the market in the initial period, it is sold under a certain brand names and can only be availed from a pharmacy after being prescribed by the doctor. The patent of the drug is owned by a few brands who are the only eligible brands to manufacture […]
Read More
Liability Of Internet Service Providers In Digital Environment
Isp Liability In India: Internet Service Providers (ISPs) can be liable for the content on the sites they host. They can be liable even if they were merely passively hosting the site, unless they take down the objectionable material when they receive notice of it. The Copyright Act and the Information Technology Act includes the […]
Read More
X
Download Firm Profile