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

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 […]

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 […]

India dropped to 40th position in International Intellectual Property Index

India has fallen to 40th position in the International Intellectual Property Index. This index helps know about the IP climate in the 53 global economies of the present year. This is as per the report US Chamber of Commerce’s Global Innovation Policy Center. As per last year’s report, India has been ranked in the 36th […]

Intellectual Property and its Role in the Pharmaceutical Industry

Intellectual property rights are considered to be an important asset of any corporate unit. It is an indication of the creation of mind and the work that makes one entity different from the other. With better IP or intellectual rights, it would be easy to promote the possible innovations and this would be useful in […]

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 […]

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 […]

Protection Folklores India Intellectual Property Rights

India is a land of diversity when it comes to folk and ethnic culture with hundreds of ethnic, linguistic and religious groups with diverse origins and lifestyles that, over time, intermingled in part and remained untouched in parts over centuries. Perception about folklore differs in India, mainly associated with tribals and simple rural people, rather […]

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 […]

Voluntary Cancellation of Trademark Registration

Trademark registration is a timely affair for 10 years, and it is registered as per the Trademark Act, 1999. There are certain rules and laws pertaining to trademarking a symbol for a brand. A proprietor can get a symbol, phrase of the word, or equivalent trademarked to be used for the brand. But there are […]

Protection Folklores India Intellectual Property Rights