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.

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