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

Evaluation Intellectual Property Rights

Intellectual property has always existed since the dawn of time but there were no laws in place for their protection. Intellectual property is intangible asset, be it music, creative writing, arts, discoveries, inventions and development of unique words, symbols and artwork. Intellectual property rights is a generic term that covers copyright, industrial design, trade secrets, […]

Why Is Protection of Geographical Indication or Designation of Origin Essential?

Having knowing regarding geographical indication along with designation of origin is something that is of great need these days. Geographical indication or GI indicates a symbol, name or sign relating to a product that corresponds to a definite geographical origin, product’s features, qualities that are due from the origin. To make a sign work as […]

For a music composer, lyricist, a producer, or any performer, protecting music is a big concern under the U.S. copyright protection laws. By copyright, it indicates legal protection that is offered to the original work of music of the creator from others to use it by their name. The copyright law shall prevent others from […]

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. […]

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 […]

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 […]

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 […]

Artificial Intelligence and Intellectual Property Law

What is Artificial Intelligence? The division of Science which deals with making machines equipped with human-like intelligence to act in human-like fashion and the exhibit human capabilities is known as Artificial Intelligence (AI). Multiple disciplines like Computer Science, Psychology, Philosophy, Sociology, Mathematics, Biology and Neuron Science contribute to the development of AI. Benefits Of AI […]

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 […]

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 […]