For those who are not aware of this deep-seated technological advancement, a quick introduction-Blockchain is another boon that digital world has offered to mankind to facilitate further security and transparency in financial transactions.
Excessive centralization by authorities for transactions related to information, assets and products needed to be relaxed to make things more approachable worldwide. Bitcoin is known to be designed based on this new technology to assist such decentralization. Consequently, Blockchain aims at creating dependence on technology rather than on people. Blockchain is quite capable of making processes more efficient and unrestricted in a safer way.
Though capable of bringing about radical changes in many sectors such as telecom, healthcare, hospitality, travel and power, the finance industry is making the most out of this development. An assessment made by the World Economic Forum reveals how close to 100 global banks are engaged in discussing the possibilities of working with Blockchain technology.
Last few years have seen an advance filing of close to 3000 patent rights universally. Thereâ€™s been a lot going on in the recent times to ensure availability of the technical and social requirements for its adoption.
Letâ€™s closely ponder over the changes that we can expect in India as a result of adopting this Blockchain technology.
- The long-lasting nuisance of fake degree has been plaguing our country from deep within by planting non-deserving candidates in extremely responsible positions catering to a vital part of the society. This could be curbed with the help of Blockchain technology by issuing digital certificates for the qualified candidates which can also be cross checked using a digital medium. Niti Aayog, the National Institute for Transforming India has shouldered the responsibility of nailing the act and has been making considerable progress since.
- Amaravati the capital city of Andhra Pradesh is being aided by this technology in the process of acquiring its land. With an assurance of no double registrations and no duplicates offered by Blockchain technology, the document writers for the purpose are left with no job. Property acquisition documents can be stored more transparently with increased security through Blockchain technology. The government of Telangana state has announced its adoption of this technology with regard to the digitalization of the property papers.
- The mission of achieving a sustainable smart city in India that was launched in 2015 will now see a new light with the help of Blockchain technology. The fundamental method of interaction between the government and its people needs a technology like Blockchain to make the communication more accurate, secure and user friendly. Subsequently contributing to the increased productivity and economic growth of the nation.
- Many companies such an Infosys, IBM and Mahindra are all trying to catch on the benefits that Blockchain has to offer by executing numerous projects with the help of the government.
However there have been a few road blocks in the implementation of Blockchain technology. The earlier custom of legacy trade is making it difficult to find harmony with the Blockchain technology. Consequently, most of such projects are shelved and are yet to see the light of the day.
The cost involved too needs regular fueling from the government without which it turns out difficult to continue with the integration process of the old and new methodologies. With many bright prospects, instant embracers, lengthy data transformations and fewer complications it is yet to be seen where the Blockchain technology ends up leading the country.