Blockchain technology set to revolutionize India.
Blockchain is a decentralized digital ledger like manual ledger in which all the transaction’s records are maintained. It is a backbone for all the digital currencies. This public ledger provides the transparent method for transactions as the transactions are visible to all available at blockchain network and it maintains the high level of security so there is no chance of breaching or data forgery. The most common example of blockchain is Google Doc.
In year 2017 Blockchain technology has gained the popularity and is it expected that it will connect the world of the internet of things forever
Now let’s have crisp brief about features of Blockchain.
It reduces the risk of data being hacked as the transactions are stored in the blocks and are visible to the users on the blockchain network. No new block can be added into blockchain without the verification by the users.So it’s impossible to hack the data.
Because of it’s decentralized nature there is no need of any middle man for making changes in ledger. In the current technology used by government,banking sector, healthcare sectors and corporate for maintaining the records in ledger the inter mediator is required.But because of decentralization nature in block chain the updating is automatically done when the block is added into blockchain,so there is no need to make changes manually .
Because of these features the blockchain technology adoption is becoming fast.
According to Jay Samit of Fortune magazine if the block chain technology is combined with IoT then it can be used to track the shipments of pharmaceuticals and traffic lights better to manage rush hour. Many popular industries are using blockchain technology to manage their financial activities and many are planning to adopt it.
Even the banking sector is testing the block-chain based cryptocurrencies for fast transactions and reducing the chance of fraud. Ripple that is known as Best friend of banks for fast and secure transactions. The US-based biggest money transfer giant” Money Gram's “came into partnership with Ripple and adopted Ripple blockchain technology for fast and low cost transactions.
Using Ripple blockchain technology it takes only 2–3 seconds in transactions as normal banking system take min.2–3 days for transactions using traditional payment methods.
Not even banking sectors but others industries are also planning to use the blockchain technology to cut the cost and time. Recently in news it was announced that AP Moller-Maersk -The world’s largest container shipping firm is planning to tie up with IBM to create an industry-wide trading platform to speed up the trading and saving the billion dollars cost
Blockchain technology set to revolutionize India.
The decentralized nature make it useful for many areas as well as the fast, secure and cost-effective features are making it the choice for government authorities to adopt it.
In many areas like Aadhar card is the very first area where blockchain technology is used. To improve the performance and reduce the problem of data breach and leaking highlighted the need of decentralized technology like Blockchain.
According to a report published in Business Line “The Karnataka government has decided to use the blockchain technology and is planning to bring out a white paper on ‘Blockchain Use in Governance’ as a prelude to a separate policy.”
Top companies in India are inclined to use blockchain technology as core part of their business and Company like Mahindra groups, Bajaj Electrical,Yes Bank etc.are using blockchain in many of their business operations.
Top companies like Microsoft, IBM, Microsoft, Intel, JP Morgan over the g Bajaj Electrical, JP Morgan, Mahindra groups are hiring employees for the post of blockchain developer in bulk.
These companies needs the desired skill sets for Blockchain developers like knowledge of programming languages like Java, c++,python and also having the knowledge of payment processing system and credit services etc.
Recently it is declared that Reliance Jio is planning to hire 50 professional expert to work on blockchain technology for it’s own digital currency named as “Jio Coin”
It is also announced by Niti Aayog that for setting up the India’s own block chain “Indian Chain” that will be connected to the Developer code for Adhaar project -The India Stack for reducing the fraud, increasing the business transactions transparency and high enforcement of contracts for long term
Except these there are other areas like voting where blockchain technology can be used to revolutionize the country . By implementing this technology, the world’s biggest voting event Lok Sabha polls could be done at lower cost as in 2014 the total cost of the polls came out was Rs 3,424 crore can be easily done at a lower cost in a more secure manner.The security application of blockchain technology has wider scope of eliminating the chance of fraud voter by providing a clear record of the votes cast and chance of a rigged election can be prevented easily and clearly.With blockchain technology without visiting the polling stations the voters can cast vote using their mobile device .
Conclusion: It is concluded that using blockchain technology the work can be done in low cost and in less time.It is very effective way to maintain security and making the data free of breaching issues and safe.
