Atul Khekade presents Powering the India Ecosystem with Blockchain at Hackference India 2018
Recently, Atul Khekade, Co-Founder and Head of Ecosystem Development, XinFin presented on ‘Powering the India Ecosystem with Blockchain’ at Hackference India DevCon 2018.
Blockchain and Traditional Economy: Peer-to-peer transactions
Atul explained the concept of blockchain by relating it to the very simple concept of how people used to transact in traditional economy. All the attributes of blockchain like peer to peer, decentralized and distributed; very much existed in traditional economy and are still not extinct. He took three examples: 1) Riding a Cab, 2) Shopping at a Store & 3) Farmer to Consumer and explained them one by one as to how; the two parties deal with each other peer-to-peer by paying in cash (after reaching consensus) to avail products and services with no middlemen in between. This is what blockchain is supposed to do.
Centralized Databases: An experience more intermediary-driven
He explained as how technology has evolved from 90’s when computer was invented. Computer ran on Central Processing Unit i.e. CPU and the CPU processed instructions based on certain inputs and gave people certain output. In the first 20 years+ of technology, the way computer is fundamentally designed around CPU or centralized database, it has made the experience to be more intermediary driven.
For example, in case of cab booking, when a passenger books a cab, he is sending the request to some kind of central server and then an algorithm is applied to find him the nearest cab. When he completes the ride and pays the fare through his bank account or wallet, the fare is sent to some central party and afterwards gets settled with the driver. Same thing happens in case of banks and payments as well where things are intermediary driven and not peer to peer as in case of traditional economy.
Blockchain: More decentralized, more distributed & more localized data
The few years of hype and speculation around blockchain suggests that it is going to fundamentally change the way computing is done: No longer from CPU but from more distributed and localized sources with multiple points of data storage.
He referred to the famous Google dispute where by putting a specific term, people could see the images of a public figure as the results. Google actually stereotyped a certain personality by using one single algorithm and showing it to people which actually is not supposed to happen. This was a terrible flaw that Google shouldn’t have done being a massive blue-chip.
So, how can blockchain be applied to this specific case of Google? Well, Google can have 15–20 different algorithms for showing search results and based on the users’ validations or inputs or the users’ voting, the single algorithm that was showing result can be readjusted. With multiple algorithms in place, it will now show something more relevant. So, if blockchain (distributed ledger technology) is applied in next 20 years of technology, the search will evolve with 15–20 different servers with different algorithms and every algorithm will have its own validation based on its set of users who eventually find consensus achieved on how many votes they have. Users are provided with more localized, more specific and more relevant results for that search term or keyword.
So, all the technology blue chips built around the idea of centralized databases will be disrupted with blockchain as now they will have more decentralized, more distributed and more localized data & decision making. People can again go back to the same traditional way of doing more peer-to-peer and decentralized transactions. And, it’s legal. Industry will soon see regulated institutions and Central Banks coming up with peer-to-peer cash settlement mechanisms in which people hold their own cash (perfectly stable in price) with their own private keys.
Open Source Contribution: Inviting Developers to build dApps
Blockchain technology is still to evolve as per the open standards that can be built. This time is a great opportunity for developers as standards are not really there and the way blockchain is going to fundamentally change the processing around instructions and actions or how virtual machines or data structures work will need technologists.
A lot of work needs to be done from developers in building a consensus mechanism on how two or more than two parties come together and find an external trust system.
Internet of Things (IoT), Machine Learning, Artificial Intelligence (AI) and Payments will define the way on how blockchain and day-to-day experience/applications are going to be used.
Industry needs artists and so does XinFin. GitHub’s very idea where developers can collaborate and do open source contribution helps in evolving the technology every second.
XinFin invites these artists/developers to build dApps on its blockchain and work on open bounty problem statements.
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