For centuries, we have been exchanging goods and services using the conventional ways such as paying through cash and recording it in a digital ledger system(register). This is still being used as people have adapted to it and find it more convenient for usage. But with the emergence of innovative technologies in the past few years, this system has seen flaws and vulnerabilities which has been made more efficient. The innovation which has disrupted this system is called Blockchain. Blockchain makes the payment between two people more efficient by recording it in a cloud database, providing security and keeping a track of the asset which was exchanged in a digital ledger system. The blockchain is a relatively new concept which was envisaged by the infamous Satoshi Nakamoto, the creator of the Bitcoin in 2009 which gained the limelight in early 2017.
The blockchain is the main framework which is used for transacting crypto-currencies. Apart from crypto, major banks around the world are heavily investing in Blockchain to be implemented in their banks. Now when it comes to India, there are a plethora of opportunities where Blockchain can be implemented. Now what we need to understand here is that Blockchain is not only used for transacting funds but can be used transacting any type of virtual or digital data from a peer to peer network.
In India, Blockchain can be implemented in three main areas: Banks, Governments, and Airports. In Banks, Blockchain can be used for keeping a track of people who have failed in repaying the loan and what the funds which have been lent as loan are used for. In Governments, Blockchain can be implemented to validate the collections of tax and keep a track of black money, where it can be tracked where the money is being used for. A Blockchain economy will help India to propel it into an economy where funds can be tracked which allows the authorities to track black money holders. Now as I mentioned earlier that Blockchain need not only be applicable for the sole purpose of transfer of funds, and can be used for other assets as well. When we put this in the context of Airports, Immigration Authorities can implement Blockchain in the process of immigration. This will keep a track of who is in the country, who left the country and other aspects of the immigration process. But how will this make any difference? We have seen people who have absconded the country after committing a certain type of action which will not apply as legal as per the law. With Blockchain, the Immigration Officers will be able to extract data on the person they want to find out.
With Blockchain, there are a plethora of opportunities which India can grab and make use of. The only way we can implement Blockchain to the fullest is by identifying the problems because the main reason why Blockchain will be used is to create an efficient product or service that would reduce a problem. For all the latest trends, tech news, & reviews follow us on Instagram, Twitter, Facebook & Do Subscribe to our newsletter for all the latest articles directly to your Inbox.
Article By Amrit Shenava