Believe it or Not — It’s BLOCKCHAIN!

by - 6:43 PM





It’s a time of Disruption, isn’t! The world is changing so quick that many people aren’t ready to handle this pace, even our legislature is neglecting to adjust this pace of progress incident around us.
Beat condition, culture, society. Innovation had crossed over any barrier 100 years earlier also and as yet presented with a similar nature

On the off chance that you profound jump onto this situation you will have the capacity to interface spots that why the speed of progress around us been so quick from recent years. The truth of the matter is — “Now we are taking care of issues at a scale and rapidly”. What’s more, a greater amount of people in the mission to take care of issues and improve this world a place.
How about we go 4 moths back, the web was overwhelmed with an innovation of Machine learning, Neuro Programming, Data Mining, Chatbots, IoT.

Also, most recent (however it’s old) is bitcoin (Find out about bitcoin here). This new virtual money is one of the cases of the new technology that is “Blockchain”. Yes, that is the new change innovation which will bring the enchantment and will add speed to our some every day bother. Like getting onto a plane without experiencing id confirmation physically and no manual check.
Ya, we are exceptionally close to this change.

What’s Blockchain?
Blockchain is a sealed dispersed open record that oversees exchanges of records. Consider it like an enchanted Google spreadsheet in the cloud, or all the more particularly on a system. In layman terms, it’s an innovation which will move us from The Web Data to The Web of Significant worth.



Source:Blockgeek

The customary method for imparting records to the joint effort is to send a Microsoft Word archive to another beneficiary and ask that they make updates to it. The issue with that situation is that you have to hold up until accepting an arrival duplicate before you can see or roll out different improvements since you are bolted out of altering it until the other person is finished with it. That is the way by which concentrated databases work today.

“Two proprietors can’t disturb a similar record without a moment’s delay.”

Presently, envision some authoritative records we handle along these lines in our associated world. Is it safe to say that it isn’t tedious? In the event that you are calling a Call Center- Why you need to verify yourself with your DOB, Name and so forth. Why can’t with 1 click validation on the smartphone your data can be passed to the another end.

How can it enhance Our Current World?

Space is the cutoff

1. Do you know daily $450 million of money transfers on cloud and each transaction gets verified as per the rule of Banks & certified institutions?
As per experts , in Indian context if we count this , it’s INR 18000 per min and cost of this transaction is INR 1400. If, the same amount of transfer we do on Blockchain Network the cost of transfer reduces to INR 200–400. Means more money in the hand of recipient & SPEED. As of now, we trust go-betweens like Banks and execute with each other by keeping trust on them. Imagine a scenario where this centre layer of exchange get evacuated and you can do P2P exchanges. So Blockchain empowers the same and this is what’s to come. This is a noteworthy advantage of decentralisation procedure.

2. SMART contracts can be visualised using this new magic. Let’s assume you go for passport renewal instead of updating your records in the centralised system one by each stakeholder. Your passport records can get edited/updated by multiple people in 1 go. So you distribute your record to all stakeholders and they will update your passport details along with the parallel digital authentication using UID or unique identity. Each transaction of record gets stored as a block in encrypted mode. These smart contact process will save time and will reduce the manual work of authentication or verification.
Same process and technology can speed up the property registration, health documentation, travel identity for boarding process.
3. It is tamper proof. It’s one of the best cryptography or clever code technology which will secure the systems from hackers like ransomware. Try not to stress, it’s one of the most secure.
Yes, it could have shielded ZOMATO hack and our kin from Ransomware too.
This is kind of innovation is a boon for developing nations like India, Africa, and others.
There is no denial that this will be one of the biggest digital transformation we will be going through in next 5 years or so. Now Fin-tech and E-governance need to adopt these changes and gradually change will flow to other connected economies and industries.

Dubai, Europe, and US markets have already adopted blockchain and implemented it. Many of start-ups are picking problems that can be solved using this new technology. However, in our country, this technology needs a full support at a government level.

In my next post, I will present you some of the use cases from our real world & connected to you.

Stay Tuned!

You May Also Like

0 comments