Home Top Ad

Find latest updates below

Blockchain technology, Its uses, functions & Strategic Importance for India and rest of world.

What is blockchain technology?
Blocked Chain is a decentralized public platform primarily used for financial transactions eliminating 3rd party/intermediary agencies.  The blocked chain works on SHA256 cryptography to securely transfer data for every transaction.

In simple terms it is a type of distributed ledger, promises to reshape industries by enabling trust, providing transparency and reducing friction across business ecosystems potentially lowering costs, reducing transaction settlement times and improving cash flow. 

Today, trust is placed in banks, clearinghouses, governments, & many other institutions as central authorities with the “single version of the truth” maintained securely in their databases. The centralized trust model adds delays and friction costs (commissions, fees and the time value of money) to transactions. Blockchain provides an alternative trust mode and removes the need for central authorities in arbitrating transactions.
Bitcoin is an Example of Blockchain technology:

Why blockchain technology was introduced?

The primary intention of blocked chain technology was to resolve banking problems,
But now the application of blockchain has diversified into very big industries.

For example:  Refer below Networking & IoT of IBM is based on the blockchain.

Some of Trending Areas in block chains are:

·  Largest pig supplier in Singapore explores  Block Chain  Technology

·  Online sports betting company planning to  implement block  technology

·  Toyota Explores blockchain technology

·  Walmart to use block  technology for drone  delivery

· Chile’s stock  exchange to  partner with IBM  to implement  block Chain  Technology

·  Online sports  betting company  planning to  implement block  technology

·  Toyota Explores  blockchain  technology

·  Wipro to develop  block technology  solution  partnering with  EEA

How blockchain Technology Works?

1.    Distributed Processing

a) In blockchain technology every node checking the work of another node

b)They confirm the transaction by solving the small maths problems with random numbers (it is also called crypto puzzle) from multiple parties works simultaneously

c)Transactions are confirmed by a kind of digital majority vote.

d)The result is that collusion to approve fraudulent transactions is difficult.

2.    Synchronized Records

a) Every participant in the network keeps a copy of all the transactions

b) Transactions are secured by encryption to prevent tampering

c) Change your transaction history, and your hash numbers will be out of sync with all others, exposing tampering. That makes your transaction invalid

d) By this process, it will ensure the highest security of the transaction.

3.    Smart Information
a) Transactions can be sent with rules attached - small programs that govern when and how money is delivered.

b) It ensures the genuineness of transactions.

Many blockchain initiatives today do not implement all of the attributes of blockchain — for example, a highly distributed database.
These blockchain-inspired solutions are positioned as a means to achieve operational efficiency by automating business processes, or by digitizing records.
They have the potential to enhance the sharing of information among known entities, as well as improving opportunities for tracking and tracing physical and digital assets.
However, these approaches miss the value of true blockchain disruption and may increase vendor lock-in.
Organizations choosing this option should understand the limitations and be prepared to move to complete blockchain solutions over time and that the same outcomes may be achieved with more efficient and tuned use of existing non-blockchain technologies.

Importance of Blockchain in India

Advantages for India:
The blockchain is now the fastest-growing skill set demanded on job sites, with job growth rates at 2,000-6,000% and salaries for blockchain developers 50-100% higher than regular developer jobs. The decentralized nature of projects with distributed teams can translate into lakhs of high-paying jobs from all over the world being available to Indian developers.

Blockchain-based initial coin offerings (ICOs), when done correctly, open up a whole new channel for startup funding and tap into more than $20 billion raised through the ICO route. With its strong IT ecosystem, India can become a leading blockchain development hub and a major net beneficiary of global capital inflows.

Solving Indian current problems:
Decentralized applications on public block chains can solve myriad Indian problems, such as eliminating middlemen, providing data security, reducing corruption and tampering of financial ledgers, and improving the speed of service delivery by governments and corporations.

India’s global positioning as a technology powerhouse
Different emerging technologies, such as blockchain, artificial intelligence, and the internet of things will not work in silos but will converge. That is the space where the next Googles and Amazons of the world will get created. The blockchain is a foundational data/transaction layer and missing out on it will hurt India’s overall tech competitiveness.

Regulation in India:
The current debate in India has, unfortunately, focused too heavily on trading and speculation, looking at cryptocurrencies as an investment tool, rather than understanding the potential of core blockchain technology and the basic role of cryptocurrencies as an incentive mechanism to secure decentralized transactions.

As core developers/shapers of this technology in India, we are fully cognizant and sympathetic to government concerns of money laundering, tax evasion, investor protection, and capital flight. 

However, the blockchain sector is especially sensitive to regulation. 

Any regulatory action on cryptocurrencies that misses the nuance of separating speculative activity from core software development inadvertently shuts down core development as well. There are sufficient global examples of countries that have taken nuanced and cautious steps in regulating technology and are focusing on stopping illegal activity without hurting innovation.

In the current regulatory environment, Indian developers do not have to ability to develop open blockchain solutions at scale. Serious blockchain professionals are migrating rapidly to countries with more friendly regulations. As a result, India’s ability to benefit from jobs, capital, local innovation, and positioning is all curtailed without the talent ecosystem in place.
The government has legitimate concerns around money laundering, tax evasion and capital flight using cryptocurrencies. However, regulating the space is not too difficult with a light touch and intelligent policies.
Some examples about current use of blockchain technology in India

Bank Chain, India’s first Blockchain based banking platform has started to function.

1.  Bank Chain is the product which is built by the consortium of Banks including State Bank of India, ICICI Bank, and DCB Bank.

2.   Wipro to develop block technology solution partnering with EEA.

On the basis above statements, we can draw a conclusion that:

·         The future of finance could be dominated by blockchain technologies.

·         A traceable global currency complete with an efficient infrastructure will not only result in massive cost reduction for all market participants, but it will also change global banking.

·         Blockchain technology could reduce the UBS's infrastructure costs in cross-border payments, securities trading and regulatory compliance by as much as $20 billion a year by 2022.

·         The future of finance in many nations could be dominated by Bitcoin and cryptocurrencies.

·         Blockchain technology could be used to distribute social welfare in developing nations.

·         Elections are currently expensive and arduous. Thanks to blockchain tech they will soon be instantaneous.

·         Rise in technology leads to the demand for skilled labour to develop (which result in more job creation) and maintain the block Chain infrastructure.

I would like to add that the Current blockchain technologies and concepts are immature, poorly understood and unproven in mission-critical, at-scale business operations. This is particularly so with the complex elements that support more sophisticated scenarios, Despite the challenges, the significant potential for disruption means CIOs and IT leaders should begin evaluating blockchain, even if they don’t aggressively adopt the technologies in the next few years.


  1. We've had a superior possibility of getting the consideration of Tom Cruise strolling honorary pathway than our children. webinar software

  2. This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value of providing a quality resource for free. latest technology updates

  3. the handy use of information particularly in a specific zone: designing 2 50 kg to lbs

  4. One of the most noteworthy results of the advancement of data innovation is presumably electronic trade over the Internet, another method of leading business. Yellow Pages Scraper

  5. in forex trading. Homemakers often develop the ability to do multitasking and that is the top reason forex exchange

  6. Positive site, where did u come up with the information on this posting? I'm pleased I discovered it though, ill be checking back soon to find out what additional posts you include. bitcoin

  7. There is such a great amount in this article I would never have considered all alone. Your substance gives perusers things to consider in a fascinating way. Much obliged to you for your reasonable data. best blockchain investment firm

  8. Very interesting information, worth recommending. However, I recommend this: best blockchain investment firm

  9. Very interesting information, worth recommending. However, I recommend this: best blockchain investment firm

  10. A progressive technology is one which empowers new businesses or empowers answers for issues that were beforehand impractical. remote team task list

  11. The written piece is truly fruitful for me personally; continue posting these types of articles.

  12. Queue Manager - Solution for queueing and barricading. Crowd barriers solutions, Call us now 09910398708. Quick delivery time, Start from Rs.1500, Que Management.

  13. We specialize in providing high quality ceramic products. In order to bring to customers safe ceramic products for human health. gomsuhcm.com is the largest ceramic dealer in HCMC. We always make sure the product is of the correct quality as described. Products specialized in trading branded ceramics Bat Trang, Ceramics Minh Long, Ceramics gifts. Please contact us for a free consultation. Hotline: 0947 836 567

    Ceramics Shop in Ho Chi Minh City - Supplying high-quality Bat Trang ceramic products. Bat Trang Ceramics products such as ceramic cups, ceramic pots, teapots ,.

    76 Nguyen Gian Thanh, Ward 15, District 10, Ho Chi Minh 70010

    090 269 38 66

  14. Digital Novelty Documents is an independent company That utilize its own digital and rare Technologies to produce and register all sorts of identification and travel documents into government databases. We have developed unique techniques to produce passports , Visas, SSN , Driving license, I.D cards, Birth certificates, diplomas and many other documents of very high quality. The challenge about this is the recognition of these documents at the level of scans, police officers and other check mechanisms around the world. We have done an amazing job with this aspects. We do not only produce genuine copies of these documents, but we also have the appropriate requirements to register them into the database of the government at hand. We cover the production of documents in over 110 countries in (All USA states, All CANADA states, South America, Europe, Australia, Asia and Africa and counting) We Produce Both Real Database registered passport, license, SSN, I.D cards, Birth certificates, diplomas which are legally used. We also have credible solutions for high quality Counterfeit bills online.
    buy driving license online

  15. The post is written in very a good manner and it contains many useful information
    for me.
    web hosting blog

  16. Hey!I read your article,It's very interesting.Thank you for sharing such a informative and useful information.I really appreciated you on your effort, keep it up. wiley x safety glasses prescription

  17. Hey! I read this blog. Thanks for sharing. Best Hosting in Nepal - 24/7 Instant Support and 99% Server Uptime. Best Web Hosting in Nepal. Call us now 9779869421801. Affordable price, Starting from NPR.999/year Only.

  18. What etching business openings would you be able to tap? HispeedLaser

  19. A screen printing machine will make everything go much speedier, particularly in the event that you are a small time business and have a ton of orders that are stacking up. https://once-tech.com/bottle-screen-printing-machines/

  20. Good post but I was wondering if you could write a litte more on this subject? I’d be very thankful if you could elaborate a little bit further. Appreciate it! go this

  21. It was a very good post indeed. I thoroughly enjoyed reading it in my lunch time. Will surely come and visit this blog more often. Thanks for sharing. goweb

  22. It is the easiest element in the world, but overall the notion is quite sound. Windows 10 Search Not Working

  23. Often the technicians also deal with computer peripherals like the mouse or printer among others. must see

  24. Guitar picking exercises is a great way to improve your guitar playing and become a better guitar player. It is important to realise that both your picking hand and your fretting hand have to work together in coordination and both hands have to know what each other one is doing. Most guitarists are right handed and therefore pick the guitar with their right hand. picking robot

  25. A VPN (Virtual Private Network) connects a PC or laptop over the Internet to the office network allowing the remote user to work as if they were sitting at their desk in the office. Normally, setting up a VPN requires significant technical skills as the office firewall needs to be reconfigured, the VPN server has to be setup and the whole lot has to be made secure. Once setup and working, the VPN server needs to be monitored (to ensure there is nothing suspicious going on) and maintained with the latest security patches provided by the VPN ... ways to make money online

  26. I would recommend my profile is important to me, I invite you to discuss this topic. Printed Circuit Board

  27. Really nice and interesting post. I was looking for this kind of information and it was great to read it. Keep posting. Thanks for sharing 😊😊😊😊😊Sometimes travelers get overwhelmed by the complicated procedures of visa acquisition. However, getting e-visa to Turkey from Indian is as easy as making a paper plane : ) Apply Turkey e visa for Indian with the online portal and get your e-visa in 3 steps!

  28. This comment has been removed by the author.

  29. Good blog . thanks for sharing this blog. If you like the over prescription goggles
    , you should visit the Safety eyeglasses for your safety.

  30. On this page, you'll see my profile, please read this information. Phone repair

  31. Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors.
    best food

  32. Enjoyed every bit of your blog post. Really looking forward to read more. Fantastic.
    best stacked dies

  33. Wow great article. Much thanks again. Want more.
    stacked dies singapore

  34. wow great article.much thanks again. againlogin

  35. As the electronic variant of the class took off there were large chunk of change hungry organizations who chose to rage into the class without genuinely attempting to comprehend what the essential components of a pretending game are.
    The Orbwars is a revolutionary new way to game and invest your money at the same time.

  36. In business, technology envelops Information Technology (IT), Telephone Frameworks and Web Advancement. managed it services newcastle

  37. "Social media has made the world smaller. We can connect with people from diverse cultures and backgrounds, fostering understanding and empathy." https://mydigitalinternet.com

  38. Castle plaza is a real estate company from where you can take villa for rent in dubai for short or long term.

  39. Sending faxes digitally reduces the risk of lost or misplaced documents.
    Fax Services Central

  40. A YouTube SMM panel is a comprehensive online platform that offers a suite of tools and services to optimize and automate various aspects of YouTube marketing, from video promotion to analytics and engagement management.

  41. Buy YouTube subscriptions typically involves paying for premium features and benefits on the platform, such as ad-free viewing and access to exclusive content.

  42. An SMM panel, or Social Media Marketing panel, is a web-based platform that allows individuals and businesses to purchase and manage social media services such as followers, likes, and comments to enhance their online presence and engagement across various social media platforms.

  43. An SMM panel for YouTube watch time is a service that facilitates the purchase of watch time hours, allowing users to boost their video metrics and enhance visibility on the platform.

  44. The cheapest SMM panel offers cost-effective social media marketing solutions, providing a budget-friendly platform for users to enhance their online presence and engagement through various promotional services.

  45. I'm an avid blogger, and your content is something I highly value. This excellent article has genuinely intrigued me. I've bookmarked your site and will be checking for updates approximately once a week. I've also chosen to receive your RSS feed.Discover Best SIM Cards For Tourists In Australia, ensuring uninterrupted connectivity throughout your journey. Stay connected and navigate the wonders of the Land Down Under with these reliable options.

  46. I'm hooked on your blog! Your writing is engaging and informative, making even complex topics accessible. I love the diversity of content you offer, from informative articles to personal reflections. Keep up the fantastic work!

  47. Your blog, found through Google, is proving to be a treasure trove of information. I'm keen to exercise caution, particularly in matters concerning Brussels. Many readers stand to gain from your future writings. Your content is incredibly engaging and exactly what I've been searching for!

  48. This article really struck a chord with me. It skillfully explores the depths of human emotions and the ongoing journey of self-exploration. The author's reflections are poignant and thought-provoking. It's reassuring to know that others grapple with similar introspections, fostering a sense of connection and understanding. Thank you for sharing this profound perspective.

  49. Regularly writing blogs is a habit of mine, and I truly value the exceptional quality of your content. This engaging post has sparked my interest. I've made sure to bookmark your site and stay informed about new details, typically on a weekly basis. Also, I've subscribed to your RSS feed. "Secure your Azerbaijan visa for german citizens. Streamlined procedures guarantee convenience and efficiency, ensuring a smooth journey to Azerbaijan."

  50. Your blog is a treasure trove of wisdom and inspiration! I appreciate the thoughtfulness and depth evident in every article. Your ability to tackle diverse subjects with clarity and insight is truly commendable. Thank you for sharing your expertise and passion—it's a privilege to learn from your blog!

  51. Your blog consistently raises the bar for excellence! The insightful content you provide showcases your expertise and sets a standard that's truly commendable. You've become a go-to authority in your field, and I'll be enthusiastically recommending your blog to my friends. They're certain to benefit from your wealth of knowledge, and your expert presentation makes every post a delight to read.