Over the last few years, Cryptocurrencies like Bitcoin, Ethereum gathered a lot of attention. This has opened the way for a digital data structure platform like blockchain to allow people to transact with each other. However, Blockchain is much more than just a system that transfer crypto-currencies from one end to another. The possibilities with Blockchain and its applications are endless.
Indian Government to admire the benefits of Blockchain and understands how it can effectively solve many issues of traditional financial methods. In a speech given by Arun Jaitely, he said “The government will explore use of blockchain technology proactively for ushering in the digital economy,” Rightly so. Precise use of fintech such as Blockchain and ICO initial coin offering can bring a huge boon in a country’s economy by impacting various sectors like healthcare, manufacturing, insurance, banking, law enforcement, real estate etc.
There is a misconception around Blockchain technology i.e., it is or it can be solely used for executing crypto related transactions, which is completely false. It is a framework used to manufacture Bitcoins, not entirely made for it. Blockchain is an innovative technology that can act like a digital database or a book-keeping platform. It can record different sets of information on a system called “ledger”. It’s a highly secured database which is built in a way that hacking Blockchain framework is next to impossible. Practically speaking, it’s impossible to hack elements or data stored in “blocks” of blockchain. It’s also completely transparent and everyone can perceive the information of other users available on the platform.
Because of the prodigious advantages, Blockchain is already making its way in India. Andhra Pradesh government is looking to set up a land registry system, which will be completely based on blockchain technology. It will allow users to get rid of all the frauds, errors and disputes bound with traditional registrations and file transfers. Telangana government is also gazing to digitize its property system with blockchain to minimize all the hassles.
Maharashtra Government is on the verge of implementing the blockchain system for e-governance operations. In an interview,
Shrinivas quoted that
“We will soon come out with a Financial Technology policy. The new technology will help in ensuring greater trust, transparency and efficiency in the governance.”
Banks have already incorporated some elements of blockchain in their system to enable overseas transactions and remittances. ICICI bank is the first in the country to do so and they had foreseen the revolution of blockchain a while back. MD & CEO of ICICI Bank, Ms. Chanda Kochhar has mentioned that
“I envision that the emerging technology o like blockchain will play a significant role in banking in the coming years by making complex bilateral and multilateral banking transactions seamless, quick and more secure”.
As mentioned earlier, blockchain can benefit various other sectors like health care, transparent administration and innovative concept like token sales. Healthcare is a domain where blockchain is presently being used to store the details with respect to the patients, and anyone can access it associated with this system. Similarly, law enforcement agencies can use blockchain to ensure a highly accessible database for criminals and their crimes is available to them on a real-time basis. Voting is also a sector where this technology might revolutionize the traditional voting process. We possibly witness the next election or the one after that made quite easy as well as secured and fail-proof with the blockchain system.
Blockchain has the ability to outcast every data record system available right now. It is a highly fortified system that can revolutionize many Indian industries. However, it’s still on the early stage and only time will tell, how far it will go.