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  • Category: Banking

    Blockchain and it's immense importance to our economy and country


    Do you have a query regarding the trending technology like blockchain? Want to know how it is important to our economy nad the country? Check out this page where our experts have responded to your query.

    What is your opinion on the emerging technology blockchain. It is being adopted in various countries as an alternative to corporate banking. Do you think it could enable an emerging developed country like India to evolve further on faster scale by bridging the gap between buyer and lenders ie: it's automated and the tokens are virtual. Could it be used as a tool to help students and further up their growth cycle by ensuring some sort of student's stipend. Also the concept of universal basic income seems feasible once we take this emerging technology into account.
  • Answers

    4 Answers found.
  • Blockchain technology or system is a secure and safe way of recording the data and information in a precise way in the servers such that no one can temper with it. Its architecture exists in such a way that even the experienced hackers would not be able to hack or modify or alter the information in it. It would be surprising to note as how it is achieved. It is actually achieved through incorporating a digital and distributed ledger of transactions and is distributed across the entire network of computer systems on the block chain. It is interesting to note that every time when a new transaction occurs a record of that transaction is added to every participants ledger. In this way the database is in a way decentralised and managed by multiple participants and that is why known as Distributed Ledger Technology. These block chain transactions are recorded with a cryptographic signature called a hash.

    Blockchain was so far limited to the crypto currency area but now its importance that is the security and safety has been recognised and now many Govt are incorporating it in their areas where it has potential to safeguard the data and protect it from hacking, faking, and altering.

    Now block chain technology is aggressively being pursued in many areas like telecommunication, IT, Auto industry, secured voting systems, products and trade operations etc. So the main thing is the security and avoiding faking and hacking in the system.

    Blockchain technology has immense application and it can be used in educational area also. For example, there are so many educational institutes and colleges in India and also so many courses are being taught there. To keep it under surveillance to avoid fake degrees and other such map practices, block chain technology can be adopted. The apex body UGC through distributed ledger can catch any wrong entry or attempt to alter a degree and it would be a useful feature. Even for dissemination of scholarships, unemployment allowance, job profiling etc can also be undertaken through this technology once Govt legislature related to those aspects are enacted. So, block chain technology has applications everywhere and possibilities are endless. Only thing is it is to incorporated in that area using the existing IT technology appropriate to block chain mechanism.

    Knowledge is power.

  • The perception of India towards digitalisation has changed considerably after the emergence of Block Chain Technology. This technology is already witnessing a paradigm shift from the pattern of payment - from cash to cashless. We are now frequently using UPI, Paytm and Google Pay etc.
    There is enough scope of expansion of Block Chain Technology in India. We have seen its growth in Bengaluru, New Delhi, Noida, Pune and Gurugram at the present juncture.
    In India, Block Chain is witnessing a significant demand in a few selected areas such as Banking, Insurance, Logistics, Health Care etc. While some of players in these industries are collaborating to realise the collective benifits of this technology, some other are exploring the potential of Block Chain with other partners.
    Source - RBI has issued a statement focussing on Block Chain's Potential to avert the financial scams and frauds at the same time transforming the financial markets and the Payment Infrastructure altogether. At present, at state - level, Andhra Pradesh was the first to leverage Block Chain Technology for the maintenance of land - records.
    The best feature of Block Chain is that it is operative on decentralised data base thus making the transaction secure and seamless. It can find its application in the following areas as well -
    1) To store Files in a secured manner - Our files or data is not stored on a single ledger rather the same is distributed on multiple networks, this has created a condition where hacking of datas is impossible.
    2) To create transparency in administration- Block Chain Technology can be utilised to make election process or other polls transparent. By automating the process with smart contracts and transparent, the poll process can be made corruption free.
    3) Collaboration between Public and Enterprises - Block Chain Framework enables individuals to purchase tokens and choose capital investment thus encouraging direct co- operation between public and enterprises.

  • Blockchain technology is thought to be a secure and safe way of recording the data in a precise way in the servers, The technology is developed in such a way that nobody can misuse it. This technology is supposed to be very safe and nobody can hack the data, Many banking institutions believe that blockchain technology will increase profits to these organisation.
    Some banks are in the process of using blockchain on a trial basis. They want to try this for money transfers, record keeping and some other back-end functions. This technology will change this paper-intensive banking process to electronic ledgers. Another advantage is the present centralised systems will get decentralised,
    The following are supposed the benefits to corporate banking if this technology is adopted.
    1. This technology is supposed to reduce frauds in financial transactions. Many technologies that are being used as of now by many banking institutions are centralised systems. Because of this hacking is becoming easy. But blockhole is a decentralised system and hence can reduce frauds.
    2. Blockchain may reduce administrative costs. Blockchain will allow an organization to verify his client's details from another organization, So there will not be a repetition which will save them good money.
    3. Blockchain will eliminate multiple operations in payment systems.
    4. Trade centres are also will save a lot of money by implementing this.

    drrao
    always confident

  • A long chain of data blocks (statistics) is called a blockchain. The fourth industrial revolution will be technological in which technologies like block chain will play a very important role.

    Blockchain technology combines three different technologies, including Internet, personal key (private key) cryptography, ie keeping information secret and controlling protocols.

    The Blockchain handles bitcoin and other crypto-currencies.

    Once any transaction is entered into the Blockchain, it cannot be amended. It does not require any third party like bank.

    Each block in the Blockchain details the transaction and this chain of blocks gets progressively longer. In the context of the currency, this technique stores the location, time and value of transactions in which no change is possible. .

    It contains minimum identifiable information and each block is linked to the user's unique digital signature.

    Each block is separated from the other through a specific code and is a series of code numbers. In blockchain technology, the task of verification of transactions is assigned to a number of computers connected to the same network in which each computer has A block has the same copy. These computers solve mathematic formulas and verify authenticity of transactions.

    This ensures the security of blockchain based transactions.

    Benefits from block chain technology

    1) Block chain technology is an adjustment of many technologies, including keeping the information secret and controlling the protocol. Hence it is unhackable.
    2) The transaction will be quick, transparent and easy with direct transaction process.
    3) Manipulation once data is collected is impossible. Hence it is devoid of external side effects.
    4) The wider informal sector can be made part of the formal economy.

    Swati Sharma

    Keep your Face to the SunShine


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