If you are a daily news reader, then recently on Indian Express, you must have gone through a news about Reliance Industries using 'blockchain' for export payments with HSBC for business purpose. This was maiden use of this new technology from India, which reduced the time taken for processing the documents. Now, you must be wondering what a blockchain is!
The blockchain is an uncorruptible digital ledger of economic transactions that can be programmed to record not just the financial transactions, but virtually everything of value. It is an undeniably ingenious invention - the brainchild of a person or a group of people known by the pseudonym 'Satoshi Nakamoto'. But since then it has evaded into something greater. Blockchain was originally created for crypto currency, also known as digital currency 'Bitcoin', after the recession happened in 2008, and it was later used for all the cryoto currencies in the market for the transactions. As this technology upgraded, it now allows digital information to be distrubuted, but noy copied, thus it can play an important role to save breeching of informations, doctored videos and other media that contains any information. It is a chain of blocks where each block contains data of value without any central suoervision or control, as this is totaly decentralized. It is cryptographically secure and immutable. The information held on blockchain exists as shared and continually reconciled - database, and it is not stored in any single location, meaning the records it keeps are truly public and easily verifiable. No central version of this information exists for a hacker to corrupt. Hosted by millions of computers simulataneously, its database is accessible to anyone on the internet.
Currently, the blockchain is being used for the transactions digital currencies, business transactions (financial and documentations), it offers plenty of opportunities for various applications. And, as the technology continues to progress, its applicability will only continue to broaden. It will be cheaper also, because it cuts out the middleman and can process transactions faster, because it does not use a centralized infrastructure. It can also play an enormous and important role in keeping the information on internet secure and authentic, because the information in blockchain can neither be copied not corrupted. As in today's age, where the humans (both consumers and organisations) are mostly depend on internet, blockchain can prevent the misuse of information on the internet from copying, editing and corrupting, that can led to many privacy issues and conflicts. So, now using the blockchain for these purposes has become a need and this should be considered for our future benefits and this will surely help the business to grow faster. Many business organisations like Aviation have already initiated to start the use of blockchain. As, this is a new concept, especially in India, it offers great opportunities for those who are eager to learn new technology and make their careers in the same, thus it also has a huge scope of job creation in the future. Also, you must have seen Dr Shah Fasial (IAS), talking about blockchain in a live video on Facebook from Havard School, London, UK.