Blockchain In India

We see how technology has paved its way into the lives of people from every phase. Videos are used to distract babies while eating food and grandparents want Facebook to while away time. Day by day, we see an upgradation in the scientific know how and yes, you’ll be considered pretty “old school” if you do not really know what those updates really are.

With digitalization in currencies there has been an advancement in the payment system as well. Cryptocurrencies like Bitcoin evolved over the period of time due to elimination of the traditional approach of payment. Earlier it was seen that, for any payment to be executed there was prime importance given to the mediators without which a transaction could not be successful. But the idea of payments was revolutionised with the inception of Blockchain which comes basically with the idea of elimination of these mediators.

But what is Blockchain Technology?

Blockchain is a technology which enables movement of digital assets from one person to another. Digital assets include digital coins and currencies, namely, Bitcoin, Litecoin, Ethereum, etc.

The Distributed Ledger is a mimic of paper-based accounting ledgers which comprises of the transactions is openly distributed among all the parties, known as Miners and are verifiable, efficient and permanent. Like how an accountant, takes a note of all the transaction in a day, in Blockchain, the Miners collect all the transactions executed globally at an interval of every 10 minutes. Thus, recording it together makes a Block. Once a number of blocks are linked together they form a chain of blocks, hence, it forms the name, Blockchain.

To understand it in a more simplified way, we take an example:

Here, the miners A, B, C and D have an openly distributed ledger which means that it is available with every individual miner.

Now, because the transactions are openly available, it makes it easier for everyone to know, firstly, how much money each individual miner has in their pocket and secondly if the transaction is valid or not.

In the above example, if A wants to move $12 to D, if will considered as an invalid transaction as every other miner is aware about the fact that A does not have that much amount with him. This makes it impossible for any individual miner to take over the entire system.

Blockchain in India:

The Indian economy has been immediate in understanding the potential of the Blockchain Technology. The adoption of this technology was stated by our Finance Minister Arun Jaitley, in the Union Budget 2018–19 where the scope in various sectors is discussed. The foremost sector which undoubtedly tends to benefit from this revolutionary technology is Financial Services, other sectors seem to benefit from it as well.

Various key sectors which will exceptionally benefit from Blockchain Technology:

1. Healthcare sector: The government of India, in the Union Budget has launched the largest Healthcare schemes to financially back the poor families with a cover of Rs. 5 lacs up to 1 crore. Quick recording and retaining the huge data has been time consuming due to the absence of a reliable system in India. Blockchain technology could help save time by compiling the data together and in order to give clarity about the whereabouts of the money invested in this sector and can be distributed in a secure manner.

The data can be made available to healthcare providers nationally and globally without making concessions about the security.

2. Blockchain tech in voting: We often wonder if our votes during the election are even taken into consideration. This is where blockchain could make a difference, it can provide encryption about the data and also be quick enough to collate it together. It will help secure the identity of the voter and also his information. Also, it helps to keep a realistic way of casting votes and keep a track on the count of the same.

3. Banking sector: Banking sector is one of the first sectors to be self-assured about the Blockchain technology. Since this technology promotes the secured, encrypted and unchangeable ledger, the adoption of the same has a huge scope in the financial and banking sector. Along with offering accuracy, it will also benefit the government for accelerating financial inclusion. Blockchain technology can significantly help the unbanked population in India. This will provide identify to the population at the bottom of the pyramid take the financial inclusion to a whole new level.

At Centillion, we believe that it is important for any company to keep moving with the upgradation in technology for its sustenance. We pioneer in assemblance of Blockchain Technology and it would be great to serve you with our services.

To reach out to us, you can check our website: www.centilliontech.in and also email us on sales@centilliontech.in

-Simran Arora

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