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Blockchain, brainchild of the Anonymous founder/s of the World's first crypto-currency, Bitcoin, Satoshi Nakamoto is usually known as "The Backbone of the newest Internet" ;.Initially conceptualised in 2008 for Bitcoin, blockchain has found its use in some other fields.smart contract functionality
WHAT IS BLOCKCHAIN?
Blockchain can be an open and distributed ledger, which could record transactions between two parties in a verifiable and permanent way. Once recorded, the transaction data cannot be modified retroactively, without alteration of subsequent blocks. This also allows users to verify and audit transactions without much cost.
Blockchain is just a continuously growing set of records, linked and secured using cryptography (secret codes which prevent third parties or the general public from reading the transaction data), wherein each Block has a timestamp and transaction data, managed by way of a Peer-to-Peer, P2P (User to user) network.
Person A requests a transaction involving crypto-currency, records, contracts, or other information → The requested transaction is broadcast to a P2P network consisting of computers, called Nodes → The network of Nodes validates the transaction and the user's status, using known Algorithms → The verified transaction is coupled with other transactions to make a new block or data for the ledger → The newest block is then included with the present blockchain, in ways that's permanent and unalterable → The transaction is complete.
Point to keep in mind listed here is that the transaction data doesn't have physical form, existing only on the network, and doesn't have intrinsic value to third parties.
Quite simply, blockchain can be an autonomously managed and regularly reconciled digital ledger, which could record not just financial transactions, but everything of value. Blockchain enables the exchange of value without the centralised intermediation by arbiters of money and information. It is a kind of a self-auditing ledger which reconciles itself every 10 minutes.
ADVANTAGE OVER CENTRALISED DATABASES:
Centralised data is controllable and hence the data is susceptible to manipulations and theft. On the other hand, in a blockchain, there are no centralised points of vulnerability for the information to be hacked and corrupted. Because of storing blocks of identical information throughout the network of the blockchain, it cannot be controlled by way of a single entity, doesn't have single point of failure, and hence cannot be modified retroactively. Anything that takes place on a blockchain is just a function of the network as a whole.
Further, blockchain reduces the TAT of processes, and because of being distributed, it creates data transparent for everybody involved. Blockchain technology can help make even the traditional processes faster, more accurate, and secured, while drastically reducing the expense involved with Database Management.
The only reported problems in the blockchain technology have been as a result of human errors and bad intentions, and not as a result of any flaws in the technology.
APPLICATIONS OF BLOCKCHAIN IN INDIA:
The distributed nature of blockchain makes anything based onto it more cost-effective, efficient, and secured. It can be used to upgrade many economic and social systems, like:
i. Banking:
Most, if not all, Banking systems are built around Centralised Databases. The expenses, labour, time, and risks of frauds involved with reconciliation and processing of billions of transactions is challenging that the Banking Industry, even with so many up-gradations, has not been able to address. The global success of Bitcoins and other crypto-currency has shown the Banking system how advantageous blockchain technology can be, as it pertains to reducing online banking frauds.
Blockchain can offer the best solution for solving the expense involved with KYC Verification, Due Diligence, and Credit Underwriting, by allowing the independent KYC verification, due diligence reporting, and credit history of a person or even a company done by one entity to be accessed by every other organisation. This may also be used for countering Money Laundering.
Blockchain can also make clearing and settlements faster, more affordable, and even more secured than it already is.
Many Banks have invested a sizable amount in research related to migration of these Banking Systems on to Blockchain Network.
ii. Record keeping at Registrar of Properties:
Committing property frauds and usage of black money for sale-purchase of properties can be drastically reduced if the present system is upgraded to blockchain or even a similar technology. Andhra Pradesh government has tied up with a Swedish start-up, Chromaway, to construct a blockchain based Land ownership system, to get rid of land fraud and corruption.
iii. Data Management in Public Sector:
There's been a large amount of debate concerning the safety and security of Aadhaar Databases, and fears of surveillance. Blockhain can eliminate these risks and also be used to store information related to birth, death, voter registration, issuance of PAN Card and Driving Licence, Ownership of vehicles, court cases, police complaints, etc. Individuals and other entities will own the data that belongs them.
iv. Stock Market trade:
Blockchain can reduce steadily the risks of frauds and operational errors in Stock Market trading. Not to forget here that the transactions would become almost instantaneous. NASDAQ and Australian Securities Exchange happen to be exploring blockchain to lessen costs and improve efficiency.
v. Cloud Storage:
Blockchain provides the added security of data not getting lost or corrupted.
vi. Supply Chain:
Blockchain establishes a shared, secured record of information flows for the supply chain network. It enables faster, permissioned, and auditable B2B interactions between buyers, sellers, and logistics providers. The shared version of events improves supply chain efficiency, better multi-party collaboration, and streamlined resolutions in case of disputes.
vii. Healthcare:
Blockchain can help in tackling issues of counterfeit drugs, by tracing each transaction between drug manufacturers, wholesalers, pharmacists, and patients. It may also be used to enhance and authenticate health records on sharing basis, for better treatment.
viii. Intellectual property:
Blockchain can be used to catalogue and store Intellectual Properties in an electronically secured manner. It has the potential to solve the situation of authentication of ownership for Intellectual Properties, and allowing owners to see who's employing their work.
ix. Music Distribution:
Similar to Intellectual Property, musicians can catalogue and store their music in an electronically secured manner, and get paid as and once the music is purchased / played. In addition to this, collaborations and licensing may also be more efficient. It works on the concept of Peer to Peer Music sharing, where the intellectual property rights of musicians are protected, and they are covered their hard work.
x. Social Networking:
Blockchain can make social networking more private and profitable for the users. It can help users on social networking websites and apps decide which data to be manufactured readily available for third parties to see and use, and get paid for it. Wouldn't that be fun? This is not a dream, but a reality with Obsidian Messenger.
xi. Real-time Car Pooling:
Imagine a self-managed real-time ride sharing app, as an alternative to Ola and Uber, where drivers get rewarded for supplying a shared ride. La Zooz', an Israel based start-up is in its testing phase, and is expected to emerge as a cheaper option to Uber globally.
The understanding of blockchain among people, to a large extent, is restricted to bitcoins. However, in a period when India is witnessing innovative solutions using technology for structural problems, blockchain has opened the doors for Start-ups and Small Businesses to devise and adopt block-chain based solutions. If you're facing systemic or structural problems in your organization, it could be smart to see if your blockchain based solution is feasible. After all, necessity is the mother of invention!
Debt (Business Loan) and Private Equity funding options are plentiful for start-ups focusing on Blockchain concepts.
Visit to create the best decision about probably the most suitable Financing options available for your blockchain startup.
When you yourself have developed a blockchain based solution for just about any worldly problem, and are looking to improve funds to scale up, you may also connect with us on email.
Many thanks for reading.
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