Blockchain, the brainchild of founder Anonymous / s 1st World crypto-currency, Bitcoin, Satoshi Nakamoto is often refer to be the “backbone of the new Internet”. Originally drafted in 2008 for Bitcoin, Blockchain find use in several other fields.
WHAT BLOCKCHAIN?
Blockchain is an open book and distributed, which can record & Store a transaction among 2 parties in a manner Permanent and verifiable. Once recorded, the transaction data can not be changed retroactively, without changes in all subsequent blocks. It also allows users to verify and examination transactions without much cost. Advocate Saravvanan Rajendran Law Chambers offers the Legal Services for Block Chain technology.
BLOCKCHAIN is constantly related records list grows and fixed using an encrypted (secret code that prevents third parties or the public reading of transaction data), where each block contains a timestamp and data transactions, managed by Peer-to-Peer, P2P (User to the user) network.
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Blockchain Transactions
Person A asks transactions involving the crypto-currency, notes, contracts, or other information → transaction requested broadcast to P2P network consisting of computers, known as Nodes → Network Nodes validate the transaction and the status of the user, using the known algorithm → transaction is verified combined with another transaction to create a new block or data to the general ledger → new block is then added to the existing blockchain, by means of a permanent and unalterable → transaction is completed.
Points to remember in this Network Technology
The point to remember here is that the transaction data has no physical form, there is only on the network, and has no intrinsic value to a third party.
Quite simply, Blockchain is independently managed and organized book digital reconciled, which can record not only financial transactions, but everything of value. Moreover, It allow the exchange value without intermediation centrally by the arbiter of money and information. It is a kind of self-audit ledgers reconcile itself every 10 minutes.
MORE PROFIT FOCUS DATABASES:
the data is centrally controlled and hence the data are susceptible to manipulation and theft. On the other hand, in Blockchain, there is no centralized point of vulnerability for the information to be hacked and damaged. Because storing identical blocks of information across the network, it can not be controlled by a single entity, has no single point of failure, and therefore can not be changed retroactively. Whatever happens in Blockchain is a function of the overall network.
Reducing the costs involved in the Database Management
Furthermore, Blockchain reduce TAT process, and because it is distributed, it makes data transparent to everyone involved. The Blockchain technology can help even the traditional faster, more accurate and safer process, while dramatically reducing the costs involved in the database Administration.
Problems were reported only in this technology has been caused by human error and bad faith, and not because of weakness in technology.
BLOCKCHAIN APPLICATIONS IN INDIA:
The distributed nature of Blockchain make something based on it more cost effective, efficient, and safe. It can be used to upgrade a lot of economic and social systems, They are as follows :
- Banking
- Registration with the Registrar of Property
- Data Management in the Public Sector
- Market stock trading
- Cloud Storage
- Supply chain
- Health
- Intellectual property rights
- Music Distribution
- Social network
- Real-time Car Pooling
1. Banking:
Most, if not all, the banking system is built around Centralized Database. Costs, labor, time, and risk of fraud involved in the reconciliation and processing billions of transactions is a challenge that the banking industry, even after so many up-gradation, can not address.
Global success Bitcoins and other crypto-currency banking system has shown how technology can profitably Blockchain, when it comes to reducing online banking fraud.
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Blockchain can provide the ultimate solution to resolve the costs involved in KYC verification, Due Diligence and Underwriting Credit, by enabling independent verification KYC, due diligence reporting, and credit history of the individual or company that carried out by a single entity to be accessed by any other organization. It also can be used to fight money laundering.
Blockchain can also make clearing and settlement is faster, cheaper, and even safer than it already is.
Many Banks have invested large amounts in research related to the migration of their banking system to Blockchain Network.
2. Registration with the Registrar of Property:
Fraudulent property and the use of black money for buying and selling property can be drastically reduced if the existing system was upgraded to Blockchain or similar technology. Andhra Pradesh government has tied up with Swedish start-up, Chromaway, to build a system of land ownership by this technology, to eliminate fraud and corruption soil.
3. Data Management in the Public Sector:
There is a large amount of debate about the safety and security of Aadhaar database, and fear of supervision. Blockhain can eliminate this risk and also can be used to store information relating to births, deaths, voter registration, issuance of PAN Card and Driving License, Possession vehicles, court cases, police complaints, etc. Individuals and other entities will have the data that belongs to them.
4. Market stock trading:
Blockchain can reduce the risk of fraud and operational errors in the Stock Market trading. Not to forget here that the transaction will be almost instantaneous. NASDAQ and the Australian Stock Exchange has been exploring Blockchain to reduce costs and improve efficiency.
5. Cloud Storage:
Blockchain provide additional safety data is not lost or damaged.
6. Supply chain:
Blockchain set together, secured a record flow of information to the supply chain network. This allows faster, permissioned and auditable B2B interaction between buyers, sellers and logistics providers. Shared version of events increase the efficiency of the supply chain, both multi-party collaboration, and efficient resolution of the dispute.
7. Health:
Blockchain can help in tackling the problem of counterfeit drugs, by tracing every transaction between drug manufacturers, wholesalers, pharmacists, and patients. It can also be used to enhance and authenticate health record sharing basis, for better care.
8. Intellectual property rights:
Blockchain can be used to catalog and store Intellectual Property by way of digital guaranteed. It has the potential to solve the problem of ownership of Intellectual Property authentication, and allows owners to see who is using their work.
9. Music Distribution:
Similar to Intellectual Property, musicians are able to catalog and store their music in a way that guaranteed digitally, and paid as and when the music bought / played. In addition, the collaboration and licensing will also become more efficient. It will work on the concept of Peer-to-peer music sharing, where the intellectual property rights of musicians protected, and they get paid for their hard work.
10. Social network:
Blockchain can make social networking more personal and profitable for users. It can help users on social networking sites and applications to decide which data should be made available to third parties to see and use, and paid for it. Is not that fun? In Fact, This is not a dream, but a reality with Obsidian Messenger.
11. Real-time Car Pooling:
Imagine a real-time ride sharing self-management applications, as an alternative to Ola and Uber, where drivers get in return for offering a ride together. He Zooz ‘, an Israeli-based start-up is in the testing phase, and is expected to emerge as a cheaper alternative to global Uber.
Corporate Legal Consultants for Litigation and Arbitration in Innovative technology
Blockchain understanding among people, to a very large extent, limited to Bitcoins. However, at a time while India faces using innovative technology solutions to structural issues. In fact, It has opened the door to entrepreneurship and small business to design and adopt Blockchain based solutions.
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Finally, If you are facing a systemic or structural problems in your business, it would be wise to see if a solution based Blockchain feasible. Most if all, needs is the mother of all innovative things !
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