blockchain | Blockchain Technology

Not Just a Footstep, Blockchain is marking a Significant Mark in India

Blockchain, a whispering buzzword for years in the Indian technology arena have made a significant mark recently. When the Reliance Jio pledged to build one of the largest blockchain networks in the word with edge computing and content distribution network.

Blockchain was synonymously attached to crypto-currency earlier as it was primarily used for developing Bitcoin and other crypto-currencies only.

However, this technology will offer decentralize and incorruptible distributed ledger system which wil use widely to solve a number of long-existing issues such as land record ledger in India. One of the known film-makers in India, Anurag Kashyap, have already launched his blockchain-powered video-on-demand streaming platform, myNK, where they are displaying international art-house films for the Indian audience.

Blockchain will make platforms decentralized in terms of storage and procession of digital content. Its decentralized feature ensures that no single body have control over videos displayed on the platform. The videos wouldn’t be deleted or erased from it. Further, Blockchain provides strong transparency in reporting and ensures privacy while preventing revenue leakage of filmmakers associated with the platform.

According to a report of Times of India, Blockchain will gain a big significance in India by 2019 as mainstream industries. Most of the sectors in which blockchain will use in future includes retail, banking, finance, and logistics and more.

Many industries like these are planning to adopt Blockchain technology from this year. Besides that, the Reserve Bank of India have already been successfully tested Blockchain technology for trade applications.

They have set-up a unit to look at the application of Blockchain in creating a decentralized and cashless economic system. This history-altering technology have supported and promoted by the Government of India.

The think-tank NITI Aayog, and Tata Consultancy Services in association with Microsoft.

How Blockchain helps in different sectors?

Blockchain technology have the potential to reform India in many ways like its implementation will reduce different ledger tempering to null, intervention of middle man will get eradicated. The breach of data will not occur, that ultimately help in coping with the menace of corruption, and much more.

There have already been enough progress in India when it comes to adopting Blockchain to solve different problems. The leading Software Companies like Bien Technologies offers blockchain-based solutions for different industries.

These industries includes capital markets, banking, government, insurance, manufacturing, healthcare and pharmaceuticals, and more. Some other sectors like aviation, telecommunications, shipping and logistics, and defense and military are also using blockchain.

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