Gaurav Dubey | CEO | ITH Technologies
No middlemen, trustless framework, immutability, and inflation, Cryptocurrencies have garnered a lot of attention among the masses.
Is crypto restricted to just sending and receiving money across peers and making money? Interestingly not!
This peer to peer mechanism has created an industry that has disrupted every nook and corner in finance, commerce, capital, and the traditional world. From Aerospace to healthcare, real estate to voting, supply chain to cross-border payments we are looking at another important breakthrough after the internet. The Blockchain plays a pivotal role in reducing costs, claiming ownership and automation. It possesses credible properties such as inherent trust, legitimacy and a faultless mechanism working under the hood. Being distributed, it does not allow any single party to have complete access or control the network, which is why it has become one of the most favored technologies in the world. It is now driven by ever greater amounts of development, applications, social networking, VR, Games, remittances etc.
Corporate giants and world-renowned banks have started harnessing Blockchain’s power to streamline business and money sent over centralized networks. A record-keeping mechanism that is utterly secure and faultless, who would not want to jump right in and become an advocate. There are many businesses and banking Blockchain running across the world such as public, permissioned, semi-permissioned and private ones such as the open-source Hyperledger project, R3 Corda, Ripple etc.
Governments are also looking forward to implementing Blockchain in their development projects to transform existing models which are slow and less significant. Blockchain in India is now emerging at a decent pace. An Indian Blockchain company is planning to implement this technology in securing title deeds with Rajasthan state government. It will help in auditing land titles and preventing false allotment for personal gains. A majority of cases in courts comprise of land disputes which Blockchain can end once and for all. India is a growing nation with the ambitions of becoming a superpower so utilizing Blockchain in various sectors can boost up the economy as well as eradicate fraudulent activities.
Disruption has knocked on our doors, are we ready to embrace it?
The Blockchain has deeply influenced sectors like Fintech, Supply Chain, Healthcare, Logistics, Real Estate and even service industries such as Online Dating. Safer ecosystems, trustless relations and paradigm-shattering solutions to mundane things continue to attract the untouched fiat markets as well. The recent development of this can be attributed to JP Morgan Chase which is coming up with their own JPM coin. It is designed to help their clients and customers with smoother financial transactions adopting Blockchain technology. Fintech Blockchains such as Ripple and Cashaa is already recognized by a few prominent banks. The Blockchain also remains unperturbed by the governments that impose laws, create stringent policies, or deter people from investing.
There are other industry sectors that are wide-reaching and making changes to improve efficiency. NASA is also boosting data security and safeguarding the privacy and security of flight data and mid-air airline communications by utilizing this tech. It is not an overnight prospect but is still achievable. For competent professionals across sectors, the abundance of modern tools and technology will aid the facelift. Currently, the industry is in need of solutions that offer customer services, interoperability and increased security which is highly synonymous to innovative technologies like Blockchain. Enterprise adoption of the Blockchain will help revolutionize businesses in operations, settlements, HR, data science and more as opposed to centralized and slower models.
In the future, whether its IOT, Robotics or Machine Learning the Blockchain will create an interconnected universe of technologies mingled together for more productive ecosystems.
About the Author
An innovator at heart, Gaurav Dubey is the CEO of ITH Technologies Pvt. Ltd. – a rapidly growing institution that prominently ventures into Business Strategy and Technology Consulting for Large-Scale Enterprises. Gaurav’s passion for technology has helped him in rolling out groundbreaking business solutions across various verticals like Blockchain, Cryptocurrency, Robotics, BCI and other multiple technologies. He has also kick-started an ambitious project titled BrainAlive – a neural network and ML-infused system that will enable people, especially students, to take effective decisions pertaining to their professional, private and academic life.
