Getting Smarter with the Blockchain Technology

Blockchain technology | Indian business magazine | Insights Success

Blockchain technology is the growing list of records that are connected by encryption. This technology enables you to make instant transactions without any middleman through a secure network that stores the records of the transactions in strong computer codes. It ensures that not a single transaction is modified or altered.
Mobile Companies Flagging-up Blockchain
The first boost for the crypto-focused smartphones from the trending players like Samsung and HTC is a step towards a decentralized web. The devices operate on their own operating system and private keys. They have encrypted communications and peer-to-peer data sharing which protects from android’s insecurities.
Progressive enterprises such as fortune 500 companies from retail and finance to auto-mobile and airlines are exploring tangible business outcomes in business operations and security with the implementation of blockchain solutions. Considering some of those, The United Health Group has partnered with blockchain to keep records up to date which will examine how data from various healthcare organizations using blockchain technology can improve data accuracy, streamline administration and enhance healthcare access. The inconsistencies in the data provided by the claimant and the actual records can be probably avoided.
Amazon Web Service is now equipped with two popular blockchain frameworks, Hyperledger Fabric and Ethereum. The Amazon Managed Blockchain can now create blockchain networks spanning multiple AWS accounts that enable a group of members to execute transactions and share data without any central authority.
Defence Drawing Close to Blockchain Applications
Issues of cybersecurity-related to military organizations are the biggest concern of any nation. So adapting a secure communication is crucial. Many of the applications such as, integration of drone technology with AI and blockchain applications can not only analyze and accurately report on real-time footages but also yield autonomous drone operations. Each drone can work as a part of a decentralized network thus storing the data safely on the blockchain. Many military organizations are increasing the use of emerging tech in its operations and looking to blockchain to check breaches and cybersecurity issues in communication data.
India’s Manoeuvre towards Blockchain Technology
India’s public sector is fast emerging as a large consumer of Blockchain technology. Thus 50% of the state governments are involved in initiating and collaborating with different stakeholders to accelerate the public sector blockchain adoption in the country according to NASSCOM Avasant India Blockchain Report 2019. In India, the BFSI (Banking, financial services, and insurance) sector is leading the blockchain adoption along with major banks and insurance companies. Other industries such as healthcare, retail, and manufacturing are also joining the race.
Though upgrading the skills is the biggest challenge faced by the providers across India, they are trying to build the gap through cross-training programs. The service providers are also building abstraction layers on top of the existing platforms to enable employees skilled in widely used development languages like JAVA and C++ to code on it, thereby saving on cost hiring.
Few Worries but Strong Desire
There are some challenges faced in the implementation of blockchain technology. Cybersecurity is one of the concerns but, tech giants are taking advanced efforts to tackle the security issues by hiring smart competitors and seamlessly training the candidates who need technical support.
Time Ahead
India has a cautious approach towards shaping the blockchain ecosystem which can help drive the innovation in India. Certain surveys have estimated that India could be in the leadership ranks in the adoption of blockchain technology. The previous generations of blockchain lacked the key features that could be used to support use cases beyond financial services applications and limited interoperability between diverse platforms. But due to the emergence of the 3rd generation blockchain platform that has security, scalability and interoperability has set enterprise to accelerate.
Globally amongst the enterprises, blockchain revenue is central to banking, manufacturing and financial services. Other verticals are expected to ramp up quickly in the next few years.
The mobile devices will be a gateway to decentralized applications that will akin to mobile apps we use today but run on public, peer-to-peer networks and not on the private servers of big tech companies.

– Rajkunwar Bhosale


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