Blockchain technology is one of the excellent achievements of the 20th century. It allows the user transfer sensitive digital properties from one account to another safely. The Blockchain is the most efficient way to share information over the internet. Typically, blockchain is mainly developed for the digital currencies like Bitcoin, Litecoin, Dash, etc. However, blockchain technology is used for much more things nowadays. A lot of giant vendors are now using the blockchain technology as a payment method. It proves the recognition of this technology.
As like as other countries, blockchain is also becoming famous in India. The technology has a great future in India and the Asian subcontinent. Today I will discuss what is blockchain, and the future of blockchain in India.
What is Blockchain?
The word “Blockchain” comes from two words “Block Chain”. The blockchain is a decentralized public ledger of all cryptocurrency transaction. The properties are continually growing as a competed blocks which are recorded in chronological order. It allows the users to keep an eye on their dealings without any central recordkeeping.
The blockchain technology is actually developed for virtual currencies like Bitcoin, Ethereum, Litecoin, etc. It uses the distributed Ledger Technology (DLT), a vastly used commercial application. It verifies the transactions without exposing the identity of the transmitter and recipient.
We can relate it to an account ledger where you can insert information, as like as a database but you cannot change any information quickly once they are added. As a result, data remain safe and secure and no one can easily overwrite them. Besides, this process helps to transfer digital goods over the internet without any possibility of being cheated. Here are some top features of the blockchain technology:
- Implement transaction faster than any other method.
- The fee for the transaction is very low.
- Ensure efficiency to the customers and regulators.
The blockchain technology was developed as a supporting technology of Bitcoin. The idea blockchain technology was first found in the paper publication “Bitcoin: A Peer-to-Peer Electronic Cash System.” The paper was written by a person named “Satoshi Nakamoto.” The code of the Bitcoin was released as open source in January of 2009. Satoshi Nakamoto disappeared from Bitcoin community after it becomes open source but the popularity of Bitcoin increased in its speed.
The Future of Blockchain
The blockchain technology is growing at an unbelievable pace. The usage of Bitcoin and Altcoins are impossible without this technology. Various companies are investing millions of dollar in this sector because of its efficiency and secureness. According to Gartner, the business value of cryptocurrencies supported by blockchain technology is going to be more than 176$ million by 2025 and more than 3.1$ trillion by 203.
It is believed that blockchain will disrupt a good number of industries in the upcoming year. The technology allows the user to collaborate with multiple parties which are from different geographical location and not familiar with each other. As a result, both individuals and companies are now more interested in the blockchain. As a result, businesses can save their time, and also do transaction securely. However, a better acknowledge about blockchain technology is a must before using it.
The Future of Blockchain in India
The blockchain technology is one of the buzz words of India at this time. Currently, there are a large number of individuals and companies in India who are using blockchain technology. Besides, a lot of startups are also showing interest in this technology. Apart from just transactions, the blockchain technology can be used in much more sectors. Here are some of them:
Banking
In the next 50 years, blockchain will be one of the top payment systems for banks. It will solve many problems like different currency transaction, asset registries, etc.
Telecommunications
IoT or Internet of Things is going to be a vastly used in many sectors in upcoming days in India. The blockchain technology can support the payment of IoT applications.
Public Sector Undertakings
The blockchain technology can help a country like India to fight against corruption in every sector. The technology can be used for public voting and various registrations transparently.
Technology has changed our life a lot. It is believed the use of money and coins will reduce into zero in next decade just because of this technology. Besides, a technology like Blockchain will be the reason behind world revolution in the near future. The future of blockchain in India will be upright for sure.