A
A- A A+

Blockchain

The Trust Protocol

The internet gave us email, World Wide Web, social media, video platforms, big data, cloud computing and many life altering technologies. But it has serious limitations for business and economic activity when it comes to reliability. This limitation hindered the utility of internet in many ways. The concept of Blockchain – the trust protocol, was introduced that opened myriads of opportunities by taking us from internet of information to internet of value.

The key value that it offers is DATA INTEGRITY. Integrity of a blockchain network is encoded in every step of the process and is distributed among all participants of the network rather than in any single entity. The double-spend problem was resolved through intermediaries while transaction.

Another novel value that blockchain provides is DISTRIBUTED POWER. Blockchain brings the concept of democracy to internet, it allows people to control their data without fearing misuse or leak.

Unleashing the real potential through decentralization:

Vitalik Buterin, a 19 year old created the world’s first decentralized smart contract platform. The USP of Ethereum is Smart Contract, it’s a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. A sum of $7.8billion was raised in digital currency by 1200+ companies in the year 2018.

Blockchain for enterprises

Two most important aspect for enterprises while considering blockchain are it can be both permissioned or permission-less. A permissioned blockchain is the one where the user require consent from the creator of the blockchain to participate in the network. In a permission-less network, user doesn’t require consent to join the network, they can join and leave at their will and is often considered as truly decentralized.

 

According to an estimate by World Economic Forum, around 10% of global GDP will be stored on the blockchain by 2025. That means in next 5 years the world leaders are preparing for a huge shift and are ready to embrace it for the next era of internet technology.

Blockchain has been used extensively worldwide for various fields and purpose. Few references are cited below:

  • Government: Finland’s Central Union of Agricultural Producers and Forest Owners has implemented blockchain based government applications such as education, public records and voting.
  • Identification: Zug in Switzerland, has developed a blockchain project in partnership with Uport to register residents’ IDs, enabling them to participate in online voting and prove their residency.
  • Licensing agreements: Spotify acquired blockchain start up Media chain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotify’s service.
  • Supply chain: Tael is a blockchain based reward system for product authentication in Japanese supermarkets. Customers can now track the origin of product along with detailed history.
  • Land Registration: The Government of Telangana uses blockchain based land registry system to prevent frauds.
  • Digital Certificates: States like Rajasthan, Maharashtra, and West Bengal are leading they way in terms of gamut of blockchain adoption for digital certificates.
  • Disaster Management: The Department of Defence are using blockchain-based system help in providing a live feed of multiple agencies’ relief efforts.
  • Finance: Blockchain brought leap of many decades in fintech. Dharma Protocol is a decentralized borrowing and lending platform which is licensed by the US Government.

Blockchain’s value proposition for Governments can be well described through transparency in functioning, accountability for the decisions, zero leakages without tampering and decentralized cost effective network.

Request for Service

Find out more about how we can help
your organization break the thought barriers.

Maximum 150 Character
captcha image
Opt in for marketing communication
Privacy Statement