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Blockchain - The invisible technology

Oct 16, 2017 Posted /  24795 Views

Blockchain - The invisible technology

Blockchain is kicking off the breakaway for the digital world

Blockchain technology-based networks, decentralized apps derived from this technology and its significant distributed ledgers, are creating a boom in the digital world. It has started to lay the foundation of a new epoch in the digital and FinTech world all over the globe. It is an indelible technology which is working with the internet and has started to change the mechanism of the digital world, thus giving a new appearance to the systems. It has started to change the methodology of the digital sphere. Many organizations, startups, companies etc. have started to use this technology, and making the most of it by using it in different ways, from payments to implementing smart contracts, from allowing micro monetizing to transparent payments, it is effectively being used in several places. Previously, people only knew about blockchain as a technology that supports bitcoin and cryptocurrencies, but now blockchain is walking ahead of bitcoin and cryptocurrencies, by offering more aspects of its characteristics to the world. Many organizations are trying to amalgamate blockchain into various sectors, like for Security purpose, Healthcare, Media, Banks, Transactions etc.

India calls for an affirmative response to blockchain

The present status of blockchain utilization in India is less compared to the global response to the blockchain. It's a very new and naive concept for the Indian market to implement this on their systems and carry on their activities on the immutable platform. But there are startups which are bringing blockchain into use, and also setting a path for transforming the digital aura of the Indian market. It will be the trendiest technology in the sectors that build up the economy of India, like Banks, Finance, and technology, but the wonders of the technology are not known much as for now. Some big banks in India have started to utilize blockchain for transactions but are intermittent. Banks like YES Bank, Kotak Mahindra Bank, ICICI Bank, and Axis Bank have used it for vendor financing as well as international trade finance. Slowly but steadily India is commencing the journey of bringing the revolution, but it is indispensable for the Indian industries to understand the blockchain technology. The Blockchain technology will give new impetus to the FinTech world. It can reduce the corruption ratio in India, which seems the need of the hour. Thus, India waits for the revolution in its digital world.

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Tags: blockchain technology insights

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