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Can Blockchain become the backbone of India's economy?

Nov 22, 2017 Posted /  8303 Views

Can Blockchain become the backbone of India's economy?

Currently, there are two entities that are creating a lot of bustle in the market. One is the cryptocurrency market whereas the other one is the cardinal technology behind those virtual currencies that is blockchain. Blockchain has mainly supported and renovated the way of the payment system. It is without any doubt an invention of the contemporary world. It is an amalgamation of three major techniques which are private key cryptography, Peer to peer network and the blockchain protocol (program).

The outcome of such a structure for digital connections that do not require any trusted third party. The idea of protecting the digital affairs is embedded which is supplied by the well-designed, uncomplicated hitherto strong structural design of blockchain technology itself.

Securing through blockchain

In blockchain technology, private key cryptography offers an influential ownership gizmo that executes authentication necessities. Control on the private key is ownership. It also facilitates a person to not to share more personal information than they would require for an exchange, which leaves them exposed to the hackers. Authentication is not sufficient and authorization of having adequate money, distribution the accurate transaction type, etc all of these things needs a distributed and a peer-to-peer network as a preliminary point. A distributed network decreases the menace of centralized corruption or else any kind of failure.

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This distributed network must also be dedicated to the transaction network’s recordkeeping plus security. Authorizing transactions is a product of the complete network applying the set of laws upon which it was designed (blockchain protocol).

For the quarter ended June of this year, India’s GDP grew by for Q1 2017 is 5.7 percent, down from the 7.1 percent growth reported for the same period last year. Despite the slowing GDP growth, India is still among the top five fastest growing economies in the world. As experts predict, India’s economy will recover on the back of the various economic reforms that the government has pushed. For instance, the demonetization policy and the introduction of the Goods and Services Tax, or GST, are showing positive signs.

Blockchain can become a necessity

Blockchain technology is over and over again described as the spine for a transaction level for the Internet, the groundwork of the Internet of Value. Indeed, the initiative that cryptographic keys plus shared ledgers can incentivize clients to protect plus makes the digital relationships official have imaginations go wild. Bitindia- a crypto wallet for digital money which will be introduced along with an exchange soon, has an enhanced and reliable security factor on its network, is cited to bring in the faith amongst the Indian citizens related to cryptocurrencies with the help of blockchain.  

Authentication along with authorization, are the fundamentals of digital transactions, which is recognized as a result of the arrangement of blockchain technology. The plan can be functional to any requirement for a dependable system of record. India thus needs practical application in its economy to empower the lives and minds of the populace.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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