Blockchain & Ai Technology

One of the world’s dynamic digital innovations is in the form of Blockchain Technology. Catering to the issue of trust within its network, it’s a digital ledger wherein the transactions are distributed and duplicated within the network called Blockchain. All the transactions made and recorded within its system are in ‘Blocks’ and are time stamped. Each transaction has its own unique code, which makes it easily identifiable and added to Blockchain.Blockchain provides a strong ledger system for the business, to keep their financial transactions hassle-free, safe and secured. It comprises some of the unique properties such as:-      All transactions made are recorded within its system and are encrypted individually. -      The transactions are recorded in blocks and time-stamped. -      Blockchains are programmable -      It is decentralized and acts as an open ledger -      It removes the role of intermediaries and the transactions take place only between the sender and the receiver, thus providing a peer-to-peer network. How does Blockchain technology help? Owing to its unique features, some of the most significant benefits of Blockchain technology that directly affect the business growth are:Better transparency and accurate traceability - Blockchain works on a network that is decentralized with no needs. It is a platform wherein anyone can join it and view the information within the network. However, because of the powerful control mechanism, cryptography and its associated encryptions, the data stored in the network cannot be changed or deleted. All the changes made in the network are time-stamped and recorded permanently. The data stored is easily auditable, thus each transaction made within blockchain technology is transparent and accountable. Enhanced security - Blockchain uses advanced security, and each transaction recorded on its platform needs to be validated through the consensus method. They used a unique hashing method to link all encrypted transactions made. They primarily used cryptography for providing security in a blockchain network. Each user on the blockchain network has private keys which work as digital signatures, this ensures that they will easily capture any changes done in the records. We can see the security given by blockchain technology in database management in the healthcare sector and in supply chain management. Improved accessibility, efficiency and reduced costs  - Blockchain technology provides a network wherein business can make transactions in a decentralized network. All the transactions constantly updated and accessible with increased security. This safeguards business against frauds and data or information tampering. It eliminates all time-consuming activities and human errors through its automated system of storing accurate data. It also eliminates any third party interventions as vendors because of its decentralized system, hence saving additional vendor costs. Businesses can process faster payments, thus saving time and removing errors. Blockchain technology brings enormous benefits for the business to prosper and grow. It is about time that businesses scale up their growth strategy in partnership with this technological innovation. Its implementation definitely improves the supply chain mechanism, streamlines business accounting, evades any cases of frauds and finally stores data securely. All this enhances customer experience and maintains customer privacy. 

Blockchain technology is one of the most valuable technological innovation. It has captured the imagination and interest of business owners across the globe.However, an important question such as do blockchain help in bringing change in the world through the way traditional business works?Its definite answer is YES !!Blockchain technology is best suited for a scenario wherein ownership histories are important. It provides additional, more unique benefits such as:-      The chronologically recorded data is highly secure and are time stamped.-      The decentralized transactions that take place are not only transparent, they cannot be altered or deleted.-      It provides a strong ledger system.-      Its decentralized distributed network of systems creates confidence in the data.-      Blockchain provides trusted systems for information management, data, and digital assets that can be accessed in real-time.There are multiple means blockchain technology revolutionizes the way the data is stored, businesses are run, and this does not limit it to the exchange of cryptocurrency only.Blockchain technology’s growing impact can be found in various areas and industries as listed below:1.   Public Projects: Recently the Indian Ministry of Electronics and Information Technology proposed a blockchain project named Vajra planned by the National Payments Corporation of India for different payment organizations. This was a firm step in the digitalization of the payments with robust record keeping. Another potential use of Blockchain technology is in an e-voting system that would simplify, speed up, and reduce the cost of elections without historic data being changed or deleted.2.   Education Industry: With increased focus on online learning, there are currently multiple platforms that are leveraging the blockchain projects in education. Blockchain-based ledger technologies for education have enabled maintaining accurate student attendance records, courses, payment towards tuition certification and many other benefits. 3.   Hospitality and Travel Industry: Blockchain technology enables the hospitality industry to flawlessly do their customer identity verification through fingerprint or bar code. Powered by artificial intelligence semi or fully automated, human interaction software called chat-bots cater to customer queries and responses. Blockchain provides better ways to make a transaction and store and use information through cryptography or high-security encryption.4.   Healthcare Industry - There are multiple digital platforms such as ‘Patientory’ which is one of the enormous libraries that maintains data pertaining to patients and healthcare. Such digital platforms use the benefits of blockchain technology of a strong record-keeping of decentralized transactions. The record-keeping is transparent and is not altered or deleted. Across the globe, healthcare companies use blockchain technology for securing data related to patients' identity, medical prescription, medical inventory, specialized medicare, etc.With the above listed obvious Blockchain-based innovation and intervention, it's needless to say that Blockchain technology holds the power to revolutionize the world. In the context of blockchain technology, the way we interact with data, its management, transparency and security would further change. In this setting, Blockchain Community India through its strong community network provides a collaborative platform to help the traditional business make the best use of blockchain technology. 

Blockchain technology is set to see a revolution in India as the Ministry of Electronics and Information Technology has recently shown its interest in Blockchain through a draft, National Strategy on Blockchain. The draft was made after consultation with various stakeholders including academia, industry, and government. The draft primarily focused on bringing Blockchain into multiple services like property record keeping, management of supply chain, record-keeping, managing digital certificates to name a few. A couple of months ago, a blockchain project named Vajra planned by the National Payments Corporation of India for different payment organizations providing secure exchanges on their online stages or mobile applications, which is very similar to what Blockchain Community India's wallet also does. Blockchain Technology works on the distributed ledger systems which means all the records are available to all the people and to make the technology more effective for the government's need they have decided to divide into 4 parts:public and permission less, in this everyone will be allowed to write, edit or view data.  public but with permissions, here only a few people who are authorized will be able to edit.private and permission less, this means that there will be only a few authorized people will be able to check but anyone can access the database. and private and with permissions- only a few will be authorized to edit and view the data.The focus of the government is not limited to bringing the Blockchain technology but also make sure that the systems which are introduced are safe enough to prevent fallacies like copying of data or hacking of the ledgers. The government also emphasized the fact that not many citizens will be equipped to access information on such systems, and hence there is also a need to make the system accessible more easily for which the government should run information campaigns to introduce these systems to a large population of the country.  Communities like Blockchain Community India will also play a great role in informing and bringing Blockchain into daily lives of peopleApart from this, the government is also trying to explore Blockchain in different sectors. The think tank by the government of India Niti Aayog also discussed the possibility of using a blockchain ledger system in the management of state-provided schemes such as the supply of fertilizers for agricultural activities or maintaining records of PDS and a few more. The introduction of blockchain will make record-keeping effective and reduce the red-tapism and discrepancy in the current system. The government in the draft also mentioned the possibility of using the system for the management of vaccines and other medical supplies. The draft mentioned using a ledger system for logistics and refining current systems. Bringing Blockchain technology into the government system is a boom for the country as it will become the source of truth and everyone will be able to see where the government is spending the taxpayer’s money. This will be a big step towards digital India, said the ministry officials. This will also mean that blockchain will be promoted in the country and more organizations will also adopt such systems. This draft has boosted the blockchain industry and the implementation of these recommendations will definitely bring a blockchain revolution to India.