- Blockchain is a process of trapping or recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
- It is essentially a digital ledger of transactions (DLT) that is duplicated and distributed across the entire network of computer systems on the blockchain.
National Strategy on Blockchain
- NLBF can aid in scaling deployments for developed applications, creating shared infrastructure and also enable cross domain application development.
- Focus on research in the domains of standards & interoperability, scalability & performance, consensus mechanisms, security & privacy, key management, secure smart contracts and detection of vulnerabilities in Blockchain Technology based solutions is required for sustainability.
- Regulatory aspects & Polices also need to be focused along with Infrastructure, Research, Technology Stack,
Testing & Certification and Capacity Building.
- Integration of important National Level Services to Blockchain such as eSign, ePramaan, DigiLocker etc.
- Capacity building in Bloeckchain Technology need to be promoted by conducting short term courses or bootcamps
Increased speed of transaction processing: It ensures quick transaction processing, whereas in the conventional scheme this process might take up to several days. The earlier banking organization take a lot of time in processing and initiating the transaction but after the bloeckchain technology speed of the transaction increased to a very high extent.
Security: It is practically hack-proof system resistant to hacking attempts, theft or forgery. It is highly secure because of unique identity which is provided to every induvial when enters into its network .
Cost reducing: By avoiding the use of intermediaries and overhead costs for exchanging assets, Blockchain can potentially save pots of money. Only verified data will enter into the Blockchain system .
Accuracy: Only verified data will enter into the its system . Moreover, Bloeckchain removes typos and other human errors. So, the Blockchain data is accurate, complete, consistent, and timely.
Storage: Large amount of information cannot be stored in it. However, the technology is evolving, and in the future, this shortcoming may vanish.
Excessive energy use : It demands constant computational power in multiple locations that results in the on-going extensive electricity consumption worldwide.