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BLOCKCHAIN

BLOCKCHAIN

  • 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

Advantages 

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.

Disadvantages 

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.

SCIENCE AND TECHNOLOGY

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