BLOCKCHAIN CAN TRANSFORM INDIA

   Blockchain as a revolutionary technology

 Did you know about blockchain technology?

Blockchain Technology is a great platform to transform.
New and a piece of fresh upcoming news that you need to know about.




The all you need to know about blockchain to take stand

blockchain technology
Blockchain is an algorithm behind distributed legend technology.
lets elaborate to understand it in a better way:
Blockchain Technology is distributed, decentralized computation and information sharing platform that enables multiple domains, who do not trust each other, to cooperate, coordinate and collaborate in a rational decision-making process.


It is distributed means it provides access to multiple parties in a single network in a single ledger and decentralized means there is not any center access means there is not a single central server control, instead there is much different access.

how does this spell and this particular conference is known as consensus, its the gathering happens in new york, the world's largest blockchain gathering and its a great opportunity for them who get a chance to attain it.


HOW DOES IT PROOF ITSELF AS A TRANSFORMING

  • blockchain is as fundamental as parallel as the INTERNET
  • blockchain sound very simple but complex to understand
  • blockchain has the potential to change our lives in the same way as the internet has changed from the past 20 years.
blockchain is not spelled as BITCOIN or someone says its a tech behind cryptocurrency or ether but it does not define it as well as the internet is not define the technology behind the E-mail. 

The very promising feature
one way to think about it is a very big ledger and the way we achieve everything including money is a ledger entry, foe eg- when we transfer the money from our account to anybody else account then the money did not fly, it's only the ledger entry takes place in mine ledger as well on his/her ledger.  

and the entry of one transaction is visible to everyone in a network and everyone validates it and the blockchain ledger is protected by amoungst best cryptographic algorithm so its very difficult to hack. and if any hacker comes and changes the one block then he has to change the entire chain because the one block is connected to the entire chain as it is decentralized.

Probably a more or friendly an away

A term to get deeper to understand

A blockchain is like a "kitty party", what's it it is a bunch of women which having a good time, having enjoyment, juice, playing cards and exchanging some money and the bit money is important so there is no bank, no superwomen so I am one of the women among them then who am I trusting! they are trusting all the women.
They are changing the concept of trust from centralized trust to distributed trust

THE IMPORTANT PROPERTY WHICH MAKES BLOCKCHAIN TECHNOLOGY AS TRANSFORMING


THESE PROPERTY EVERYONE Should KNOW!.

This is a distributed trust which is the heart and soul of any object. Now, think about these women's as nodes and money exchanged as cryptocurrency. 




The blockchain is really very useful when you have these four things.

There is consensus as provenance to come back, and there is security due to strong crypto algorithms and definitely, there is trust.

let's come some back to it to explore it in our country.

what do we do with it?

Here, comes our government to explore the blockchain in the digital economy.

what does the finance minister said?
 


So, blockchain and cryptocurrencies are seed of each-other.
you cannot have cryptocurrency unless there is blockchain behind it, and on the other hand, cryptocurrency build in an extensive system, there is going to be no blockchain.
but our politicians and policymaker think sometimes a different and our honorable finance minister thinks one is good and the other is evil.
   cryptocurrencies are evil,
   while blockchain is good

he is not only the guy it seems to be the prevailing notion across the world and multiple countries japan, Canada, Dubai, Estonia, Mauritius and it, in fact, Mauritius is calling itself as an Ethereum Island. they all want to become the blockchain nation, they all want to only use blockchain above all the technology to transform themselves and to transform their economic and more beyond it.
so the point comes here is how can you use a blockchain to transform the country and the country like India.


If we talk about transforming anything in a country like India the first thing to look after that is agriculture. agriculture is 16% of our GDP, India is known to be 2nd largest country to own the agriculture land in the world, and 120m million farmers are engaged in it but these are some different numbers and number is left out is 23. and 23 is a number of farmers killed per day, why did they do so?
they did not have the farm equipment or do not have land to cultivate agriculture and even if they own land the land is very small and they take the loan and unable to pay it and under-clean themselves.
Now the question arises is how blockchain can help and prevent this?

blockchain can help in multiple ways, for example, blockchain is ideally suitable to create a new uber and uber in tractors & actually a uber not being there and the cost becomes very lesser as compared. the smart contract, provenance, cryptocurrency makes it much easier to handle.
if we go a step further then the blockchain is the ideal technology to create the fractional ownership so that the 11 farmers can own only a single one tractor. and all the transactions and all the activities can be taken care of very easily and largely.

the government all over the country is trying to digitize the land and still, it will not be very prominent because someone can easily go and hack it or can take ownership. if you digitize the land then you only know who it belongs to but did not know whom it belonged to and what was its provenance. Again blockchain, can come in and can solve this problem.
Andhra Pradesh has started following it and scaling it on large sector.

what is the thing which excites to have blockchain?
you can use blockchain better than any other technology to do consolidation of these small plots to a large one and you can do harvesting.
even blockchain can take care who owns what land and how much input is there and what is its output.

If we want to take another example take the power plant. power plant works on a centralized concept that there is one power plan the power generated is distributed all around the area from the central power plant. it works in cities but did not work in rural areas because it does not make any economic sense.
you have to produce the power where it is needed, and possible to do it. you can make use of solar or wind. the only problem is how will you make it economically viable. there are certain houses producing more power which is not needed and certain who did not produce power, Again if you use blockchain and little bit of IoT here, and link all of this then the access power can be transfer to defset power and money from defset power guy can be transfer to access power guy.
So, producing power is not the problem, how you make it economically viable is something that blockchain can potentially do.



there are many application of blockchain and can be applied in every sector like:

  • Medical and healthcare
  • Education sector
  • Managing subsidies
  • NPM as a loan
  • Voting(you can prevent the voter fraud)
  • The new Adhar is actually going to be on blockchain.
the most special use case is to again understand the concept of kitty party and expand it many times and what did we get is cheat fund
you are trusting a community rather than trusting a single authority
or a bank. it is a parallel banking system that exists in our country and in fact 10% of the country's saving going to cheat funds and problem is the amount of fraud in cheat-fund is estimated around 10 billion dollars.
Here again, comes blockchain with its power of consensus and not-hacking property, power of provenance is ideal. and thus these are banks that are adopting the blockchain first among all other industries because they know one day it is going to disrupt them.


The blockchain not just a technology but a philosophy

Blockchain is similar, yet different from the internet,
internet solves many big problems for us, it solves our information problem, our distribution problem with amazon, youtube and many more, it even solves our communication problem.
But there are 2 problems that the internet was supposed to solve and it did not.

  1. Trust problem
  2. Intermediation problem
                                   





 Information                  Trust

 Distribution                  Disintermediation

 Communication    

How many of you trust on the stuff from the internet, fake news, money, and fake profile.
and the second problem is about which people were very excited and the problem called intermediation that what they think that the big intermediaries will go away, small man will come up and there will be level playing field. and that's what the internet did, it creates the far more power intermediaries. 
Google, Facebook, Amazon, Microsoft and many become the very powerful intermediaries and they supposed to be peer to peer. the uber supposed to peer network from rider to driver but now it become peer to uber to peer.

No-one does chicken-like blockchain can transform India

The future's bright. The future blockchain can transform.

22 Comments

If you have any doubt or suggestions then, please let me know.

  1. Very nice..... I really like your blog.
    Impressive! Carry on...

    ReplyDelete
  2. I enjoy your blog
    Interesting and inspiring...

    ReplyDelete
  3. I enjoy your blog keep it up
    Very helpful and interesting keep going 😊

    ReplyDelete
  4. A good start man, keep writing like these.

    ReplyDelete
    Replies
    1. Yeahh it's true..
      It's writing very nice content

      Delete
  5. It's very nice to inspire those to deep in something
    It's an emerging tech around us ..
    Good work

    ReplyDelete
  6. Writing on such fresh and emerging concept needs a trur courage. Keep it up bro👍

    ReplyDelete
Previous Post Next Post