Unlocking Solutions To The Most Prevalent Transactional
Well, the fact is a lot has happened in that time but the news cycle is just focusing on other things.
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Updated November 2026. This was first published on 5 December 2022. The idea is the same. Any number below is what the original piece said then. It is not a new count.
Key takeaways
- Well, the fact is a lot has happened in that time but the news cycle is just focusing on other things.
- Over the last five years, venture capitalists have invested over $1 billion into blockchain companies.
- What makes blockchain so great is not just the technical element but the human element.
What makes it so impactful technology? Why is there so much buzz around this word “Blockch #
Well, the fact is a lot has happened in that time but the news cycle is just focusing on other things.
Over the last five years, venture capitalists have invested over $1 billion into blockchain companies.
What makes blockchain so great is not just the technical element but the human element. For instance, whenever there is storage or retrieval of our data we would require trust in the entity carrying out the process. It helps us overcome this trust factor issue by decentralizing and automating the process.
On top of that, we can run entire institutions, payment networks, financial systems without the need of a central administrator.
Blockchain is an unalterable digital list. The digital list has a record of who owns what.
The important point is that the list can’t be tampered with. This is because an up-to-date copy of this list of ownership is stored on the computer of every member in the system.
Simplistically, data is stored in blocks and these blocks are connected in the form of a chain. Technically the chain looks more like a tree data structure.
If someone tries to tamper with an entry on this list/chain, it’s not going to match the rest of the entries in the system. Clearly, this renders the tampering invalid. That’s a very oversimplified overview, but that’s the core idea. But this very idea is proving to be a powerful tool.
Above all, blockchain’s primary mission is to establish a trustworthy system among participants in a non-trustable environment.
Essential factors that make this system secure and autonomous are;.
Chained/Linked Blocks Peer-peer nodes Consensus-based ledger mechanism Anonymous accounts Self-regulated data ownership and Programmable smart contracts.
Ownership of a blockchain is decided based on the type of blockchain.
As a simple classification, there are 2 types of blockchain.
A private blockchain is set up by a group of people and they completely own it. Here there are technology consulting companies and software services companies, etc.
When we usually refer to the blockchain, we are referring to a decentralized public blockchain. Public blockchains are never managed by a single entity. Group of people or various companies are generally involved in the process.
For instance, in a bitcoin blockchain whoever has the maximum computing power could run it or modify it. This is where all public blockchains are not created equal.
So, a set of people can establish control over it. But only if they have more than half of the total computational power of the blockchain. But to date, a very large amount of computation has gone into it. Thus such blockchains are owned and controlled by the masses and not by one specific person. It is a purely democratic setup where every individual contribution to the chain can be seen as one vote.
From blockchain came digital forms of money and a lot of different innovations.
The largest application of this tech right now is DeFi(Decentralized Finance). Imagine having the option to take out a loan without addressing anybody or even open up a bank account. Or bypassing the banking process of depositing or moving cash and doing these tasks more simply.
Mainly it has become simple enough that anyone with a phone can take part. All you need is a DeFi app and some money that you want to spend.
Deposit your currency and the app automatically converts it to the crypto of your choosing. These holdings can be used as collateral against a loan. One can also get interested in your deposit depending on the volatility of a crypto asset. The less volatile the higher the interest rate.
DeFi applications are built on top of a digital currency called Ethereum. Ethereum dissimilar to bitcoin manages to do this through something many refer to as a smart contract. A smart contract is basically a digital contract made of code. Its job is to replace what a human intermediary would do. The code in this contract establishes the terms of the agreement and authorizes the standards all inside a similar program.
people have to be very careful of putting any of their money into these things since it’s at such an early stage. Regardless, the concept is very interesting.
Even though blockchain discovered its first use in digital currencies, the idea can be applied to many use cases.
Now, any place where the authenticity of data or record-keeping is critical is the foremost place where blockchain tech can be applied. For example land records, university data, and medical records, etc.
In India, agriculture is the primary source of livelihood of about 58% of the Nation’s population. Also, it also makes up about 11% of the Nation’s export. Blockchain can diminish shortcomings and fraud while improving food safety, farmer pay, and transaction times.
Indian company Agri10x has partnered with the government of India to develop tools for farmers based on Blockchain. This will help farmers in selling their products directly to the markets.
A Decentralized ledger has many applications in healthcare. It can help improve mobile health applications, monitoring gadgets, storage of medical records, etc.
It can help the digital government by protecting data, reducing fraud, and streamlining processes. Simultaneously it will increase trust and accountability. people, businesses, and governments can share resources over a distributed ledger using secured cryptography.
Recently, the Indian Army conducted an outreach webinar to call upon startups to invest in emerging technologies. The proposals extensively focused on drones, robotics, and blockchain setup. This will help in identifying niche equipment and technology in the domain.
The blockchain ecosystem is emerging in the supply chain. In logistics, the use of middlemen tracking and storage can create problems that drastically impact a company’s efficiency.
A startup named Sweetbridge is enhancing operational efficiency and reducing costs in the value chain in real-time. Also, Chronicled a California-based company is integrating blockchain and IoT systems to create efficient logistics systems. They recently partnered with a large pharmaceutical company to help transport their products.
Subsequently, this technology is being implemented by some tech giants. D-apps ranging from health to social media platforms and charity are already being developed by them. As an example, last year Samsung integrated a blockchain wallet into their smartphones.
The Business and Financial Sector Has Been The Widest Adopter Of This Technology.
It is estimated that banks could save $8-12 billion annually if they use blockchain technology.
In Italy, 85% of banks now use a blockchain system called Corda. Previously banks in Italy used to send physical tapes between each other to reconsolidate transfers. This meant that the process could take more than a month to complete. Now with the help of Corda authentication, a reliable reconsolidation is completed within 24 hours.
Moreover, MasterCard visa and PayPal are pivoting their services to incorporate crypto and blockchain.
These scenarios just scratch the surface of blockchain’s expanding use case. Today blockchain, especially because of its most common use case in the form of cryptocurrency, sounds like an isolated technology. The fact is soon it will become a “Layered upon technology”. That is it will be used in combination with other technologies for example Android Apps and Web Apps.
Without a doubt, blockchain is one of the most remarkable technologies. This technology certainly can save a lot of money for the economy. Central Banks are now seriously looking into this technology. Moreover, various businesses are finding innovative uses for blockchain. Yet it is very far from achieving its true potential today.
Also, The Blockchain market is expected to grow more than $3 trillion by 2024.
It looks like this technology will be an important part of our future.
Questions and answers #
What is the main point? #
Well, the fact is a lot has happened in that time but the news cycle is just focusing on other things.
What else did the original piece say? #
Over the last five years, venture capitalists have invested over $1 billion into blockchain companies.