What is blockchain technology? Enumerate its benefits in various industries. Also, discuss the challenges in upscaling such technologies. (250 Words)

Mentors Comments:
1. Define blockchain technology
2. Mention the benefits offered by BC technology in various fields – medicine, banking, manufacturing, etc., Also give examples of states which are using such technologies in different fields
3. Mention the challenges in the widespread adoption of the technology
4. Provide solutions and steps ahead before ending the answer with a suitable conclusion.

A Blockchain is a digital, immutable, distributed ledger that chronologically records transactions in near real time. Blockchain is the promise of completely new Internet, the Internet of Value. Blockchain’s economic impact is projected to exceed $3 trillion in the next decade. The NITI Aayog is reportedly building a platform called “IndiaChain” — a shared, India-specific Blockchain infrastructure to leverage the trinity of Jan-Dhan-Yojana, Aadhaar and the mobile.

Applications of Blockchain technology:

1. Healthcare:
Blockchain technology can enhance public health by creating a secure and flexible ecosystem for exchanging electronic health records (EHRs). This technology could also make the space more transparent by creating provenances for critical drugs, blood, organs, etc. In addition, by putting all medical licenses on a Blockchain, fraudulent doctors can be prevented from practicing.

2. Education:
Student records, faculty records, and educational certificates can be maintained with the application of Blockchain technology. Blockchain can also simplify certificate attestation and verification. It could even transform the manner in which the policy for educational inclusion is framed by bringing in base uniformity in the tracking of national metrics.

3. Agriculture:
Blockchain technology can be used to increase transparency, reduce complexity and cost in food-based value chains by enabling trustworthy provenance and traceability from farmer to consumer. Other possible applications include the use of blockchain technology to record and manage agricultural land records as well as agriculture insurance

4. Civil Registration:
The civil registration process can be simplified through the application of Blockchain technology to create distributed citizen registration platforms and even register vital events such as births and deaths on a blockchain. This can help make citizen records tamper-proof, resilient, secure and private, thus providing wide-ranging benefits for a variety of stakeholders.

5. Defense:
Blockchain technology can be used to efficiently maintain and track information regarding defense infrastructure and computer

6. Governance:
Blockchain technology can be used to check government corruption, increase efficiency and transparency. Linking file and data movement between departments through a Blockchain would increase visibility into the process and ensure that the data/file moves forward in real-time

7. Banking and Financial Sector:
Blockchain technology can be used in money transfers, record keeping and other back-end functions in the bank.

Following are the challenges which might be impediment are as follows:
1. Nascent technology: Blockchain is still a nascent technology and there are issues such as complex verification process, data limits, etc
2. Large energy consumption: Blockchain technology uses a substantial amount of computer power.
3. Security and privacy: Though considered highly secure, there are still cybersecurity concerns that need to ensure before general public trust Blockchain technology with their personal data
4. Cost: High initial capital cost is a deterrent.
5. In the current regulatory environment, Indian developers do not have to ability to develop open blockchain solutions at scale. Serious blockchain professionals are migrating rapidly to countries with more friendly regulations.

Way forward
1. For the adoption of Blockchain technology in the government and public sector, the technology will need to be validated, regulated and adopted.
2. To harness the potential of Blockchain technology and reach the stage of large-scale implementation, a structured approach along with adequate financial allocation
3. Further issues related to cybersecurity and privacy should be addressed with robust data protection mechanism
4. The Inter-Ministerial Committee on Virtual Currency constituted under the Chairmanship of Subhash Chandra Garg has the use of Distributed Ledger Technology for creating a network for delivery of any financial or other services or for creating value, without involving any use of cryptocurrency is not prohibited.

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Neha Pandey
1 year ago

Kindly review need your valuable suggestions

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