Since the advent of the UNIVAC-1, which was manufactured by Remington Rand, it used approximately 5,200 (five thousand two hundred) vacuum tubes, weighing about 14,000 kilograms (fourteen thousand) and costing around $1 million. was. Yes, it was the first invention of the commercial computer that attracted the attention of the wider public. The TCP/IP protocols which are the main technical layers of Internet technologies allow computers to communicate and many of the following technologies allow smooth operation of web activities. The same revolution that took place in the 70s has been brought about by Blockchain technology which has the potential to transform not only India but everyone around the world. Blockchain can be simply defined as a collection of interconnected records, strongly resistant to change and protected using cryptography. India will be one of the leading countries in the world in innovation, education and adoption of this beautiful technology in both the public and private sectors by the end of 2025.
Microsoft's Blockchain-Based Service
Blockchain technology was in full swing as a priority topic at the World Economic Forum, Davos in 2018 and 2019. About 10% of the world’s global GDP will be exchanged on this technology by the end of 2027. Leading technology firms have more than $200. Million investment in the blockchain-powered Internet of Things and over 1,000 employees. It is more likely that healthcare, education, banking and insurance, among other financial services, will be at the forefront of this technology.
Much has already been discussed about the potential of blockchain technology to deter hackers by increasing users’ privacy, increasing trust, and removing friction within businesses. Blockchain makes it clear who holds the data on the ledger and when. The special thing is that once the data is added to this ledger or block, it is not possible for any node in the network to change the data. The main thing is that once the data is added, one can trace the data and the entire history of that record. Blockchain technology uses complex algorithms that cannot be hacked and is the most secure option on the planet.
Blockchain Initiatives in India
1.Some states have started issuing tender notices for blockchain based land records especially for farmers. Andhra Pradesh was the first state to implement this technology.
2. Tech Mahindra along with other tech giants Microsoft and IBM has implemented a DLT solution that will be used to register and track customer complaints regarding UCC. All telcos in India and TRAI are sharing data of preferences and violations recorded as per customer complaints.
3. Trade finance and loan applications begin to grow
4. APCRDA is implementing DLT for recording of land registration. It is being implemented by Hyderabad based company ZEBI
5. Zebi is implementing Blockchain based Certificate Management for 35 Universities/Colleges in Karnataka and Andhra Pradesh
6. The Telangana government is exploring and evaluating blockchain for applications of the Department of Motor Vehicles to track the vehicle lifecycle from manufacturing to the end of the warranty period.
Bitcoin arrived in 2009 and is considered the ‘biggest disruptive force’ after the World Wide Web and the Internet. In its early stages, bitcoin was the first pioneering innovation that built on blockchain technology to create a digital currency that can store and transfer value just like any other fiat currency. Current technology giants such as Google, IBM, Microsoft, Amazon and Facebook are eager to use this technology, but the technology has not been widely adopted by government services applications. It is important to note that blockchain technology is built on top of Internet technology. It took almost more than 3 decades for internet technologies like e-commerce and other related business to become successful.
Some states have started issuing tender notices for blockchain based land records especially for farmers. Andhra Pradesh was the first state to implement this technology.
Even a new technology that comes into the picture has to go through a trial and error phase where enterprises and governments come together and address implementation challenges. Technical scalability is also one of the issues associated with blockchain networks. There are not standards that allow different networks to talk to each other. Furthermore, the speed at which blockchain works has cost complications that affect the usability and effectiveness of these systems.
Legal Challenges in Adoption in India
RBI has not really supported the idea of cryptocurrencies in India. If we refer to the Information Technology Act, 2000, it provides that, “Nothing in the Act shall apply to transactions involving immovable property, wills and negotiable instruments. Confidentiality under section 43A of the IT Act, 2000.” Blockchain currently does not provide adequate security measures. As blockchain automatically stores
Role of Government
Presently more vision and leadership is needed regarding adoption of this new technology to make India a global leader in the world economy. There is a greater need for the development of technology for the digital blockchain economy.
The government should work closely with all levels of management and clearly articulate the hidden potential of this technology. Industries need to come to the fore and showcase real production examples of blockchain technology deployment in various sectors of the economy. More recently it needs to be allocated to blockchain technology, just as the US government funded research into the Internet in the 1970s and 1980s. Support from the government is important.
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