Blockchain: Revolutionizing Industries, One Block at a Time

Dr. Arvind Deendayalan, Global Practice Head - Blockchain, Infovision | Friday, 21 April 2023, 11:52 IST

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Dr. Arvind has led the emerging technologies and digital transformation services for several global service delivery organizations and centre of excellence. He has a strong experience in the banking and capital market domains where he spearheaded large accounts and market units for tier-1 banks and Fortune 100 global banking clients.

Dr. Arvind has led the emerging technologies and digital transformation services for several global service delivery organizations and centre of excellence. He has a strong experience in the banking and capital market domains where he spearheaded large accounts and market units for tier-1 banks and Fortune 100 global banking clients.

With the rise of virtual worlds and the explosive growth of social media, the internet has become a ubiquitous medium for communication and commerce across the globe. Though the future of the Internet has been much of a debate over the past few years, now it is clearly evident that with the rise of blockchain, the Internet is about to go through a massive transformation. As they say, “Technology is best when it connects people in a secured manner”, and these words are very much similar to the concept of Blockchain, one of the top game-changing technologies of the 21st century.

Blockchain can spell as a peer-to-peer network that sits on top of the internet today. It was introduced in October 2008 as part of a proposal for Bitcoin (a virtual currency system that eschewed a central authority for issuing currency, transferring ownership, and confirming transactions). Backed by Blockchain, today industries like Fintech, Real estate, supply chain management, healthcare, advertising, and many others are giving their fellow competitors tough competition by tackling some of the key burdens like cost, speed, visibility, customer needs, security, and payment methods.

In this digital world, with millions and more people sharing a large amount of data on a daily basis through social media in the form of photos, videos, documents, and more, the way we regulate and maintain data has to change and Blockchain promises to solve this problem. Blockchain is a type of shared database that differs from a typical database in the way that it stores information. Blockchain allows digital information to be stored and distributed, but not edited. With this, Blockchain becomes the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed, thereby known as distributed ledger technology (DLT).
How does it work?
Skipping over the technical words, let’s understand it in a more simple manner. In the world of blockchain, contracts are embedded in digital code and stored in transparent and shared databases, where they are shielded from deletion, tampering, and revision. In this world, every agreement, every process, every task, and every payment leaves behind a digital record and signature that could be identified, validated, stored, and shared. Intermediaries like lawyers, brokers, and bankers might no longer be necessary, thereby Individuals, organizations, machines, and algorithms can freely transact and interact with one another with less friction. This is the immense potential of blockchain.
This article, the focus has been centralized on the influence and criticality of Blockchain technology in various industry sectors. Let’s go through it.
With the increasing application of AI and IoT, cyberattacks become the top threat to the digital world and the security of data and systems has been raised as a major concern. However, Blockchain technology can put a full stop to such nightmares. As a decentralized system, Blockchain is ideal for environments where high security is involved. Here, all the information stored on a Bitcoin or other blockchain network is verified and encrypted through a cryptographic algorithm, which leads to no single point of entry for a wide-scale attack. Also, malicious data attacks can be easily identified with blockchain with its peer-to-peer connections, wherein data cannot be altered or tampered with. Additionally, by leveraging a central authority, blockchain provides a secure and transparent way of recording transactions without disclosing private information.
Today’s patients expect their data to be secure, and they look for a trustworthy steward of patient data.
Hence, Blockchain for healthcare has never been this vital. In healthcare, Blockchain technology eliminates the need for a central authority and enables rapid access to data. With utmost concern to keep personal medical files and information private, where each block is connected to another and distributed across the blockchain nodes, making it difficult for hackers to corrupt the data. Additionally, one more major concern that revolves around healthcare is counterfeit medication, and blockchain technology can control this, too.

Supply Chain Management
With Blockchain technology, all the steps of a supply chain can be tracked, from placing an order for a desired product to getting it delivered and finding it not the same. The owner of the company from whom you ordered it could go back through his blockchain ledger and find out where in the supply chain the order went wrong to displease the customer. For instance, it can go from the manufacturer or producer to the distributor, to the retailer, then to the purchaser. In general, throughout supply chain management, blockchain provides permanent transparency and validation of transactions shared by multiple supply chain partners. Here, all transactions are permanent and verifiable, making it easier for owners or customers to view each record.
Real Estate
As a traditionally conservative industry with high barriers, Real estate can be highly benefited from Blockchain. In recent times, Blockchain eliminates middlemen in the industry such as agents, brokers, property managers, lenders, and others, thus not only increasing transparency and accountability but also providing direct access for smaller players like homeowners and investors.
Truly speaking, Blockchain technology in Banking has taken the whole industry by storm. It has revolutionized the system by building a decentralized database of digital and unique assets. Through a distributed ledger, it made it easier to transfer the assets through tokens that represent the assets off-chain. Also, the benefits of blockchain in banking work around the creation of tokenized security that holds the potential of excluding the middlemen altogether and lowering the asset exchange fees.

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