If you live in a well-developed country, you are likely to trust your institutions, your politicians, and your banks. But in a country with weak governance, and an uncertain environment, the potential of inventive technology is huge and could mean a lot to its people. In sub-Saharan Africa, three out of four children do not have a birth certificate. Although blockchain technology may have a few problems, its list of potential applications is endless. African banks are starting to see the capability of blockchain, and a CapeTown based start-up already has plans to change existing paper-based child enrolment frameworks with self-sovereign advanced digital identities on a blockchain. Individual farmers and cultivating cooperatives in Botswana can track livestock, inventory and employee wages on a Blockchain-based stage called Plaas. People in Africa are now buying and renting out solar panels with the innovation of blockchain technology. This was an initiative by a startup called SunEchange after they realized the huge demand for renewable energy.
And with everyone talking about Bitcoin and Blockchain Technology globally, how could India, a country with the second largest population be left behind? The fast-emerging blockchain technology has India’s software developers betting big on learning all its nuts and bolts. Solving myriad Indian problems such as land distribution system, voting process on blockchain, eliminating middlemen, providing data security and tampering of financial ledgers, this technology is considered revolutionary.
Blockchain technology has been proclaimed as a progressive bit of innovation that will simply change our method of living. However, it may be hard for some to concur with this opinion, and rightfully so, when it is often not made aware precisely how blockchain will do this. In definition, blockchain technology is a decentralized, incorruptible, distributed public ledger used to record virtually everything of value, and in this article, we will investigate multiple energizing use-cases for blockchain innovation, and hence, illustrate its progressive potential.
The clear and secure nature of the blockchain makes it an amazingly compelling arrangement in tackling huge numbers of the problems found in the supply chain management. One such problem is the absence of clearness that can go with an item as it moves along its supply chain. Product supply chains can traverse various stages and over different geological areas, which can make it hard to detach and research any difficulties that may arise. Blockchain technology eliminates this issue.
In addition, buyers can confront issues regarding the genuineness of commodities. The blockchain is a practical answer to these issues, in light of the fact that the innovation empowers what is known as asset digitization. With asset digitization, items can be labeled and doled out with unique identities that can be digitally recorded on a blockchain. This takes into consideration labeled items, and all relating data, for example, the date, area, and condition of the item to be translated to the blockchain. This would convey extensive transparency to supply chains, and furthermore empower end buyers to have the capacity to check the status of a bought commodity, as they would have the capacity to follow their products at each phase of its inventory network.
A significant number of the worldwide economy's most profitable ventures are stagnated by intermediaries, who direct costs, timing, and control. Decentralization offers the guarantee of a nearly effortless partnership between individuals and closely knits integrated groups leading to quick decision making and facilitating diversification. In a world without intermediaries, things get progressively proficient in unforeseen ways. A 1% exchange expense may not appear much, but when it comes to a 15-step supply chain, it adds up. These little grindings create a lot of drag compelling us to use short-supply chains and arrangements done by the compartment stack. It is almost way too wasteful to even consider having more connections in the production network and to work with smaller exchanges. The decentralization that blockchain gives would change that, which could have enormous conceivable effects for economies in the developing world. Any change which enables independent, small-scale ventures to contend with giants will have major worldwide impacts.
Blockchain technology is more secure than other record-keeping systems in multiple ways and gives various benefits. When a transaction is approved, it is encrypted and linked to its previous transaction. It is very difficult for hackers to compromise transactions since information is stored across a network of computers instead of a single one and moreover, it is encrypted. Industries where protecting sensitive data is very crucial, for example, financial services, government data, and healthcare industry – blockchain offers the opportunity to help prevent fraud and unauthorized activity.
Moreover, using traditional practices like storing data on paper is time-consuming, prone to human errors and also requires third-party mediation. Blockchain enables streamlining and automating these process and hence transactions can be completed faster and more efficiently. Using blockchain technology, only a single digital ledger is shared amongst participants on a shared network instead of having to reconcile multiple ledgers, resulting in eliminating clutter. It becomes easier to trust each other without the need for multiple intermediaries because everyone has access to the same information.
To conclude, blockchain is a relatively new piece of technology so its use-cases and benefits for the society are constantly being discovered. Countries across the globe have accepted this technology and see immense future growth prospects because of the adaptation of Blockchain.
To contribute to this, we at Fortune Asia 2019, present a series of expert keynote sessions, interactive panel discussions, and solution-based case studies. Fortune Asia is one of India's top Blockchain Conference and largest Exhibition in 2019 that focuses on the future of technologies like Blockchain, AI and Future Tech.