Blockchain is a concept that has enormous popularity in the last few years. It all started with the popularity of Bitcoin and it has steamed into the domain of business applications that turn out to be mainstream. To understand how Blockchain companies operate in India let us understand it through the common application of Bitcoin. To be fair it is just like a national currency.
On the central server, a ledger file is not stored which would be providing to the crisp of Blockchain which turns out to be a decentralized system. Such a ledger would be distributed all over the world which is stored on private computers. If X is looking to dish out 5 bitcoins to Y the message would be displayed on all the nodes. Every computer is going to receive this information and they would be updating the balances of X and Y.
Blockchain would allow you to check out the transactions of others as it is not going to be trusting an entity or a person. For enforcing code and mathematical functions it is necessary to implement reliability and security. Every wallet would be having a cryptographic method that is going to rely on the use of a connected key which would be the public and private key. No definite game-changing technology exists when you are resorting to the use of blockchain technology
- Transparency- blockchain is going to make the transactions a lot more transparent than ever it has been the case. Since it is in the form of a distributed ledger all the nodes in the network would share a documentation copy. The data on blockchain technology is accessible for each one to witness. If any transaction history changes then everyone in the system could witness it
- Security. The blockchain companies in India are of the view that security is of paramount importance when it comes to this module. Any shared documentation will only be updated on the blockchain network. But if you approve any transaction it would be encrypted and updated with the earlier transaction. Hence no one would be looking to update the transactions by their free will. Any industry which needs to protect sensitive information has to rely on blockchain for enforcing stringent security controls.
- Efficiency- when you undertake a traditional form of paperwork to complete a transaction it may require human errors and requires timely intervention. The concept of blockchain could stream these things and reduce the scope of errors. As there is a single ledger the parties do not require multiple entries, a feature that may lead to less paperwork. If there are no intermediaries the settlements can be done in a fast and precise manner.
The major benefit of blockchain is privacy. When you are storing data on this module it would be encrypted and anonymous. So everyone who is part of the network would have access to data. Still, a possibility exists where someone may track the data.