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Blockchain Technology

As reported by ET, early this week Nasscom started a Special Interest Group (SIG) for Blockchain that is supported by firms like BlockSmiths and Quatrro which are already active in the blockchain sphere.The SIG will educate and inform the public along with working on various Blockchain use cases. In its recent meeting, this SIG came up with four core focus areas, viz.

(1) Blockchain for Fintech,

(2) Blockchain for Internet of Things (IoT),

(3) Smart Contracts and related Applications, and

(4) General Blockchain Applications.

 

The first area of Fintechtouches the pulse of finance that has been the impetus for almost any activity; The second one of IoT holds lot of potential to transform the way automation has been happening till date; The third one i.e. smart contracts tackles self-executing agreements that can be triggered by the pre-set time-based triggers or events, and the fourth viz. General blockchain applications seems to be a miscellany category covering all the remaining areas where blockchain could make its mark.

No doubt, all the four areas hold tremendous scope in the foreseeable future; yet, it will be in the fitness of the things to ponder over another large area i.e. Governance. To underline this point, consider a few gigantic applications where our government has since started taking some steps. The first one is land records – the area that could benefit with blockchain to get rid of chronic issues of ownership title. Second one could be Direct Benefit Transfer (DBT) where recurring disbursement of various subsidies has been a high scale work that could be perhaps the best-fit for smart contracts. Third one could be keeping track of the numerous legislations brought about by our law-makers, either at the central or at state level and is augmented by subsequent amendments. Fourth area that suits the blockchain is tax deducted at source (TDS) whichcan help recover and account for the government levies. Finally, the fifth and probably the most humungous area will be Aadhar data that could be trifurcated into public, semi-public and private components in the eyes of each citizen and for the citizens consenting to this scheme, their public data can be put up on a permission-less blockchain and the semi-public data one a permissioned blockchain.

Each of these functional areas of governance has some blockchain-related assumptions made for above suggestions, certain tweaking of blockchain necessary for suitability and calls for re-consideration of some of the set practices. All these points therefore obviously merit more deliberation, still, the blockchain technology would surely take e-Governance to its next level of effectiveness and efficiency.

 

Dr. Pramod Damle, SITM

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    The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. This series of blogs on the blockchain technology will surely help the readers to better understand the concepts.

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