Future of BankingBlockchain Technology

Blockchain banking is a new technology in India, but it's gaining traction due to its worldwide success in finance and other sectors.

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The Indian government recognizes its potential and is investing in research through the Centre of Excellence in Blockchain Technology. However, challenges like regulation and data privacy need to be addressed.

"The blockchain symbolizes a shift in power from the centers to the edges of the networks."

This quote is stated by a blockchain investor named Mr. William Mougayar. Mr. Mougayar is author of The Business Blockchain, a bestseller.

What is a Blockchain?

Blockchain is characterized by its three D's: decentralized, distributed, and digital.

Decentralized:

Blockchain operates without a central authority. Means there is no need to rely on a single entity for verification or recording of a data. Blockchain distributes this responsibility across number of nodes. There is no single point of failure, so decentralisation enhances security and reliability. Trust and transparency is also there since transactions are publicly recorded and verifiable.

Distributed:

The data on a blockchain is stored across multiple nodes in a network. Each node maintains a copy of the entire blockchain, ensuring that the data is resilient and tamper resistant. As there's no central repository that can be compromised or manipulated, data is secured.

Digital:

Blockchain is inherently digital, as it relies on digital signatures, cryptographic techniques, and digital records to facilitate and secure transactions. By digitizing transactions and assets, blockchain enables new possibilities for automation, efficiency, and innovation in various industries.