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A brief insight into Blockchain technology

‘Blockchain’ has emerged to become a potentially transformative force in multiple aspects of government and private sector operations. Its potential has been recognized globally, with a variety of international organizations and technology companies highlighting the benefits of its application in reducing costs of operation and compliance, as well as in improving efficiencies.

While the technical underpinnings of the technology can be intimidating to a large section of policy and decision-makers – simply and functionally, blockchain can enable ease of collaboration for enterprises and the ease of living for our citizens by bringing in transparency across government and private sector interfaces.

Blockchain technology is still in its nascent form in India. For a lot of industries in the country, it is still a concept that is yet to be understood. Despite the fact that the technology is still in a nascent stage of its development and adoption as it continues to evolve, it is important for stakeholders such as policymakers, regulators, industry and citizens to understand the functional definition of the entire suite of blockchain or distributed ledger technologies along with legal and regulatory issues and other implementation prerequisites.

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