Technology is the future and with the passage of time society will witness an unprecedented rise in the use of numerous sorts of applied sciences in our day by day lives. In reality, in immediately’s day and age, the use of numerous applied sciences similar to Artificial Intelligence (AI), Machine Learning (ML), Robotics and so on have gotten more and more well-liked. Talking about technology, if there’s one explicit technology that has change into fairly a sensation of late then it must be the blockchain technology. Originally invented in 2009 by Satoshi Nakamoto to function the general public ledger for the Bitcoin community, the blockchain technology has now discovered a number of use instances all around the world, throughout all sectors.
India for one has adopted and is planning to undertake the blockchain technology throughout numerous sectors. Let us see just a few areas the place blockchain technology is already being deliberate to be adopted by the Indian authorities.
The Telecom Sector – The Telecom Regulatory Authority of India(TRAI) has instructed all telecom corporations to begin incorporating blockchain technology. The use of blockchain technology in the telecom sector will probably be useful in tackling the issue of spam calls. Using blockchain technology will allow the authorities to trace down the unregistered telemarketing corporations. The telecom corporations consider that the use of blockchain technology together with the use of Artificial Intelligence(AI) will assist to remove most of the shortcomings of the telecom business.
The Tea Board of India – The Tea Board of India is planning to undertake blockchain technology to assist enhance traceability throughout all the provide chain. The Tea Board of India has been going through a degradation in the standard of tea being produced, because of adulteration. The adoption of blockchain technology all through the provision chain will assist in conserving a file at each step. This will assist in growing the accountability and may also allow the authorities to identify and remove the issue areas.
Blockchain for secured voting – Three college students from Malla Reddy Engineering College for Women have developed a brand new idea, displaying how blockchain technology can be utilized to safe the voting course of in our nation. A pilot undertaking carried out by these college students in gated communities and housing estates had proven that the implementation of the idea in actual life will probably be very helpful.
Securities and Exchange Board of India (SEBI) – SEBI has instructed all depositories to make use of blockchain technology to keep up data. This will convey in extra transparency in the method of record-keeping, in addition to in the method of monitoring the creation of securities and covenants of non-convertible securities.
Apart from all these sectors the place the blockchain technology has both been already adopted or is in the method of being adopted there are numerous different sectors the place the federal government of India is planning to include the blockchain technology. The Indian authorities is wanting ahead to establishing a nationwide blockchain framework that can assist in remodeling the future of as many as forty-four sectors together with schooling, pharma, farming, vitality, e-governance, and the likes. The risk of incorporating and adopting the blockchain technology in India is huge and the federal government is all set to ease the best way for quicker and smoother adoption of this new technology. In the approaching days, blockchain technology is certain to change into a gamechanger for India. It will assist in revamping and eradicating all the key issues in most of the important companies supplied by the federal government. As per predictions, blockchain technology is all set to change into a large $176 billion enterprise by 2050. So, in the future, the adoption of blockchain technology is all set to propel India to an entire new stage altogether, serving to it to rise significantly in ranks amongst the nations.