A top IBM executive has forecast that with the enterprises across the world becoming aware about the benefits associated with moving the operations to the Blockchain-as-a-Service (BaaS) platform, the Indian public sector will be the real beneficiary of this technology in the days to come.
Considered as a key technological innovation of the digital cryptocurrency, Bitcoin, Blockchain technology is changing the traditional process across industries from financial transactions to marine insurance and much more. Blockchain can serve as an open ledger that can record transactions between two parties. It is operated by a peer to peer network which enables users to manage the ledger in a secure way. The idea is to bring the buyers and consumers together without the hassle of going through multiple online getaways. If you are doing a transaction online, there will be multiple parties involved, Blockchain is a solution which is delivering on the fact that it will help remove the intermediaries and connect them through a network which replicates and translates information in real time.
The technology enables connect and trust by securing the exchange of information and replicating it on both the ends, at the same time, keeping it private and secure. The blockchain market is expected to grow from $210.2 million in 2016 to $2.31 billion by 2021. The financial and banking sector is expected to dominate the market with a large share. The banking and financial transactions have evolved from the traditional method into the new integrated systems.
The awareness and adoption has increased among the Indian firms and the acceptance of blockchain will be redefined across the country. The public sector will be the most beneficial sector. With multiple areas for implementation, from IT to having all electronic medical records, every area has transformed seamlessly into the new system. The technology eliminates cyber frauds to a large extent, which is the reason behind the financial service sector being an early adopter. With a high business security network, there is better data management and malware protection. Blockchain will also enable companies to know what some of the global security standards are. Indian companies know it is secure and the information will remain safe. It is highly efficient and less stressful than investing into new systems.
The IBM blockchain provides fundamental support to transform various industry business practices ranging from banking to healthcare and logistics. IBM has taken it up as a global activity and is talking to industry bodies in India to help firms embrace blockchain. The technology aims to revolutionize various sectors in the country and to increase the security of transactions. With an end to cyber frauds, it will become a safer place for businesses.