Blockchain Technology

Context: National Informatics Centre (NIC) has set up the Centre of Excellence (CoE) in Blockchain Technology in Bengaluru, Karnataka.

Analysis

About Blockchain technology

  • A blockchain is a specific type of data structure which can be used to transact across nodes or participants.
  • The ownership rights are recorded in cryptographically stored and linked blocks which contain records of ownership of assets among the participants that can remain anonymous.
  • Blockchains are open, distributed ledger that can chronologically record transactions between two or more parties efficiently in near real time.
  • The prerequisite for each subsequent transaction to be added to the ledger is the respective consensus of the network participants (called nodes), thereby creating a continuous mechanism of control regarding manipulation, errors, and data quality.
  • The blockchain technology generally has key characteristics of decentralization, persistency, anonymity and auditability. With these traits, blockchain can greatly save the cost and improve the efficiency.
  • It has various applications like in field of banking, capital markets, cybers security, healthcare, agriculture, telecom, governance etc.
  • The NITI Aayog is exploring the use of blockchain and AI technologies in diverse areas such as education, healthcare, agriculture, electricity distribution and land records, among others.
  1. In this direction, the Think-Tank is reportedly building a platform called ‘IndiaChain’ — a shared, India-specific blockchain infrastructure that would leverage the trinity of Jan-Dhan-Yojana, Aadhaar and the mobile trinity.
  2. When implemented, this one-of-its-kind initiative will likely be the world’s largest blockchain implementation programme in governance.

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