Blockchain is a revolutionary technology that aims at improving the way we make monetary and non-monetary transactions. Central Banks, multinational companies and governments throughout the world have been experimenting with this technology to increase the efficiency and productivity of their operations.
The word “blockchain” is doing the rounds these days. How well do we understand it? Is it a cryptocurrency? Or a programming language? Or something to do with Artificial Intelligence?
Then, what exactly is blockchain?
Technological development in the last few years has been phenomenal. Augmented reality devices, highly intelligent robots, humanoids, CRISPR (gene-editing technology) are not limited to a sci-fi author’s imagination anymore; they’re a massive part of the research and development that has been taking place worldwide. The last decade has seen immense potential in using technology to alleviate human involvement in segments that require high accuracy, reliability and transparency – the financial sector is one of those segments. Researchers believe that blockchain would alter the way financial transactions occur in the world by eliminating the dependency of people on institutions for making these transactions. Blockchains could also solve many pressing problems in the developing world since it is a highly transparent system, and thus, it could help in reducing corruption levels in those countries. However, most of the countries have been slow in adopting the blockchain technology. Many MNCs and global firms have backed the efficiency of this technology in eliminating a go-between in all the transactions which occur globally.