Experts suggest if Blockchain technology was used to manage transactions and accounts, frauds like Vijay Mallya and Nirav Modi could have been prevented or detected at an early stage and the money recovered partially, if not entirely. In the recent years, many exponential financial frauds surfaced in public and private sectors banks. As reported by the Reserve Bank of India, answering an RTI, state-run banks have said as many as 8,670 “loan fraud” cases totalling Rs 61,260 crore over the last five financial years up to March 31, 2017.
Be it news channels, social media or newspapers, currently all sources to reach masses are filled with news of how Nirav Modi duped the Punjab National Bank and Indian Economy. It is all about how the country’s second largest public-sector bank or lender was tricked into issuing loans worth ₹11,400 Crore to #57 ranked Forbes Indian billionaire diamantaire.
Blockchain is a revolutionary technology that can be leveraged in many sectors to inculcate the trust and transparency, and increase efficiency in the processes. It is a decentralized ledger that helps form a trustless network among the different participants, thereby bringing failure-resistant capability. It is currently the most widely discussed technology among different industries, all trying to harness its potential.
Smart Contract, also called as self-executing contract, blockchain contract or digital contract, is a set of instructions that automatically performs the obligations under the agreement, which parties have committed to. By being immutable and cryptographically secure, Smart Contract gives us the security of Blockchain Technology, that is, it provides distributed trustworthy calculations.
The Blockchain technology was launched through the paper titled Bitcoin, by, Satoshi Nakamoto, in 2008, as an amalgamation of public key cryptography, cryptographic hash functions, and proof-of-work consensus protocol. Technically, Blockchain is a digital ledger of records that are gathered in clumps of data called blocks and these blocks are connected with other blocks, eventually forming a chain - a Blockchain.
What is a Carbon Credit?
Carbon credit is a certificate that allows the holder or any energy company to emit one ton of carbon dioxide. It levies a cost on carbon emissions by creating the value of the credit for every 1 ton of hydrocarbon fuel. And the organizations or the groups that act to reduce the carbon emissions, get the credit granted.
Today’s connected world has created new challenges for Healthcare Industry. It is under immense pressure to provide ‘on-demand services.’ Why would a customer visit a hospitals/diagnostic center for getting reports when he can receive it online through website or email? The concern here is not that the hospitals and diagnostic centers don’t have enough money to provide these facilities to the customer, but the storage and sharing of Electronic Health Records.
Blockchain, the technology which made the secure exchange of Bitcoins possible is disrupting many industries. It aims to digitalize processes and create a digital identity of physical objects on the Blockchain, so these can be tracked as well as traced back to the source of their origin.
As the era of artificial intelligence and automation is around the corner, security has become one of the major concerns for the major businesses. And when we talk about security, the one technology which is gaining huge acceptance is Blockchain Technology.
Blockchain Technology based on Distributed Ledger concept is being exploited by BFSI companies to increase efficiency and reduce cost. While Blockchain has found wonderful use cases for the Banking and Financial Services organization, experts have predicted that it is going ‘Disrupt’ the insurance industry in a true sense. No wonder 3 of the 15 largest VC FinTech deals of 2016 went to Blockchain start-ups.