The multi-billion-dollar consumer electronics (CE) industry is one of the most dynamic industries. Over the past couple of decades, it has undergone rapid changes with the market being primarily governed by the way products are being positioned, purchased and re-ordered. Furthermore, the industry is also underpinned by endless chain of innovations leading to an amazing array of products to suit every need and wallet. Apart from this, the emergence of middle-class families in developing countries and the cost-cutting strategies used by some major CE players to meet new customer demands has also contributed to the growth of the global CE industry.
In the words of Winston Churchill “Responsibility is the Price of Greatness”
Firms and businesses have a similar responsibility, as well as commitment towards the social and economic development of their stakeholders, community and the society at large. In fact, the practice of CSR or Corporate Social Responsibility as a business model has evolved from being a slogan that was considered trendy by some firms to the current era where it has become more of a business requirement rather than just an option.
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.
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.
The cyber attacks are increasing very quickly and hence the threat to Cyber Security. In this article we have discussed about Blockchain Technology – whether it can be used to secure the cyber world or not?
The Era of Digitalization, The Era of Cyber Attacks
According to reports by various agencies, the recent cyber attack of ransomware knows as ‘WannaCry’ has affected over 200,000 computers in over 150 countries. The ransomware was supposedly spread through spam emails of fake invoices, job offers, etc. which had .zip file attachments. Once the attachment is clicked, it initiates the infections of WannaCry. However, one of the CISCO’s division believes that vulnerable systems which were left open on the internet could be attacked without any need for phishing.
Blockchain is a decentralized ledger that constitutes the underlying technology of cryptocurrencies like Bitcoin. While Blockchain is best known for powering bitcoin, it has been identified as disruptive technology platform relevant for various industries and businesses to keep data secure in a distributed, encrypted ledger and control access to that ledger.