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.
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. Continue Reading “How to build an Effective Blockchain Solution?”
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? Continue Reading “Can Blockchain Technology be ‘The Approach’ to Cyber Security?”