As Tech firms are using Blockchain increasingly in daily operations, they are becoming more relevant to present G2C’s (Government to Citizen) services and peer to peer collaborations. These also mimic MMOG’s (Massively Multiple Online Groups). Being used geographically this has caused firms to build new Blockchain protocols where we are extensively providing reskilling to our clients. This is also creating further credence to “Made in India” to us as an IBM Business Partner. Blockchain has a great potential to foster Peer to Peer collaboration by digitizing the trust which was hitherto provided only by intermediaries. This Peer to Peer Collaboration will usher dynamic changes in several new business models and benefit them via greater asset utilization, smart inventory control etc.
e.g.:- Cars leading to lower emissions, Volume Sales per Unit and Higher Social Good.
We are living in a multi planetary machine society, where self-actualization covers machine consciousness stage. Decentralized autonomous organizations which are running on Blockchain will fulfill needs and security risks involved which are not on its own accord. The susceptibility of Infrastructure as-a-Service elements (IaaS) like servers, Network Elements support Blockchain applications to Distributed Denial of Service (DDoS) attacks. While this aim is to reduce centralized infrastructure through Trojan attacks from multiple vector points, Blockchain in contrast promotes decentralized infrastructure and if one point is attacked and brought down, the other points contribute to a consistent continuity of services. We share some popular views on how Blockchain disruptions are creating wonders in Information Technology.
- What has made Blockchain the go-to Potential Technology for Digital transformation in India?
Offline businesses in present context especially in a disconnected world require intermediaries for transaction completeness and trust. These intermediaries over the years have assumed supreme power and corruption. Transactions and processes like land registration in most countries demand opaqueness which are specific to Government to Citizen (G2C) services. There is also a growing trust deficit on account of manual corruption.Earlier, the IT adopted by Government to stymie and eliminate corruption from manual processes is now being used to aid corruption. Hence, there is a need for updated, upgraded technology that can eliminate pre-emptive corruption and Blockchain, with its key features such as Secure Hash Algorithms, Consensus based decision making, immutable transactions and distributed ledgers, serves as a core panacea for growing trust deficit not only in G2C services but also in an overall business world. While sectors like financial services, agriculture, healthcare, real estate and utilities are crucial for an emerging economy like India. Blockchain can draw tremendous benefits from a strategic technology application wherein a highly secure infrastructure can be built for digital land records, asset records, bank ATM chains, telecom networks, healthcare systems, insurance claims and KYC’s using Blockchain.
- How are firms driving the Blockchain change?
Presently IT firms use a framework called Block Ecosystem that comprises of various levers like Block Studio, Block Engage, Block Talks, Block Geeks, Block Accelerate, Block Access and Block Value. These create industry leading applications which are architect-ed on innovation and human excellence and can unlock significant value for all stake holders. IT Firms by participating in both Public and Private Blockchain areas relevant to G2C services in large scale Peer to Peer collaborations that mimic MMOG (massively multiple online groups) are geographically widespread. Firms can also leverage Blockchain to empower customers and drive digital transformations by providing an exceptional experience to their end customers. This also fulfills the unaddressed needs which can be addresses via a combination of platforms, system Integration and professional services consulting. As a reskilling partner our strategic consulting and implementations have helped our clients by providing clockwork precision enabling access to on demand critical reports. This has helped them establish regulatory compliance in case of cross border money remittances and empowered several hundred million retail telecom customers to manage their consent and preferences to avoid spam calls and text.
- How can Blockchain foster a secured environment for data mutation and streamline IT processes?
Because of a centralized nature of data transmission networks where internet usage is at large, a person who creates data has no visibility of how that data is transmitted both upstream and downstream. This leads to violation of data ownership and data integrity. While individuals are forced to give away Personally Identifiable Information (PII) comprising Date of Birth, Bank / Credit Card Details, Health information, etc. to interact digitally. In essence, a trusted identity layer is missing. This can be addressed by Blockchain as its records information transactions can ensure point-to-point tracking of information from source to completion without any errors on a layered format. Being a decentralized system, it makes transactions transparent and works by consensus among different participating entities. No single individual can control networks and any minute changes to Blockchain networks are indicated to all participants. This information cannot be concealed and system detects any unauthorized access to data or any illegal activity resulting in a loss of data integrity. In fact, there is a major thrust towards public utility approach to make information and digital identities secure through Self Sovereign Identities empowered by Blockchain which is one such good example. While Blockchain is one of the proposed technologies that will drive world into the fourth industrial revolution, it was first seen as a direct conflict with age-old banking system with crypto currency posing a major threat but now it is used extensively to accomplish benefits like reducing documentation costs, minimizing or eliminating reconciliation, collaborating with other banks in the areas of Trade Finance, reduce settlement time between different payments systems, share information pertaining to borrowers to reduce bad debts, and reduce time and costs involved in money remittances.
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