Blockchain technology in India
Its future, potential impact, and possible pitfalls
Key characteristics of blockchain
Blockchain has the potential to impact many sectors, from financial services to public sector to healthcare and media industry. The financial services industry is witnessing an increasing number of blockchain-based use cases that yield the potential to drive significant operational and client experience improvements.
Within India itself, government bodies, consultancy firms, technology giants, and start-ups are coming together on multiple platforms to explore Blockchain as a technology.
Blockchain technology stack
In its simplest form, a blockchain acts like a shared, replicated, append-only database, where write access is shared among participants but validation can be performed by all participants in a public blockchain. View the PDF drawing out the technology stack implemented in blockchain set-up.
Blockchain fit assessment framework
However, clients need to pay careful attention before experimenting with blockchain as few considerations like shared database, multiple writers, absence of trust, and other factors like transaction dependency, need to be vetted for successful blockchain implementation. View the PDF to figure out whether your business is fit for blockchain implementation.