Can Blockchain Technology Help India Grow its GDP?

Can Blockchain Technology Help India Grow its GDP?

No doubt, India is the fastest-growing economy worldwide. According to stats India has achieved 7th position in global GDP rankings. And yes, saying this won’t be wrong, India is marginally just following the Uk and France, says world bank data.

Now here we explain to you how Blockchain can be the backbone of the Indian Economy and also learn the revolutionary impact of Blockchain in the banking sector. Keep reading!

Blockchain is seeing a great deal of traction in India majorly in Banking, Insurance, and Cards trade. In most of these industries, players square measure coming back along to create a pool to comprehend the advantages of Blockchain at an industry level. However, a number of the business conglomerates have evinced interest to explore Blockchain for rising their business processes across their subsidiaries and business partners in addition.

A lot of Indian players have tested usage of Blockchain within the areas of Trade Finance, Cross- border Payments, Bill Discounting, Supply chain financing, Loyalty and Digital Identity areas. Some of the Indian banks, business corporations, and one stock exchange are among the forerunners for exploring Blockchain in India.

Blockchain Use cases in India

  1. Trade Finance: A private sector bank in India and a leading banking group in the Middle East successfully executed transactions in international trade finance and remittance using blockchain.
  2. Supply chain financing –An Indian conglomerate has designed a cloud-based application to remodel supplier-to-manufacturer trade finance transactions through a permissioned distributed ledger. A lighting instrumentality manufacturer in India experimented with Blockchain to scale back the cycle time of the Bill Discounting method for paying its suppliers from five days to nearly period.
  3. E-KYC Document Management: A leading stock market exchange in India is exploring blockchain for the management of KYC documents in collaboration with some of the leading banks in India.
  4. Cross-border Payments: Stellar has partnered with four monetary establishments to change affordable world cash transfers to the Philippines and cross border payments to and from India, Europe, Kenya, Ghana, and Nigeria.

Two of the private sector banks in India are put together testing Blockchain transactions, centered totally on cross-border remittent and trade settlements.

India-GDP-per-capita-forecast-parangat-technologies-blog



(India GDP per capita- Forecast)
(Image Source: https://investinghaven.com/markets-stocks/india-stock-market-forecast-2019/)

Advantages of Blockchain in the Indian Economy

  1. Cost-Cutting: A blockchain an enormous range of intermediaries regarding value. For example, the State Bank of India (SBI) approximates a reduction of 7% with the adoption of the blockchain and 15% cost reduction in network and storage requirements.
  2. Speed & Mapping: A blockchain group action, that involves any intermediaries would profit the blockchain. Take for instance the case of a supply chain. A supply chain mechanism is taken into account because it goes through numerous stages of supply. You are not tuned in to whether or not the merchandise has extremely passed onto every stage. However, with the employment of a blockchain, every step of the supply chain can be mapped.
  3. Ecosystem: Whereas the adoption of the blockchain continues to be in its budding stage, most analysts believe that banks can begin embedding blockchain solutions in their entire scheme. Its adoption by a variety of giant companies illustrates a bigger vision of Digital India and therefore the Government’s efforts for conversion. The country has witnessed a dramatic increase in Bitcoin adoption by the financial organization and can thereby facilitate within the growing Indian Bitcoin community.

Blockchain has the potential to create processes additional democratic, secure, clear and efficient. The immutability of a Blockchain makes it nearly not possible for changes to be created once established, which increases confidence in data integrity and reduces opportunities for fraud.

Streamlining the cross-border payments, while the traditional process takes up to three business days in transferring funds across borders, Blockchain expedites the same process within 20 seconds, thanks to its decentralized aspect. Not only the economy but the Blockchain is also now the fastest-growing skill set demanded on job sites, with job growth rates at 2,000-6,000 percent and salaries for Blockchain developers 50-100 percent higher than regular developer jobs, therefore, creating a big contribution towards India’s GDP.

Conclusion:

With the introduction of blockchain in the Indian Economy, the operations have become pretty safe and streamlined, transactions have become safe and records are easily accessible. In case, you are looking to understand blockchain’s implications in your business in more detail, drop us an email on [email protected] or schedule a free consultation with our team of blockchain experts who can guide you through the blockchain implementation in a specific use case. 

Blockchain Applications in Automotive Domain

Blockchain Applications in Automotive Domain

Every part of the multifaceted automotive business environment from components suppliers and manufacturers to customers and safety regulators depends on a network of transactions and knowledge that starts long before a vehicle is manufactured and extends far beyond its purchase.
From support for evolving hardware and services to understanding the provenance and location of defective or counterfeit parts, the amount of data that automotive industry players must keep track of is exploding.
Blockchain can help build efficiency, transparency, and trust with a shared, permissioned record of ownership, location, and movement of parts and goods. The versatility of Blockchain Applications in Automotive Domain records makes them perfect for keeping up with innovative new business models.

Blockchain in Automotive Domain
Blockchain in Automotive Domain
(Image Source: https://medium.com/swlh/blockchain-in-automotive-dea04e51a079)

Current Challenges:

Mobility Services
Today’s cars don’t seem to be simply standalone transportation devices they’re complicated, networked software platforms on wheels. Vehicles progressively have to be compelled to integrate secure, seamless mobility services, handling micropayment and other interactions with ride-sharing services, smart vehicle registration, smart transportation infrastructure, and electric vehicle charging.

  1. Supply Chain
    Auto manufacturing is truly global. Parts are sourced worldwide and completed vehicles might be driven anywhere on earth. To contend with counterfeit parts and defect-driven product recalls, traceability is crucial in understanding a vehicle’s post-sale movements. To maintain safety and reliability, manufacturers should be able to track vehicle movements for regulators and purchasers.
  2. Finance
    From parts orders and fleet-purchase financing to managing letters of credit and arranging insurance coverage, every step of the automotive supply chain is underpinned by payments. Blockchain’s traceability and transparency make it perfect for keeping track of transactions
    that drive purchases, shipping arrangements, dealer transactions and millions of micropayments in mobility services. Blockchain backed smart contracts go far beyond tracking and visibility to include funds released only on satisfactory delivery.
Role of blockchain applications in automotive domain
  1. Smart Contracts
    The new forms of automated transactions can be initiated and regulated by smart contracts, which are computer programs that execute automatically on behalf of predefined conditions and enable complete and conclusive verification without an intermediary e.g. a financial institution.
    Therefore, smart contracts facilitate to drive automation to a brand new degree within which assets start to move by themselves under the constraints set by their users.
  2. Leasing and other Digital services
    By allowing an automatic yet continually recorded and verifiable transaction, the blockchain apps in automotive domain will dramatically change the way one insures and leases its car in the future. Combining the technology with the steady growing connectivity and process capabilities of moder automotive creates a vehicle with all the quality upsides of a regular car while integrating the security, integrity and validity aspects of a contract into its automatic transactions.
  3. Transaction
    Finalizes the service check by initiating a payment process and documenting the service check-in the blockchain, therefore making it a tamper-proof transaction. Choosing this way of documentation offers government authorities a simple, transparent and validated access to important car information. Linking this information directly to the car and its underlying blockchain ensures a nearly forgery-proof documentation over the whole vehicle’s lifecycle.
  4. Smart assembly and Supply chain
    Trusted suppliers are thoughtfully designated and managed, as well as checked and certified for quality, reliability, and consistency. Blockchain allows the development of secure digital product memory records from the sourcing of material, to how and where they were manufactured, including their maintenance and recall history.

Wrapping Up:

Any transaction or record can be made part of the blockchain, so its use can extend to digital communications, product identification or even customer claims. Smart contracts allow automating complex multi-step processes. Blockchains might considerably contour processes, particularly those who place confidence in regulative and compliance approvals.
Blockchain applications in automotive domain can assist you in addressing a wide range of automotive supply chain challenges, paving the approach for innovative consumer and fleet-oriented services.

Governments Will Shape the Future with Blockchain

Governments Will Shape the Future with Blockchain

The emergence of blockchain technology, as the promise of the foundation for the next-generation global commerce infrastructure for frictionless transactions has resulted in numerous countries placing greater emphasis on investing and innovating in this space.
Governments from several nations have developed mission and vision statements regarding distributed ledger technology and have taken steps to reduce or remove regulatory hurdles for their technology industries.
Strong trade agreement exists around the belief that blockchain technology are the vanguard of the “Next Internet” economy. It is imperative that the government and blockchain work along to continue and strengthen technological and market leadership during this new space and to deal with potential policy and regulative incompatibility that may constrain the growth of the emerging digital-blockchain economy.

(Understanding Blockchain in Government)
(Understanding Blockchain in Government)
(Image Source: https://consensys.net/enterprise-ethereum/use-cases/government-and-the-public-sector/)

Risks and Challenges:

  1. Early Stage:
    Blockchain is in its initial stage and is still evolving and improving for enterprise use. There is no prior implementation of the technology for large scale multi-department government blockchain applications. The technology is yet to prove its ability to handle multi-layered, multi-disciplinary and large volume transactions.
  2. Interdependencies:
    As the technology is conceived to facilitate multi-party collaboration on one single platform, the implementation process involving all the stakeholders/decision-makers is complex, slow and costly. Any breach in the ledger data or any vulnerability in the smart contract has running on the blockchain has the potential to impact all participating entities as the committed blocks are interconnected.
  3. Technology:
    Technology know-how and experts in this field to develop and maintain the blockchain applications are still limited. Regulatory and legal environments are still under development and as such are open for interpretation. A lack of real-world enterprise testing and the rapid development of Blockchain platforms make it difficult to stay ahead of the curve.
  4. Contractual Risk:
    There will likely be multiple service level agreements between the administrator of the network and various nodes and between the nodes, requiring a stringent compliance policy.
    The consensus protocol requires that all contributors in the network can view and have a copy of the committed transactions in the ledger. While a permissioned network does not reveal all data to all participants, certain metadata will always be available to network participants.

Blockchain in Government – Use Cases

  1. Healthcare:
    In Estonia, the government is rolling out a technology named Keyless Signature Infrastructure (KSI) to safeguard all information. Electronic health records of all Estonian citizens are managed using KSI technology.
    KSI creates hash values that represent larger quantity of information as much smaller distinctive values. KSI allows officials to monitor changes within databases — who changes a record, what changes are implemented and when are they made, hence, any unauthorized tampering of the records can be detected and prevented.
  2. Asset Registry:
    Another often-used application of the blockchain technology is in maintaining asset registers, e.g. property, vehicle and other documents such as contracts. In recent times, given the propensity for fraud in property transactions, property or land registration using blockchain has come into prominence.
    It does not solely provide a sure mechanism of storing and transferring information but also provides transparency across the system. Several countries and states like Sweden, Ghana and Georgia in USA are exploring blockchain-based solutions for digitizing registration of land and property transactions.
  3. Voting:
    Voting, another critical and legitimacy granting public operate, has been the source of much activity among those working with blockchain. Citizens can cast votes the same way they initiate other secure transactions and validate that their votes were cast or even verify the election results.

The Digital India campaign launched by the Government of India in 2015 is also focused on digital empowerment of citizens through a combination of building digital infrastructure, providing digital services and implementing e-governance in an accessible manner and using technology as a driver of change.
The NITI Aayog is working on building the country’s largest blockchain network — IndiaChain, in a bid to reduce frauds, speed up enforcement of contracts and increase the transparency of transactions.
Given blockchain technology’s broad applicability and transformative potential, policymakers may find it worthwhile to explore the range of possibilities available within their respective departments. A blockchain-based approach might increase the efficiency of the transaction process and cut back, if not entirely prevent, fraud.
However, to unlock the complete potential of this technology, the government will need to work as a facilitator, by providing an enabling environment to interested players. There is additionally a necessity to develop uniform standards, assess infrastructure necessities, allay security concerns, raise awareness and build trust inside the system as a whole.

Blockchain and the Future of Auditing

Blockchain and the Future of Auditing

BBlockchain technology has a far-reaching impact on the auditing profession, with new methods being researched every day to incorporate blockchain in auditing. With the many advantages of the blockchain technology, it promises to be very useful in auditing. Since blockchain is an open record of transactions made between two parties, it allows the auditor to monitor them more conveniently. No changes can be made in blockchains, keeping them in check and dependable.
This also means, all the recorded transactions can be verified by the auditor without putting much effort, making it less time consuming, and thereby cost-efficient.
Another help that blockchain provides is during the checking of data. Traditionally auditors deal with a huge amount of data, because of which they are unable to check the entire record. For this, they apply random sampling methods, but with blockchain, this task is reduced to mere usage of coding after which the auditors are able to check each and every transaction.

You must have heard about blockchain technology, the new talk of the town. Blockchain has been received quite well by almost every sector of the economy. With bitcoins becoming all the rage, blockchain (the technology behind) too attracted people’s attention.

Blockchain in simplest terms, is a list of distributed ledgers that continue to grow and record transactions made between two parties. The recorded data is in the form of blocks that are permanent and cannot be tampered with. But perhaps the popularity of blockchain lies in its core feature where the data is not stored in one place, instead is shared between computers by a peer-to-peer network, thus making it more secure and decentralized. To make changes in a particular block, you need to either bring changes to all the blocks in the chain network or add a new block with the alterations. Since the blocks move in a chronological manner, the data is visible in a progressive manner too.
The commercial acceptance of blockchain has led businesses to experiment with it in different sectors of the economy. One such sector, where the popularity of blockchain is increasing with time is the finance and audit sector.

Blockchain and the future of auditing

The interest of business firms in blockchain has given an edge to auditors to explore the technology more. In future there could be a possibility that a software is created that helps the auditors do
away with the manual work that consumes most of their time, like data collection. The increased role of blockchain does not mean a decreased, or no role of auditors in future, instead it can be seen as a change in their current one. This also means that the traditional way of auditing will not be replaced by blockchain, but only be modified.
The future of auditing looks bright with blockchain, but there are still certain considerations that need to be taken care of. One major roadblock in this regard is the technological limitation that we face as of now. What also need to be taken into consideration are the trade regulations, which would require amendments once blockchain becomes integral to auditing. International laws would have to be passed once people across the globe come together in this network based system.
Though we are making progress each day, there is still a long way for blockchain to take over the auditing sector.

Walmart Marches Onward with Blockchain, Digital Transformation

Walmart Marches Onward with Blockchain, Digital Transformation

Blockchain has the ability to extend transparency even in food supply chains. Every year, contaminated food kills 400,000 people. The lack of traceability from farm to fridge makes it difficult for companies to identify the perpetrator, resulting in more people getting sick. Owing to this, Walmart has decided to build a food traceability system using Blockchain Technology.

blockchain-technology-in walmart

Applying blockchain to a package of mangoes, Walmart tracked the fruit to its original source in two seconds, something that could otherwise take weeks. The world’s largest retailer will be using IBM’s Blockchain Platform to track food throughout the complete supply chain to confirm quality in an
efficient manner.

Similarly, the two corporations formed a syndicate over the summer with many different major players within the grocery and consumer packaged goods (CPG) spaces—Unilever, Nestlé, Tyson Foods, Kroger, Dole, Driscoll’s, McLane, McCormick and Golden State Foods—to classify areas of improvement and ultimately create the food supply chain safer.

Retailers are focused on digital marketplaces and preventing counterfeits, the top five blockchain opportunities that retail organizations are pursuing are:

  1. Blockchain-enabled marketplaces
    Trust in the intermediary (marketplace) is replaced with trust in the underlying code and consensus rules. Blockchain technology lets this verification be undertaken at a negligible rate, even at scale.
  2. Preventing counterfeit products
    With the ability of blockchain to track the origin of each part of a final product, it is possible to have an audit trail that is visible to all relevant parties. This ensures the authenticity of goods and reduces counterfeiting.
  3. Inventory and pilferage tracking
    End-to-end visibility from suppliers to retailers ensures transparency and authenticity where multiple suppliers are involved.
  4. Tracking returned goods
    Blockchain systems help retailers ensure returned goods are tracked back to their suppliers, along with contracts to better manage returns.
  5. Loyalty program management
    A blockchain-enabled loyalty program can be used to create a single wallet for loyalty rewards, providing convenience to customers and improving trust when multiple businesses are involved in the same program.
(Blockchain enabled foodtracking)

Blurring the lines between digital and physical

Walmart continues to feature new, convenient features to its mobile app, with the goal of saving the consumers’ time and money and improving the shopping experience. Current common options embrace its own digital payment platform, Walmart Pay, which aims to speed up the checkout
process and a popular price matching tool, Savings Catcher that encourages consumers to trust the prices at Walmart and to speed up the retail experience with the help of blockchain.


One recent upgrade is allowing shoppers to quickly order refills and manage their prescriptions within the app and setting up “express lanes” in stores for customers who have placed orders via the app. For the pharmacy service, the upgrade helps support a high-traffic part of the business and makes the app stickier to more customers.

Walmart is also innovating on the back-end operations and in the process of building the world’s largest private cloud, with the capability to process 2.5 petabytes of data per hour. At its HQ, the firm created the “Data Café”, a high-tech analytics hub staffed with analytics experts that other teams can consult. Data processing time has reduced from weeks to minutes and allows teams to more quickly generate insights and respond to the market.
Through this investment, Walmart strengthens its data analytics capabilities and captures value by becoming a more nimble player with a stronger understanding of its business and ultimately leading to higher sales and operating efficiencies.

The value created with blockchain technology includes: higher accuracy than paper trailing and manual inspections due to constant cross-checking, broader accessibility, therefore, multiple companies will simply access or share data, higher security and shorter time needed to trace back to a source of contamination. The value captured is potential monitoring cost savings and supply chain efficiencies and stronger consumer confidence and sales for Walmart if the company can reduce outbreaks and increase response time when issues do arise.

Although the technology and testing are in their early stages, the initial results are promising and Walmart is gaining a first-mover advantage to engage these technologies in this novel way.

Blockchain in Native Advertising

Blockchain in Native Advertising

Instead of relying on advertisements that disrupt the online experiences of their target audiences, native advertising allows marketers to create “in-feed” and inherently non-disruptive promotional content that supplements the online experience of a user, such as promoted tweets on Twitter, suggested posts on Facebook and sponsored content on Buzzfeed or Mashable.
Content marketers are increasingly turning to native advertising because it is known to be building trust and engagement with prospective customers than traditional display advertisements.

The blockchain is a record-storing innovation, which enables users to contribute information to a chain, which is a kind of a “digital ledger,” before it gets locked by other computers in the network. The entire blockchain system is secure, non-auditable, transparent and efficient.

The combination of these factors develops trust and promotes confidence at every level without having to know the person at another end. The blockchain is essentially a database that exists in multiple duplicates on different PCs.

These PCs follow a shared system, implying that there is no single, centralized database or server, rather the blockchain database exists within a decentralized system of machines, each serving as a hub on that system.

A survey by Facebook and IHS Inc. found that native ads can form up a calculated 63% of mobile display ad spending by 2020. Furthermore, the research found that media buyers will spend $84.5 billion on mobile ads. Native in-stream ads will account for $53 billion in digital ad spending by 2020. This proves beyond any doubt that native advertising is the next big thing in advertising and marketing. Consumers are tired of disruptive advertisements and their attention spans are diminishing rapidly.

To revive consumer interest, marketers have no choice but to use “inbound” marketing strategies, like native advertising, which by virtue of it seeming like part of the story, is natural to the point of being indistinguishable from the main content.

How Blockchain can benefit Native ads?

  1. Customized Native ads

The design of native advertisements can be customised so that users can better interact with customers and obtain incentives.
Native advertisements are an advertisement type presented by specific media in a more relevant way based on the material from advertisers. The goal is to include some elements in the form of native advertisements based on blockchain ecosystem and let users better understand that an advertisement is from that ecosystem, so that they can engage more proactively.

2. Native Advertisements feed

Advertising is content. Through combining advertisements with different types of content feed, applications will keep users for longer. Information traffics native advertisements basically lead new forms of advertising to switch from single advertising format to content feed.
Native advertisements feed provides personalized recommendations based on user feedback, including both content and advertising. There are various navigation categories, such as news, video, food order, clothing, and cosmetics, etc. Users can switch on their individual content feeds from the chosen categories of interest. In each of the chosen categories, users can browse news or videos, order takeout or purchase desired advertisements. The system will give a personalized recommendation based on user feedback and users can also comment on given content and advertisements.

Blockchain technology holds excessive possibilities for every marketer with an interest in native advertising. On the one hand, native advertising in its many forms is growing very rapidly. On the opposite, blockchain applications are rolling out on an everyday basis. Platforms that combine one with the other offer great opportunities to get ahead of the competition.

Conclusion:

In case, you are looking to understand blockchain and its implications in your business sector in more detail, drop us an email on [email protected] or schedule a free consultation with our team of blockchain experts who can guide you through the blockchain implementation in a specific use case.