chain of blocks that contains information

BLOCKCHAIN

WHAT IS BLOCKCHAIN

In simple words, blockchain is a chain of blocks that contains information. Each block contains

Data: Such as transaction records, medical history files, contracts, and others the like.

Hash: A unique identifier produced by using some algorithm (e.g hashcash) on the hash of the block and then previous blocks hash.

Timestamp: Stores the exact time when the block was created

APPLICATION

I. SOCIAL APPLICATION:

Secure Digital Identities: In places with inadequate identification systems, blockchain makes it safe. An example of a current project focusing on this area, is the ID2020 project whose goal is to use blockchain as a means to create digital identities for those who need them most while allowing them access to vital services and resources.

Supply Chain Transparency: With such blockchain possession and confidence mechanism, companies like Walmart and IBM are able to bring them on the blockchain while improving trust/transparency in supply chains. Consumers can identify where the product come, was he produced ethically, by applying blockchain technology to record and track the origin and journey of goods.

II. POLITICAL APPLICATION:

E VOTING: Through the use of blockchain technology in their e-news system, estonia securitize and key for digital votes. This maintains election security because votes are cast on a blockchain, so no one can modify the results of an election.

Land Registry - It is used in the land registry of countries like Georgia, Sweden where explore blockchain tech for non-fraud transactions happening with property sale throughout their countries. This technology guarantee further transparency in land ownership and minimize corruption and land disputes.

III. ECONOMIC APPLICATION:

Cross-border Payments: financial institutions use Ripple's blockchain technology for both domestic and multinational payments. Blockchain speeds up the transaction process, reducing its reliance on correspondent banking networks and benefitting both businesses and individuals.

Smart Contracts: A platform that allows the issuing of promises to achieve the desired results automatically with Ethereum based smart contracts using block chains. Use cases include streamlining processes in financial services, insurance and the supply chain, with a goal of cutting costs.

IV. EDUCATION APPLICATION:

Credential Verification: when it comes to higher education, we can imagine using the Blockchain technology to keep important academic credentials out of the industries that would abuse or manipulate those information or worse, do not have access to them. For example, the Ministry of Education has used blockchain to store educational certificates so they can be guaranteed tamper-proof and quickly accessible by employers or institutions.

Transparent Funding: Blockchain provides easy-to-trace transaction logs for educational venture and to track scholarship funding gaps. The Bit Degree platform, for instance, leverages blockchain to link students to online courses and check completion through smart contracts whenever an investor earns a token by funding the course.

V. AGRICULTURAL APPLICATION:

Supply Chain Traceability - Employing blockchain technology for the tracking of agriculture products from farm to fork. My favorite example is the implementation of IBM Food Trust to ensure tracking and transparency throughout the food supply chain - thus helping consumers identify with certainty that they have purchased meat from a high-quality producer.

Smart Contracts for Farmers: Smart contracts on blockchain could potentially be used to automate and enforce agreements between farmers and buyers. One example is AgriDigital, an Australian startup that uses blockchain smart contracts to simplify grain transactions for quicker payments and less disputes between farmers and buyers.

VI. HEALTHCARE:

Medical Records: Patient and Provider Access to Medical Records This allows patient data to be accessed securely by the patients, and the healthcare providers in a secured manner. Medical chain is a case in point, as it is such a platform but enables to store medical records of patients on blockchain and share among healthcare providers once required.

Drug Traceability: Pharmaceuticals companies could use blockchain to trace the movement of drugs from production to distribution, thereby authenticating them and preventing counterfeit drugs from entering the marketplace.

VII. REAL ESTATE:

Property Transactions - Real estate transactions can be made easier with blockchain technology by automating digital processes for property listings, title transfers, and smart contracts related to buying or renting properties.

Mortgage tokenization: By utilizing the blockchain, properties can be tokenized which means you can have fractional ownership in a property and trade your ownership via smart contracts. RealT and similar platforms make it possible to buy and trade shares of property - in the style of REITs - on the blockchain.

VIII. SUPPLY CHAIN MANAGEMENT:

Product Authentication: Tracking Counterfeit Products Using the Supply Chain through Blockchain. Brands can track and trace their products without any worry of a fake version. By following products on a blockchain, consumers can verify that they are buying real things.

Inventory Management : Blockchain technologies and inventory management: They bring transparency to supply chains by tracking the movements of parcels from production, control errors and keeping goods in circulation. optimally far .production to final sale.

IX. ENERGY TRADING :

Peer-to-Peer Energy Trading: Blockchain Powered Peer-to-Peer Energy Trading Rather than being dependant on centralized energy sources and utilizing an intricate network of natural gas pipelines, the blockchain offers the ability for consumers to buy or sell power directly among themselves as opposed to trading it back into the grid. A platform such as Power Ledger serves to allow peer-to-peer energy trading via the usage of blockchain.

Renewable Energy Certificates: Power Ledger use cases Renewable Energy Certificates . Getting a transparent and immutable records of renewable energy generation and trade renewable energy certificate using this case where blockchain can stop centralized monopoly in this space, hence enhancing achievable sustainability, accountability in the sector.

CHALLENGES

As can be seen, blockchain technology has many advantages but, as with any other technology, especially in its maturity stage of the hype cycle, it faces a number of problems/challenges/known issues at the current time. Where there are a few key issues that are being discussed:-

Scalability : This is one of the biggest problem with blockchain technology is Scalability. The longer a blockchain gets with more transactions added to it, the slower and more congested a network can become, meaning increased delays and system fees.

Interoperability: Different blockchain networks may not be able to work with one other or share data, restricting collaboration and coordination over platforms.

Energy Consumption: Proof of Work (PoW) based consensus mechanisms are used by many blockchains like Bitcoin which Needs a lot of computational power and energy to min the blocks. This has sparked environmental challenges with the use of blockchain technology.

Security issues: Although blockchain is reputed for its inherent security, the presence of weaknesses in smart contracts, programming bugs and even potential 51% attacks threaten the very essence of the integrity and data protection within a blockchain network.

Regulatory Uncertainty: The world is still grappling with the regulatory uncertainty related to blockchain and crypto. Variable TODO in jurisdiction can hamper the adoption and investment in blockchain projects.

Privacy and Data Protection: Although transparent and immutable, privacy and data protection can be difficult with blockchain. Public LedgersAll transaction forever are open and transparent on public ledgers, which gone understood security threats and data privacy.

User Experience: Blockchain, without a doubt, is a complicated and troublesome thing for any non-technical public to comprehend and interface with it. User Experience/UI Better user experience and usability is imperative for enhanced penetration of the blockchain applications.

It is imperative for the expansion and type of growth that has transpired to not cease but take aid from technological evolution, clear regulations, and support from various industries.

NITI AAYOG ON BLOCKCHAIN

Since then, the policy think tank of the government of India NITI Aayog has taken a keen interest in strategizing and assessing opportunities for blockchain technology applications across multiple areas. Although there is no single government policy document on a holistic blockchain strategy by NITI Aayog, yet the organization has published reports and publications detailing the opportunities and challenges of blockchain.

Fundamental difference in blockchain strategy from NITI Aayog are summarized as follows:

Blockchain POCs and Pilots:-Series of PoCs and pilots in domains like Healthcare, Agriculture, Finance and Supply Chain Management to understand the potential use cases of Blockchain Technology ( NITI Aayog)

Stakeholder Engagement: NITI Aayog has interfaced with industry stakeholders, startups, academia & various Govt agencies to discuss the approaches and emerging use-cases of blockchain technology in India. These assemblies consist of the blockchain related conferences, seminars and workshops.

Policy Recommendations: The use of blockchain to render secure transactions in sectors such as healthcare, agriculture, finance and governance is one of the NITI Aayog policy recommendations to the government.

Capacity Building: NITI Aayog gives immense stress to the capacity building, skilling talent in blockchain Technology. For example, this means supporting scientific studies and training schemes in order to promote blockchain programming.

Although NITI Aayog's exploration of blockchain technology is in the nascent stages, and as such fast-evolving over time, the purposeful approach taken by the organization is a significant move in demonstrating an interest towards utilizing blockchain for greater social welfare and positive socio-economic development within India.