WHAT IS BLOCKCHAIN?
Blockchain is an innovative distributed ledger technology which was first introduced in the design and development of cryptocurrency, Bitcoin in 2009 by Satoshi Nakamoto. Blockchain is an amalgamation of various innovations, with a clear business value. Blockchain enables a shared ledger among the various parties involved in business transactions, which acts as the single source of truth. Blockchain eliminates the need for a central entity to validate the transactions.
VISION AND MISSION OF BLOCKCHAIN TECHNOLOGY:
Vision
To create trusted digital platforms through shared Blockchain infrastructure; promoting research and development, innovation, technology and application development; and facilitating state of the art, transparent, secure and trusted digital service delivery to citizens and businesses, thus making India a global leader in Blockchain Technology.
Mission
Endeavour to evolve a vigilant and trusted collaborative digital ecosystem to provide a consensus based, tamper-evident, transparent and open framework for offering eGovernance services to citizens and businesses involving multiple organizations in a participating environment assuring trust, security, track and trace, integrity and regulatory compliance.
FUNCTIONING OF BLOCKCHAIN TECHNOLOGY:
Blockchain technology is an amalgamation of various technologies such as distributed systems, cryptography, etc.. Data and transactions stored in blocks of Blockchain are secured against tampering using cryptographic hash algorithms. Blocks are linked with each other with proper security using hash function. This leads to a Blockchain, which is a distributed ledger stored at various nodes in the network. Each block contains details of transactions, hash of the previous block, timestamp etc., as shown in Figure. It is difficult for an adversary to modify the stored details at points. Therefore, Blockchain provides better security when compared with a centralized system.
Data and transactions executed over the network are stored in the ledger in a decentralized manner over peer-to-peer network. Transactions are validated and verifified through consensus (consensus protocols) across nodes of the Blockchain network. Figure shows the online transaction flow in a Blockchain network.
ROADMAP FOR BLOCKCHAIN TECHNOLOGY ADOPTION:
As Blockchain technology is an emerging area, there are various challenges that need to be addressed to adopt and effectively use it in different applications. Roadmap for Blockchain technology adoption along with details of important milestones is given in Figure. Globally, many countries have assessed the value proposition of Blockchain technology in different domains. Currently, efforts are being made in identifying, evaluating and evolving prototypes for specific applications. Prototype implementations and pilot deployments for specific applications have been successfully carried out. In order to effectively utilize the technology, there is a need for scaling-up the deployments, exploring other domains and developing it as a shared infrastructure for cross domain applications.
For example, in healthcare domain, patient health records can be stored in a tamperproof manner on national level Blockchain. Role based and privacy enabled access can be given to patient data stored on Blockchain. This helps doctors of any hospital across India to access patient history, when a patient approaches them for treatment. Shared Blockchain infrastructure avoids duplication of asset data and maintains transaction history on assets in a consistent manner.
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