Few of the most upcoming technologies are metaverse, Web3, Blockchain, Cybersecurity, Data Privacy. Cloud Computing and many others which are important for growing companies and enterprises. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries. As companies use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from infrastructure to public policy. Blockchain is the upcoming trend in India, and is making inroads at a safer pace other than before and is gaining a lot of curiosity on ways it can make companies more efficient and their transactions safe. Blockchain technology is a fast-developing technology. Mr. Harsh Suresh Bharwani, CEO and MD of Jetking Infotrain, shares more insights on the same.
How are companies or enterprises understanding the need for technological advancements and the need for their professionals?
The advancement of technology has resulted in both innovation and significant improvements that have made life easier for people all around the world. People in business had already recognised the value of technical improvements in recent years since they create new tools that successfully deal with all of the complexity and barriers.
Digitization has received a lot of attention recently, and it may be a huge benefit to the business community too. One of the topics that the corporate sectors are focused on is technological improvement in digitalization. Technological improvements have made things easier and more simple for businesses all over the world.
Technological progress will undoubtedly broaden the reach of the business by making things more comfortable and convenient. Transforming the business with a digital solution will broaden the reach because the target audience in the digital world is much larger than the regional audience. The greater scope will also expand the scope of improvement, and as more customers use your service, there will be more input from people about your service, and you may work on your product based on the people’s comments. Thus, targeting bigger consumers while digitally modernising your business model will increase many opportunities for your company to succeed. Increasing the scope involves making a marketplace for yourself to reach out to your customers.
Can Blockchain technology help businesses reduce their cost of operations using Blockchain Technology?
Blockchain has emerged from the shadow of cryptocurrencies to reveal its genuine potential. There are numerous areas in which blockchain is already a driver of change, and nowhere is this more evident than in SMB operations.
One of the most noticeable advantages blockchain provides SMBs is a rapid reduction in overhead costs. On the enterprise level, there are obvious examples of actual gains and cost reductions that result from blockchain adoption. For example, Saudi Aramco’s blockchain implementation is expected to result in cost reductions of at least 5%. Deploying a blockchain system in your SMB can assist reduce overhead costs by drastically lowering transaction prices. Peer-to-peer networks manage cryptocurrency payments, which do not require centralised verification. As a result, a small business can accept Bitcoin or another blockchain settlement platform and pay lower merchant processing rates.
The mature blockchain business has even generated blockchains that can be utilised for free or with minimal fees. Skycoin (SKY), for example, is a blockchain network that uses an entirely new consensus algorithm (Obelisk, built on the idea of “Web-Of-Trust”). The blockchain employs “Coin Hours” to pay for transaction fees, with coin holders receiving Coin Hours as “Dividends” for holding Skycoin and the Coin Hours acting as “fuel” for the platform to run. Slowly but steadily, systems like CoinPayments, BitPay, and many others that are being developed will enable small businesses to process payments quickly and with little to no cost.
How can Blockchain technology change the future of Businesses in India?
The cryptocurrency Bitcoin was the earliest and most well-known use case for blockchain, but it has now stretched its applicability across a wide range of domains and businesses. “Blockchain has the potential to be a solution provider for any business,” says Arjun Kalsy, VP of Growth at Polygon, which is a protocol and framework that allows developers to build and connect Ethereum-based blockchain networks. “We are already working with multiple state governments, including Maharashtra, on a blockchain solution to provide Covid-19 certificates, while the Telangana government is working on creating NFTs of folk artists, and the governments of Chhattisgarh and Assam are working on various use cases such as land registration, court case registry, and so on.”
Furthermore, blockchain can generate socioeconomic chances by creating jobs on a huge scale and ushering in a new era of technology-led economic growth. “With blockchain, forward-thinking companies (even those in Tier II and Tier III towns) will be able to build apps and platforms that seamlessly cater to a global user base, thereby boosting the ‘Make in India, Make for the World’ concept,” says Om Malviya, Founder and President of Tezos India, which enables the use of Tezos Blockchain.
How easy is it to adapt Blockchain Technology in businesses?
Blockchain can be used anywhere there is an existing system. A blockchain datastore can seamlessly replace the database. Because of its numerous advantages, it has applications in a wide range of industries, including finance, healthcare, real estate, travel, infrastructure, FMCG, IT, entertainment, education, and government. Editing transactions, for example, was a typical occurrence in the financial domain. However, with blockchain, transactions are secure and unchangeable. As a result, money cannot be extracted and digital fraud can be considerably minimised.
Blockchain improves the trustworthiness, transparency, and traceability of data transferred across networks in the digital environment. It enables organisations to become paperless while also increasing speed and automating procedures. This technology not only reduces development time and effort but also improves operational efficiency. As a result of its numerous advantages, it is reasonable to conclude that blockchain technology offers organisations the opportunity to grow swiftly.
What problems can businesses in India solve using Blockchain Technology?
Blockchain has the potential to solve many real-world problems while also providing a better revenue model and structure of the economy for all of us.
We are most familiar with blockchain in conjunction with Bitcoin and cryptocurrency. However, its application extends well beyond digital assets. In reality, blockchain is by far one of the most revolutionary and disruptive technologies of our time.
According to projections, worldwide blockchain spending is predicted to rise and reach $15.9 billion by 2023.
Furthermore, practically every industry is looking to implement blockchain technology and realise its benefits. This begins with the expected fintech companies and extends to the media and health industries. Here are the problems that blockchain helps in solving:
- Cross-Border Payments
- Identity Theft
- Supply Chain Management
- Managing And Protecting Patient Data in Health Care Organisations
- Accountability Issues With Traditional Contracts and Agreements
- Crowdfunding and Fundraising
- Managing And Protecting Patient Data in Health Care Organisations