Blockchain – Prospects, Opportunities and Future in India

Blockchain Technology

Blockchain is an indelible electronic ledger which records a series of transactions in real time.  Blockchain technology has brought a paradigm shift across all business sectors around the world. Blockchain is catching its base in mainstream industries like banking, retail, healthcare, logistics, and finance. India will soon become a powerhouse in blockchain technology as major stakeholders, as well as medium stakeholders, are leveraging blockchain technology. Gartner research predicts that the blockchain technology will surpass the business revenue US$3 trillion by 2030. As a distributed ledger technology(DLT), blockchain checks security loopholes, accompanies augmented transparency, enhanced efficiency, refined & upgraded traceability, and reduced costs. It reinforces on the blending of AI, IoT and blockchain technology that will explore new business models and generate commendable products for the next generation consumers. 

 

Blockchain Technology: Prospects and Challenges

Curbing Black Money

The most powerful features of blockchain technology surmount to be governed by multiple entities as it inhabits a vast network of computers. Hence, technology has no failure issues. With the advancements in scalability, decentralization, and security, blockchain is able to curb  black money menaces. The inception of decentralized apps (dApps) has further tightens the digital security issues and provide safeguards to our digital information. dApps is a tight slap for cybercriminals who are stealing our databases from traditionally run applications. IBM has set a major goal to upgrade all its databases into dApps that will augment money management and transfer, business process management, and decentralized autonomous organization.  

Working Mechanism of Bloackchain Technology

Information Security 

Cyber hackers send myriads of junk requests to a website which leads to aggrandize the internet traffic. The requests will go on until the site gets overwhelmed with requests and crashes. These type of attacks are termed as Distributed Denial of Service (DDoS) attacks. Big companies like Twitter, Spotify, SoundCloud often experience DDoS attacks. The main difficulty to eradicate DDoS attacks comes from the existing Domain Name System (DNS). DNS is susceptible to hackers as they are able to target the centralized part of DNS and continue crashing of sites one after another. 

A functional decentralized DNS system is the only solution to protect our digital information from hackers. Implementation of blockchain technology will distribute the contents to a large number of nodes making it nearly impossible for hackers. Third party access would be very limited and only domain owners have the right to edit the domains. That will enormously alleviate the risk of access by unauthorized parties. Blockstack confers a fully decentralized option for DNS that will eliminate third parties from managing web servers, ID systems, and databases. 

 

Blockchain in Cybersecurity

Micropayments in India

Micropayment is a monetary transaction that sustains with very low charges per transaction. It accommodates universal computerized wallet that will give you access to transact any website by making a single account. 

Crypto-vending machines facilitate the use of digital wallets with relatively low-cost-items and also adhere to the age-restricted items like alcohol. It cornerstones the need of making micro-transactions an everyday occurrence. Blockchain smoothly functions to perform in-store purchases, buying tickets for events, concerts, and sports matches. It embodies our virtual money to make real-life purchases. Leading telecom companies like Jio, Airtel, Vodafone are eyeing for the crypto-vending market in India for day-to-today mobile recharges and transactions. There is a ray of hope that budding startups soon enter into the crypto-vending market in India. 

Blockchain and Banking

Prospects of Digital Payment in India

Remittances are the second largest income for India contributing huge cash flow and development assistance. India is the largest recipient of international remittances with an outstanding amount of US$62.7 billion. International transactions with SWIFT make system sluggish and lethargic as it imbibed various loopholes in the Indian banking system. Blockchain technology is replicated among various nodes in a peer-to-peer network, securing each transaction with a uniquely signed cryptographic private key. This will not lead to inter-party interference in digital payment. Digital token eliminates the need for maintaining debit/credit accounts in varying currencies. It proliferates the liquidity of banks as there are multiple transactions around the world in a given time. The informal and illegal transactions contribute around US$100-200 billion in India. Formalizing even a fraction of the amount will augment the ailing banking sector in India. Ripple, the leading blockchain network in the banking sector, bring down the transaction fee by 43-60 percent through its implementation of diverse blockchain networks. It succors Indian banks save around US$80 million annually. 

Amla oil - A stress buster, anti-aging agent and a complete hair care

Amla Oil

 Amla tree, a multipurpose plant whose fruits, seeds, leaves, stems, and roots cater to astounding health benefits. Its popularity has grown all over the world. Amla oil is made from dried amla fruits. First, it is blended into a fine powder. Later, it is mixed with coconut or sesame oil as base oil. Now, heat until you get a nice aroma of the oil. Now turned off the flame. Cool it and store in a cool and dark place.

Amla oil is extracted from dry Indian gooseberries fruits (Phyllanthus emblica) which is a rich source of vitamin C, minerals, tannins, flavonoids, and ellagic acid. Vitamin C enhances hair growth, prevents hair fall and delays premature grey hair growth. The amla seeds are reported to be an abundant source of omega-3 and omega -6 essential fatty acids.  Hence, it wears the tag of an anti-aging agent by reducing the oxidative stress in the body. Amla oil is the potent inhibitor of 5-alpha reductase which prevents the male baldness.

Usages of Amla Oil

®  Strengthens the immune system

®  Curbs cholesterol and blood sugar levels

®  Enhances brain health and its functions

®  Alleviates mental stress & premature aging

®   Ameliorates respiratory function and cardiovascular health

®  Curtails the growth of scars, blemishes, age spots and wrinkles

®  Lessens sinus congestion

®  Augments male fertility and urinary health

Benefits of Amla Oil

1.      Hair Growth

Amla oil accords you the required moisture for your hair growth. It protects from fungal infections and nourishes scalps.  Amla oil is the absolute sustenance for hair care which reduces dandruff, conditions your shiny hair, and checks premature grey hair growth. Thereby giving you a blackish tint of your hair.

2.      Rejuvenates Dry Skin

Hydrating and anti-oxidant properties constitute amla oil, the best medicine for fast recovery of dead cells give ample moisture to the skin. Overnight use of amla oil engenders your skin as soft, supple and hydrated in the morning. Amla oil has the superb exfoliating properties that abolish dead skin without making it dry. It is best used before bath time that will help eliminates all scrubs away from the skin.

3.      Cardiovascular Health

The potassium and other anti-inflammatory compounds relieve stress in the cardiovascular system thereby preventing blockages in the heart valves. Top two fatty acids linolenic and linoleic acid protect against atherosclerosis, heart attacks, angina, and heart strokes.

4.      Prevents Baldness

Low density makes amla oil penetrates deeply in the hair follicles and augments the rapid hair growth. Finasteride, an amla extract proves to be a potent inhibitor of 5-alpha reductase which is widely used for the treatment of male pattern hair loss.

5.      Anti-aging agent

The potential amount of antioxidants alleviate oxidative stress and free radicals of your body. Free radicals stimulate mutation and enhance the growth of various deadly diseases. Amla oil consumed in small doses shields you from many chronic diseases. Antioxidant properties of amla oil sustain the production of collagen which ultimately revamping new cell growth.

Side-Effects

Amla has very rare side effects. Some individuals complain of itching, irritation, and skin inflammation of its prolonged use. However, an in-depth study is needed to witness the side effects of amla oil.

Dark color individuals were reported to trigger Lichen planus pigmentosus (LPP) when they exposed to ultraviolet sun rays.