Block Chain Technologies in India: Opportunities & Challenges

Abstract

The Blockchain is a disseminated database of all transactions or digital events that is maintained as Blocks. These operational records that are executed between parties are stored as blocks in Blockchain and dispersed among parties that continue the blocks. Every block is  verified, analyzed, and deposited by the parties who are part of the network/system. Each block comprises the info of a one transaction and a hash key of the old block. Blockchain is the backbone of digital crypto currencies like Bitcoin. Blockchains are very secure by design, and the technology enables error-free record keeping. Bitcoin, a decentralized digital money, will be exchanged peer-to-peer without the participation of a third party. Other areas where Blockchain will be used include financial transactions, identity management, food traceability, medical records, and even voting processes. Electronic payments have made a significant breakthrough in the Indian banking industry, and they are expected to continue to develop as new innovations and improvements to the present system are introduced. We verbalize the merits and demerits of different state-of-the-art approaches. We also emphasized the challenges of the blockchain with the scope of interoperability and governance so that this gives clear thoughtful to researchers and professionals