How Blockchain can transform IndiaJaspreet Bindra
Blockchain is currently at the peak of the Hype Cycle. It is a simple concept, yet difficult to understand and comprehend. It is also in the same place as the Internet was in 1995 – very early, with its major applications yet to be built. Blockchain is a much a philosophy as a technology, and has the potential to change the world as the Internet did. It promises to radically transform identity, agriculture, money, energy, governance, and pretty much everything else, especially in the emerging countries. This TEDx talk demystifies blockchain as never before, and explains how it can change the world around you… Jaspreet Bindra is a digital transformation and Blockchain expert. Until very recently, he was the Chief Digital Officer of $20bn Mahindra Group; and he continues as their Digital Adviser. He speaks, writes, teaches and consults on Digital Transformation and Blockchain, and is currently building a company around the same. This talk was given at a TEDx event using the TED conference format but independently organized by a local community.
The author publishes A fortnightly column on technology In The Mint which is a leading Indian publication
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Blockchain is a reliable way of storing data about all types of transactions, and companies from Walmart, Pfizer, AIG, Siemens, Unilever, IBM and many more are using this technology to their benefit. Some of the industries that blockchain can be used in are banking and finance, currency, healthcare, property records, small contracts, supply chains and voting.
Blockchain technology has made significant strides in its development and widespread adoption in recent years. The possibilities of blockchain technology are endless. And not only in money transfers, banking services and decentralized marketplaces. Blockchain is expected to expand into many more areas, including the Internet of Things (IoT), extensive data analysis, law-making/enforcement, and finance. Blockchain technology will fundamentally change how we live and work in the future.
For businesses, blockchain technology can be seen as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, has the ability to improve the business processes that occur between companies, drastically lowering the “cost of trust”, and may offer significantly higher returns for each investment ruppee spent than most traditional internal investments.