Blockchain is the nuts and bolts of Bitcoin, but that doesn’t make it less compatible to melt into other businesses. Here’s a list of 5 big blockchain projects chaining its roots in India.
Breaking down the Blockchain
For the unlettered masses, Blockchain is something that was born with the unregulated Bitcoin (Bitcoin?) and set afoot by trailing altcoins. Although this stands partially true, given that Nakamoto was the first person or peeps (identity still unknown) to actually leverage over blockchain and gift us Bitcoin in 2008, the untold story is that researchers had been practicing to master blockchain since as late as 1991!
We’re already going great guns into Bitcoin, specifically blockchain, proven by a recent report by Allied Market Research which estimates the global blockchain distributed ledger market of 2016 at $228 million. This figure is expected to breach $5400 million by 2023, growing at a CAGR of 57.6% from 2017 to 2023.
To understand Blockchain, imagine an entry register of a 5-Star hotel with branches at several locations in the world. Everyday hundreds of customers book rooms either through call or by directly landing at the hotel. After checking the availability of desired rooms, an entry is registered manually. Now imagine that all the front-desk computer systems of these branches are digitally connected over a personalized blockchain network.
This means – First, all the new entries of any branch shall be automatically and chronologically copied over every branch’s desktop– making it decentralized and open for any new customer to refer to.
Second, each new entry can only be added after a set number of computing systems verify that check-in– making it transparent and secure.
Third, the transactions once recorded cannot be altered or deleted from the
blockchain, nor can it be corrupted for devious purposes– immutable.
That is how blockchain encrypts our trust in an entirely trustless network, no wonder it holds a byname Internet 2.0.
5 ways India is mastering Blockchain
1. Only a few days have gone by since India celebrated Ganesh Chaturthi with great grandeur. Streets were mapped with uncountable Pandals (marquees) as devotees rallied towards sea shores to immerse bappa’s idols.
However, this year Andhra Pradesh Govt. has vowed to take the traditional ritual to a next level, by integrating blockchain technology into the clearance procedure of Ganesh Pandals splayed across the State.
The project was accomplished by Zebi India Private Limited, a city-based start-up. The company used a single window system where Pandal organizers can register online over Zebi Blockchain and seek clearance. The initiative proved a great relaxant for Police, who digitally gave permissions for stalls, loud speakers and other arrangements.
QR Dashboard mapping the status of Ganesh Pandals registered online. Photo: The Hindu
2. Zebi had also assisted Andhra Pradesh Capital Amravati in creating a blockchain based secure land record solution for the greenfield in May this year. The product gained huge success as it rooted out fake documents and transactions.
3. The next bet is for the hospitality industry wherein Zebi have developed an AI Chain to record easy check-ins and other customer data of 200 hotels in Vizag over blockchain. The chain not only protects guest data but also lets local police officials keep a digital check over criminal activities.
4. This year also saw Telangana State Information, Electronics and Communication department (ITE&C) making headlines across India by signing a Memorandum of Understanding (MoU) with global technology service provider Tech Mahindra in August’18 to launch India’s first blockchain District in Hyderabad.
“Telangana government is proud to pioneer the first of its kind Blockchain District in India. With support from Tech Mahindra, we envision to set a global benchmark in providing cutting-edge Blockchain technology solutions and platforms across industries,” said Telangana’s IT Minister K T Rama Rao.
IT Minister K T Rama Rao with TechM MD C P Gurnani at International Blockchain Conference in Hyderabad on Friday. Photo: Telangana Today
5. Telangana govt. also capitalized the stage of International Blockchain Conference by signing a landmark MoU with Zebi Pvt Ltd to launch Zebi EduChain– the blockchain-based solution for educational institutions for testifying the authenticity of school and college certificates. The pioneer project shall anchorage the problem of dummy certificates and allows stakeholders to get their certificates verified in a provably secure and highly cost-efficient manner.
Blockchain – a provably secure future for India?
In our previous article, we’d already pinned the burning loopholes in our banking infrastructure; failure of banks to maintain a sustainable economic growth in India has cost the nation Rs. 9.61 Lakh Crores.
Our Govt. needs to realize that Bitcoin is not the only use case of Blockchain and that Blockchain’s muscles can save the skin of a plethora of failing sectors, such as:
• India has the world’s largest remittances inflows of $68,968 million as in 2017. The current process of remittance gateway in India is vulnerable, highly expensive (5.63% for a single transaction) and painfully opaque. Blockchain can upturn this inefficiency in an extremely smooth, cheap and transparent manner. Yes Bank, Axis Bank and others have already initiated to test the waters.
• Unavailability of beds or approachable health centres has cost us many lives. India still falls short of 7092 Primary as well as Community Health Centres in all States and UTs. What if we could leverage blockchain to locate the availability and status of amenities over a Healthcare blockchain for India?
• Recent reports by Economic times reveal a shocking image India’s food wastage index. We as Indians waste 21 million tonnes of wheat and food worth Rs 88,800 crores every year! Wonder if the govt. can allocate a blockchain hub to responsibly distribute the surplus food and save 3,00,000 children dying from food starvation every year?
Changes don’t happen overnight. True, India – as a developing nation needs correct planning to take such giant leaps. Smaller but efficient steps have at least begun to be visible, and we hope India shall pull a great deal out of Blockchain soon.