Blockchain is one of the most important developments of the twenty-first century. A platform can be decentralized, trustless, and safe thanks to the technology. The centralized institutions of banks and financial firms are threatened by Bitcoin and other cryptocurrencies. Our government leaders are still unable to comprehend the technology. Despite the odd pushback, the technology thrives. In the future, it will be an essential component of our civilization. Here are 15 ways that this technology might help India.
THE SYSTEM OF BANKING
Unlike conventional currency, cryptocurrency is not controlled by a central authority. The ledger is open to the public, and important data is encrypted to keep it safe. The goal of decentralized finance (DEFI) is to reduce our reliance on central financial institutions such as banks and stock exchanges. These platforms are accessible to everyone with an internet connection. DEFI mechanisms that are analogous to the Bombay Stock Exchange are known as decentralized exchanges (DEX). It can, however, trade cryptocurrencies and crypto-tokens without the need for human participation, unlike the BSE. Uniswap, Kyber, and Serum are instances of DEX.
Stablecoins, which can be used to back cryptocurrency, has been introduced by Blockchain. Banks such as Goldman Sachs and CitiBank are experimenting with technology in order to adapt. The Reserve Bank of India also intends to introduce Central Bank Digital Money (CBDC), which is essentially the present fiat currency in digital form.
INSURANCE AND LOANS
Banks can be skewed against your credit score, and getting the loan you need can take days. In the future, blockchain may be a superior choice for obtaining loans. It will be less expensive, the process will be faster, and your financial information will be safe. Insurance firms will benefit from an improved client experience as well as cost and time savings
SHIPPING AND TRAVEL
Blockchain is a valuable asset since it can record and track autos, motor parts, and even the entire shipping and trucking business. Whether you want to buy a new car or lease one, you’ll be able to do it in a matter of minutes. Goods shipping will be more efficient. It can quickly track ruined items and send out automatic notifications.
When booking rides on Ola or Uber, you may have recently encountered drivers who demanded additional payment. Because centralized institutions are consumer-oriented, their employees are exploited in order to achieve client expectations. They receive commissions from their drivers in addition to providing cheap rides through their app.
Without the need for corporate middlemen, blockchain can connect drivers and riders directly. Drife, a Bangalore-based start-up, is already working on a platform to address this issue.
Have you ever wondered why hotels are so pricey? One of the key causes for the exorbitant rates is the use of third-party booking services. The blockchain can connect hotels directly to customers, making vacations more economical and enjoyable.
Our out-of-date educational system needs to be brought up to date. Blockchain could be the answer to giving the system a boost. It can combine with AI and create a syllabus that is tailored to the student’s age. It can help individuals create a framework that allows them to hone their talents while also studying.
India’s medical system disintegrated when the second wave of the covid epidemic struck. Hospitals that used blockchain technology could have helped to alleviate some of the confusion. Blockchain may allow for a more accurate diagnosis of an ailment, resulting in more cost-effective treatment. It is capable of ensuring the security and integrity of patient data in medical institution databases. When dealing with a patient in an emergency, you don’t want the added stress of claims handling. Rather than relying on others, blockchain can automate and speed up complex standardization and verification procedures, allowing you to pay your medical costs without delay.
When the covid vaccine was produced in a year, the entire world accomplished an extraordinary feat. However, if we had used blockchain to streamline and improve the process, we could have done so much sooner. To build an accessible record, blockchain can integrate data from the study as well as other sources. It has the ability to regulate the creation of safe drugs without making any mistakes. It can automatically detect defective medications, potentially saving thousands of lives.
To obtain electricity, everyone must go through a centralized power distribution business. It could be a public company like WESCO or TPCODL, or a private company like Reliance Energy or Adani Electricity Mumbai Limited. Blockchain has the potential to eliminate our reliance on third-party intermediaries and connect us directly to manufacturing facilities. It can also certify whether or not the energy produced is clean, thus encouraging the use of renewable energy sources.
You may be aware of how arduous the process of purchasing or selling land in India maybe. Real estate is a business that lacks openness and efficiency. All land-related documentation can be stored and tracked on the blockchain. It can aid in a seamless title transfer with no instances of fraud. Black money transactions are not possible with cryptocurrency because it is digital. Any illicit activity would be easily traced. In Maharashtra, West Bengal, Telangana, and other Indian states, pilot projects are already underway.
The considerable waterlogging that occurs during the monsoon season in all of India’s major cities is a nuisance in and of itself. It’s because of the city’s terrible architecture, unlawful building, and bad drainage system. By creating platforms that can better map and build cities, blockchain can assist India in improving its infrastructure. Engineers can keep better track of the employees and workers who come from various fields to work on a single project. It can assist in determining the quality and origin of the building materials. Smart contracts allow users to make timely payments automatically, speeding up the construction process.
ASSISTANCE TO THE PUBLIC:
The use of blockchain technology can help streamline the functions of humanitarian relief and non-governmental organization (NGO) services, which are typically hampered by bureaucracy. Blockchain’s extraordinary openness and security are unrivaled. The source of the donations is open to the public. Donors may quickly see how the money is spent by the organizations.
In the same way that the public can accept help, it can also help others. Crowdfunding can be used to raise funds for projects such as web series and movies. Instead of just purchasing a ticket, you can become a part of the film and share in the box office profits!
MUSIC AND VIDEO STREAMING PLATFORMS:
With a smart contract based on the blockchain, you can protect the IP rights of content creators and ensure fair use of content. There are two great music streaming platforms built on blockchain: Audius and Muzika.