Blockchain - Impact Evaluation

Three new evolution can change whole world. First Block chain second is Nudging and third is Artificial Intelligence. It would be a part of next industrial revolution.

Courtesy – Google Image... 

Block chain is a medium which can dismantle third party like banks and other institutions.

According to google definitions is ---

“A digital ledger in which transactions made in bitcoin or another crypto currency is recorded chronologically and publicly”.

It evolved for txn of crypto currency – Bit Coin.

Courtesy – Google Image... 

How it can be effective

System of block chain is itself effective. Its system how can be effective we can see.

• Big impact on intermediary – It would be vanish.
• Almost control digital and document fraud.
• Almost control black money. Seems every txn and government can generate their revenue with the help of this system.
• This would be cost effective because intermediary like banks accumulates money through charge up high fees. Sure, this system would be efficacious for consumers.
• Effective in process of lending.
• Effective in public distribution system (PDS). Government can reach to last person who is not accessible.
• Voting in election. It can solve dispute of EVM machine.
• Effectual in property records and in txn.
• Cost effective in remittance and trade finance. 

Challenges

Challenges are always with new technology. So, we can see challenges with this technology also.

• What about legal framework of this technology. In India, Only one act which is information technology act 2000 which is not effective in present. What about other advance countries?
• Audit of multimillion ledgers which would lie in blocks.
• Control mechanism of digital currency like bitcoin.
• Threat to present banking sector that is not prepare for adopting this technology.
• How and who can regulate this technology if this will function in across border without any vacillation.
• Ledgers would be in public what about hush-hush txn. How to make privacy of hush-hush txn.
• Digital currency - How can it move in across the border. Can we imagine impact of economy. How can china devalue this currency ? What about capital inflow and outflow of this digital currency ???

Of course, i am thinking many things about this technology and can imagine new world with this new technology.

Are we hunky-dory with this technology?

Comments are welcome.

Copyright@ajay.