Blockchain: Good, bad and ugly

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Blockchain: Good, bad and ugly

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  • National Strategy on Blockchain: The MeitY in Jan 2021 published the draft National Strategy on Blockchain, that listed 17 possible uses of the technology for India. The govt. is focusing on the business value of this technology.
  • Blockchains: It's not a new idea, as using hash chains to secure pieces of data was known for long (i.e. cryptographically secured distributed consensus). The real break came with Bitcoin in 2009, that popularised its power. 
    1. Then new uses were found by various enterprises for it.
    2. Soon Blockchain 1.0 (a permissionless model) evolved into Blockchain 3.0 (smart contracts and automatic code execution)
  • A practical use case: Assume that a shopkeeper wants to know, in real time, the prices of foodgrains that he wants to sell. The concerned parties will be farmers, wholesalers, distributors, transporters, and so on. 
    1. If we want them to update their prices real time on a central dashboard, who will maintain that dashboard?
    2. None of these parties can maintain it, else manipulation happens.
    3. Buying such a service from third-parties has a cost attached (intermediaries like Amazon, Alibaba all make money)
    4. Blockchain can solve this problem.
  • A solution: All stakeholders will maintain their data individually in a decentralised setup, that connects them while preventing any tampering of stored data, and maintains individual data security. Any information fed, cannot be altered or deleted later on. Every player can see and verify "who has done what". So in blockchain brings transparency, and reduces fraudulence.
  • Applications: Government can use blockchains for maintaining land records, digital certificate management, pharma supply chain, identity management, power distribution, duty payments, e-voting, public service delivery, chit fund admin, and microfinance for self-help groups.
  • Scientific research: Blockchains can help here too. IITs are working on interoperability across multiple blockchain networks like Hyperledger, Corda, Ripple, etc. Even a multi-cloud federated architecture is possible, where cloud resources may be traded in a marketplace run on blockchain.
  • Controlling fraud: What blockchains do is minimise the chances of fraud, in a system involving multiple organisations. Individual activities become noticeable, tractable and provable.
    1. NITI Aayog published a white paper in Jan 2020 explaining how blockchains can make Digital India successful, and showed how NITI was using it for four services
    2. Those four are - (i) Track and trace of drugs in pharma supply chains, (ii) fertiliser subsidy claim verification and approval, (iii) university certificates verification, and (iv) transfer of land records.
  • Corruption-free India: The good thing is that India will soon be corruption-free if all this happens (!). The bad thing is that there would be many hurdles in technology adoption in a diverse nation like India. The ugly thing is that if more than 50% participants in blockchains are malicious, it will fail. Good must prevail over evil.
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                                                                                                                                                                                                                                                                                                                                                                                                                          PT's IAS Academy: Blockchain: Good, bad and ugly
                                                                                                                                                                                                                                                                                                                                                                                                                          Blockchain: Good, bad and ugly
                                                                                                                                                                                                                                                                                                                                                                                                                          Excellent study material for all civil services aspirants - begin learning - Kar ke dikhayenge!
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