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Blockchain

Why you should know about Blockchain? what are top 3 startups?

Introduction:

Every day is the rise of new technology which results in something new altogether. In this technological era, there are so many technologies that are going to make a huge difference shortly, one such technology is the Blockchain.

Recently we all have heard about cryptocurrency, blockchain is the fundamental principle behind it. Blockchain acts as an impenetrable technology, thus it attracts all the fields to incorporate them. In this article, you will be learning a lot about blockchain, its applications, blockchain startups in India and much more.

What is blockchain?

Blockchain uses the fundamentals of a database. A database contains a huge amount of data that can be stored, manipulated and queried. Whereas a spreadsheet can be used to store a limited number of data that can be shared among a small number of people.

Blockchain is a huge immutable ledger database that stores data regarding any transactions and tracking of assets in a business network. They are very useful for their security. An asset can be both tangible such as cash, car and intangible such as copyrights. Any kind of virtual asset can be traded, tracked and recorded by blockchain. It helps in reducing risks and costs.

Why you should know about Blockchain? what are top 3 startups? Startup COE

Key elements of a blockchain:

Immutable records:

It is impossible to make any changes or tamper with any data after the transaction. It can only be entered once. Thus it is very important to enter error-free data. In case of any error in the transactions then a new transaction should be entered. Both are now visible to all the participants in the blockchain network.

Distributed Ledger Technology:

The participants in the blockchain network can access the transactions of data, it is a very transparent process but the data are immutable. Thus it is impossible to tamper with the transactions. The participants can view the transactions and enter the transactions just once. It eliminates the duplicating efforts.

Smart contracts:

A smart contract is a set of rules and conditions that are stored in the blockchain network to avoid any sort of problems that slow down the transaction speed. They are automatically implemented in the blockchain network. The smart contract can be terms of use, corporate bonds and much more.

Benefits of blockchain:

  • The rise of the amount of data in recent years has been tremendous. There are trillions of data that are being generated every single second. Thus making it almost impossible to protect them from cyberattacks, duplication and much more. Blockchain can be used to avoid such problems by creating impenetrable transactions that can be viewed and also the transactions can be entered only once.
  •  In the blockchain, you can be sure that the data is being transferred only with the private members who have access to the members-only blockchain network. Thus the data that is in the networks are accurate and corruption-free.
  • Blockchain helps the user to perform more efficiently with its distributed ledger technology. By using the set of rules called smart contracts,  the transactions can be automated with the implementation of certain tasks.
  • Blockchain is a technology that is well known for its security features. It is now being used by many governments and corporations for security reasons.
Why you should know about Blockchain? what are top 3 startups? Startup COE

Uses of Blockchain:

  1. One of the major reasons to use blockchain in payments and transfers is that the transactions can be done in just a few seconds. While the transitional bank may take a day or seven days.
  2. Identity issues are one of the huge problems nowadays. Microsoft is looking for a way to solve this problem by using blockchain. If this is done then people from indigent areas can have access to financial services and start businesses of their own.
  3. Blockchain can be widely used in monitoring supply chains in the retail industry. This could make it very easier for retailers to identify any sort of inefficiency in the storage.
  4. Another best use of blockchain is digital voting. Due to its immutability, voting could be done with transparency and honesty. The data could be protected and the voting could be the light count.

Blockchain companies in India:

Signzy:

This company was founded by Ankit Ratan, Arpit Ratan, and Ankur Pandey in 2015. Signzy is based in Bangalore. Their goal is to combine AI and blockchain to create products that are immutable, user friendly and safe.

Some of their major products are DigitalKYC, ARI and much more. They have received funding of $3.6 million from Stellaris and Kalaari in 2018. They are continuing to be one of the finest blockchain companies in India.

WazirX:

WazirX has found a place for itself in the world of blockchain. They have created their place and statement. They are considered to be one of the first companies to launch a native token. They provide services to trade and exchange cryptocurrency. They have been bought by Binance, one of the world’s largest spaces for exchanging and trading crypto.

CoinDCX:

CoinDCX: This company was founded in the year 2018. It is an Indian cryptocurrency exchange platform. Its goal is to make a platform that is user friendly, where users can access a huge variety of financial goods and they all are protected by utmost security and insurance.

This is an ISO certified company. They are backed up by industry-based security and insurance. They accept BYC, USDT, ETH. Most of the cryptocurrency exchange is done with the help of blockchain technology. This is considered to be one of the famous and well-known companies in the blockchain industry.

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Conclusion:

Blockchain is an ever-growing technology. They are continuing to provide their services and products which are both impressive and secure. Their products are considered to be one of the safest, due to their immutable features. This is the reason blockchain is now being used in the government and corporation sectors.

Recently India is considering implementing Blockchain technology in the CBSE board for correction and other purposes. Thus making this technology be of the most sorted after technology. It is also said that the career development for blockchain developers is much more. We hope that this article gave you an insight into blockchain and its applications.

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