BLOCKCHAIN FOR KIDS: â A MYTH BUSTER
singh
language
(, Sept. 20, 2018)
From the stock market to the bank, Blockchain may be the future of finance and financial technology. Blockchain has so many interesting applications that hundreds of companies have popped up with a focus on the technology. In the analog world, we have physical forms of money such as goods and paper money and are limited by distance. In the digital world, we attained further reach with our transactions, eliminating the constraint and dependency of human distance and speed. However, in the digital world, we are governed by the speed and mercy of banks. In the crypto world of programmable money, we eliminate both human and institutional constraints.Have you heard about ubiquitous AADHAR cards or numbers in India ?While Aadhaar, the most comprehensive adoption of biometrics technology by any government in the world, has been championed by groups like the World Bank as having noble goals, saying it âhelps willing governments to promote the inclusion of disadvantaged groups,â its critics have been vocal about its infrastructural flaws for years.Some have argued that blockchain technology could be used in identity management because its use of asymmetric encryption and immutable transactions provides for a secure computing environment for the authentication of identities.The blockchain is an undeniably ingenious invention â the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. It is not a new, stand-alone technology; rather it is an innovative use of existing technologies. Four particular technologies are used to enable blockchain: asymmetric key encryption; hashes; Merkle trees; and peer-to-peer networks. Blockchain has garnered attention as a novel technology with potential to improve how we conduct business. Initially popularized by Bitcoin and other cryptocurrency uses, companies are seeking novel ways of applying the technology. But despite public intrigue and excitement around the technology, questions still surround what it is, what it does, how it can be used, and its tradeoffs.In India, NITI Aayog is building a platform called âIndiaChainâ â a shared, India-specific Blockchain infrastructure to leverage the trinity of Jan-Dhan-Yojana, Aadhaar and the mobile. Under the aegis of Reserve Bank of India, a working Group with experts from RBI, IBA, NPCI, CCIL, ISI, State Bank of India, Punjab National Bank, Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Citi Bank, Deutsche Bank, Infosys, TCS, IBM Research, Deloitte and MonetaGo as members is formed which is exploring the applicability of BCT to the Indian Banking and Financial Industry.Dubai has partnered with IBM (strategic partner) and Consensys (city advisor) to implement a solution to enable all government transactions on the Blockchain as a part of the âSmart Dubaiâ initiative. Simply put for school kids, Blockchain is all about fairness and security. It is a big database that lets you record information safely and interact with anyone, without the need to trust them or rely on a big company. We all interact everyday with one another, mostly on the internet. And here comes a platform which helps honest use of technology with higher efficiency in the system. This book is a MythBuster which simplifies the concepts of blockchain to the level of school going kids. It also helps them be future ready and not get obsolete by the time they are 40.