As enterprises, the world over become aware of the benefits associated with moving their operations to the Blockchain-as-a-Service (BaaS) platform, the Indian public sector would be the real beneficiary of this disruptive technology in the days to come, a top IBM executive has forecast.
Touted as a key technological innovation of the digital cryptocurrency Bitcoin, Blockchain technology is disrupting traditional processes across industries — from financial transactions to marine insurance and more.
For a layman, a blockchain can serve as “an open, distributed ledger that can efficiently record transactions between two parties”.
For use as a “distributed ledger”, a blockchain is typically operated by a peer-to-peer network which allows users to manage the ledger in a secure way and without the help of a third party.
“Today, if you and I are doing a transaction and buying something online, we realise that multiple intermediaries are involved like banks, regulators, manufacturing agencies and marketing agents, etc,” Jitan S. Chandanani, Blockchain Leader, Global Business Services, IBM India (South Asia), told IANS.Read More Here!