The blockchain is living up to the hype and went on to be very popular with the sole concept of people can become rich without investing. This grabbed the attention of many experienced IT professionals, software Vendors and consultants due to the cryptocurrency hype – Bitcoin. Cryptocurrency Bitcoin is a form of Electronic cash or E-Cash which can be sent from bitcoin users over their network. Blockchain has some of the key features which make digital buying much secured. As in anyone can get noticed by trying to hack or manipulate the data which makes stealing close to impossible. No data is reversible making it more accurate. No offline stored information and everything online makes it worldwide accessible. The word blockchain was used to describe cryptocurrency bitcoin which was developed using this technology. As defined by wiki, a blockchain is a growing collection of data blocks which cannot be edited or changed interlinked with cryptography (encrypted codes). R3 Consortium was later joined by twenty-two top companies in the world, some of which are JP Morgan, RBS, State Street, UBS, Commonwealth Bank of Australia, Credit Suisse, Barclays, BBVA and Goldman Sachs in 2015 to jointly develop this blockchain technology further to transform the financial Sector. Cryptocurrency hype took a positive turn in 2017 when bitcoin stock value increased to 20,000 dollars per unit. This pushed every man to research it more and apply the technology to their company. Bitcoin’s unstable nature is a reason for concern, the way that the digital money has never confronted any issue concerning its security is critical. The revealed hacking occurrences in Bitcoin trades, where the coins can be exchanged for resources, regularly, fiat monetary forms was because of the careless safety efforts taken at these trades and isn’t a disappointment of Bitcoin’s innovation. While this cryptocurrency hype Bitcoin is innately based on an innovation that is making extraordinary waves for its security highlights, Bitcoin trades are not set up a similar way. New security initiatives are taken to make the cryptocurrency transaction to be more and more secure in every way possible so that all users can have a safe payment and interaction.
Limitations The blockchain is still a technological concept under development and this brings us to the many limitations we face due to the present technology. Budget & finance administrations and insurance agencies see blockchain as an approach to reinforce against fraud techniques and avoid illegal tax avoidance done by cryptographic forms of money like bitcoin.
EXPERT OPINION – Jasprit Bindra – Digital Advisor to Mahindra Group, Finance talks widely on Blockchain and Crypto for driving Indian distributions and in Indian and worldwide blockchain gatherings. I any case, he firmly trusts that the hidden innovation, Blockchain, can possibly change the world as much as the Internet did! He additionally trusts that Blockchain is a Step to pure logic & innovation, and has huge use cases in Supply Chain, BFSI, Manufacturing, Energy, Auto, and various others. It could potentially lead to less corruption.