Need of Blockchain technology in Indian Economy

We are living in an era, which has a backbone of the internet.  We cannot deny the fact that the internet has revolutionised the way we communicate. Two decades ago, no one would have thought that we will be able to see a person across the globe and will be able to communicate with him one on one. Today, it is possible. With a tap of a finger, you can make a video call from your mobile device. We share digital photographs on social networks and emails have replaced paper. Indeed, technology has changed our lives and it will continue to adorn our lives.

In the year 2008, new idea sparkled on the internet. It is now popularly known as bitcoin. Bitcoin is a crypto-currency working on concepts of the blockchain. It became more popular in online transactions and has the potential to revolutionalise the international economy. The security offered in blockchain makes it uncompromisingly reliable. Nowadays, blockchain is the most secure way of conducting online transactions. Blockchain platform is being used to build a huge and versatile trust network.
The blockchain is a decentralised electronic ledger similar book of accounts but it maintains the duplicate copies of the ledger on multiple of computers, which can be located at different locations. Whenever any transaction is made, a block is created and it is attached to the blockchain. Once data added to the blockchain, it cannot be altered retrospectively, allowing asset ownership and transfer to be recorded without external verification. Investors have now realised the blockchain is bigger than Bitcoin. Some governments have taken an interest. Sir Mark Walport, the UK government's chief scientific adviser, published a report on the blockchain in January 2016, outlining how the massively distributed shared ledger is "a database that tracks who owns a financial, physical or electronic asset". This kind of technology will help to track all the transaction and since the data cannot be manipulated it will check the issues of corruption in government offices.
Many firms are already using the blockchain to trace and record ownership, and to cut out middlemen. It is observed in India that most of the people responsible for corruption are middlemen. In a case of the agricultural sector in India. Many farmers sell their crops at price much less that the MSP. The middlemen force farmers to sell the crops bellow MSP and they take advantage of selling it at a higher price in the market. In this situation, farmers are not making money and the end user is getting the product at much higher rates. With help of blockchain, it will be very easy to track such middlemen. Farmers will get the deserving value for their crops. Recently, Prime Minister of India mentioned in his address to the nation on new year eve that only one percentage of the population is paying income tax. Making blockchain mandatory for all major financial transaction will help the government of India to identify non-taxpayers.
While the government is making an aggressive stand for digital transaction and e-banking, rising incidents of cyber crime are a concern among users and online service providers. Sophisticated algorithms offered in blockchain ensure systems are not duplicated or hacked. In India, we are getting ready to be part of this new revolution. Andhra Pradesh Chief Minister inaugurated blockchain technology institute in Visakhapatnam on December 17, 2016. To train police force on the latest technology to prevent cyber crime, a workshop on blockchain technology was organised by the Fintech Valley of Visakhapatnam and IBM. Andhra Pradesh has introduced blockchain technology to prevent incidents of cyber crime. The government has introduced the technology in some departments to protect the database from being hacked. The government is should encourage such initiatives.
Blockchain is the future of transactions. What internet has done to communication, Blockchain will do to transactions.