Blockchain, a public digital ledger of transactions, has the potential to enable significant improvements and efficiencies to economies through a wide variety of solutions. Marked by its high security, speed, encryption and immutability, Blockchain technology is already finding deployment in finance, supply-chain management, retail, distributed computer storage, digital contracts, healthcare, shipping, and even entertainment. Technology giant Microsoft identified the significance of Blockchain in the enterprise and social sectors early, and has been strengthening its focus on the technology globally. At a Blockchain conference titled I was intrigued by the technology that powered it. Today, it has become a global phenomenon with multiple use cases across multiple industry sectors. In terms of security aspects of Blockchain, Microsoft has been engaging with enterprises, regulators and policy makers in an attempt to deepen the cyber security policy dialogue. It has also engaged with GS1 in the supply chain space using Blockchain to remove inefficiencies and wasteful use of resources. The shipping industry spends around $30 billion on insurance, wherein settlement can consume weeks and months. We worked with Ernst Young and came up with a solution to streamline this, According to Mohammed Nasiruddin, senior program manager, Microsoft India, the factors determining Blockchain In India too, Blockchain technology is seeing the firsts of many deployments as businesses identify use cases. For instance, Bajaj Electricals has started implementing Blockchain for making payments to suppliers. As Pratap Gharge, executive president and CIO, Bajaj Electricals, explains, the supply chain space is small-scale in nature and firms need faster payments. The country According to Sudin Baraokar, advisor According to Sudip Banerjee, Group CTO, Reliance Capital, Blockchain can significantly simplify the claim process,.cutting down costs and eliminating frauds. At the same time, there are certain challenges. Akhil Handa, head, fintech and new business initiatives, and advisor to MD and CEO, Bank of Baroda said there is a lack of production-ready use cases. Many institutions still don The challenge is to get every officer to start putting every record on Blockchain, The negativity around Bitcoin, the original use case of Blockchain, could also undermine the adoption of this technology, warns Rohas Nagpal, CEO and chief architect of Blockchain start-up Primechain. We need to understand that there is too much of hype around the technology,
