Conceptual Analysis of the Blockchain Technology and Feasibility of its Industrial Application

Abstract

Blockchain is an innovative technology, primarily functioning on the ideology of a distributed ledger, peer-to-peer validation with consensus, with a decentralized and transactional data shared across a large network. This technology ensures transparency, accountability and accessibility and distributed ownership. This technology eradicates the essentiality of central entity/third party to validate transactions. Blockchain when put to industrial applications can be used to create and enable smart contracts, supply chains for various government processes, trusted inter-department communication and record keep storage facilities. Blockchains can verify the proof of documents containing essential information or formulas immune to tampering. Potential blockchain applications include, Digital certificate management including sale deeds, pharmaceutical supply chains, Duty payments, public service delivery etc. The main issue that needs to be pondered upon is in regard to regulatory framework, which leaves behind a jurisprudence of wither developing a new law or upgrading technologies for self-governance.