Abstract
Blockchain has now become blockchain technology, and this is the record of data that are encrypted, and here distributed database is required for the purpose of transaction, contract, and independent record. It is therefore a digital ledger and can be reachable in different platforms for different financial activities and services. It is supported by healthy digital currency systems like bitcoin transactions and does not depend on any third party systems. Blockchain supports the multiple numbers of shared copies, and it works in a same database. Very recently blockchain was considered as an important subfield of information technology. It is therefore treated as a tool, technique, as well as procedure for financial management. This chapter is based on existing literature on blockchain with basics and special focus on the issues and limitations. This chapter highlights the scenario of blockchain technology in India with opportunities, companies, and scenario of manpower availability and potentiality.
TopIntroduction
Blockchain Technology is the encrypted and distributed database connected with the transaction, contract, and depends on different independent record. Blockchain is the digital ledger and a particular place is being used to store data. Blockchain is strengthening the financial segment and activities for proper digital currency like bitcoin transactions. Blockchain Technology is dedicated in tangible and intangible asset management, and here data can be tracked and recorded in a particular network and ledger (Chattu et.al., 2019). Blockchain technology supports registered members immediately, and that can be shared, and offer completely transparent information. Blockchain is needful in tracking the orders, payments, accounts, as well as production. Transaction details can be identified of the end users using blockchain therefore it is emerging in diverse areas viz. business and commerce, education and training, health and medical systems, government and administration, entertainment, banking and trade, etc. It is a type of fraud resistant system and gives transparent financial services than traditional business processes. Like other Information Technology components, blockchain technology also been increased and rising its applications in other areas and sector. Satoshi Nakamoto devised an immutable ledger of transactions that chains together blocks of data using digital cryptography to solve the double-spending problem associated with digital currencies. Blockchain Technology allows participants to do the business who may not known to each other but able in safe and secure business. The blockchain is responsible in identification of the participants including validates the transactions and also ensure that everyone follow the norms. Blockchain Technology and its basic advantages is depicted in Fig 1. The Blockchain Technology has several issues and challenges and in this regard country to country such issues are different. As far as India is concerned there are certain issues in regard to Blockchain Technology such as implementation and execution ranging from laws and regulations, norms and guidelines, financial aspects, and so on. Fig 1 depicted the basic advantages and benefits of Blockchain Technology at a glance (Chen, G., et.al., 2018).
There are number of places where blockchain may be applicable and among these important are important are Supply Chain Management, Voting Management System, Copyright and ownership protection affairs, personal and financial management, better retail management with royalty award, Healthcare, Transport and Tourism, etc. For example with proper supply chain management one can easily track the status of a product and that can more supportive to the existing GIS System.
Figure 1.
Benefits of blockchain technology at a glance
TopObjective Of The Work
The chapter entitled ‘Emerging Blockchain Technology Vis-à-Vis Limitations and Issues: Emphasizing Indian Context’ is conceptual in nature and a theoretical work. This chapter is aimed with the following—
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To learn about the basic aspects of Blockchain including the features, as well as basic functions of the Blockchain Technology in brief manner.
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To learn regarding the Quantum Blockchain Technology in simple sense.
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To find out the limitations as well as disadvantages of the Blockchain technology in brief manner.
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To find out the issues and challenges of implementation of the Blockchain Technology in contemporary scenario.
TopMethodology Adopted
The present work is theoretical and collected from different secondary sources, and primary sources. Secondary sources are being used to collect aspects regarding Blockchain Technology such as features and functions. To gather latest technologies in the field of Blockchain, and for that website of different companies also studied to learn about the latest of the field. Furthermore, Governmental policies are studied on the topic Blockchain to reach the aim and objective of the work.
Key Terms in this Chapter
Financial Engineering: Financial Engineering is a branch of Interdisciplinary Engineering concentrated on designing, development and management of the financial systems, applications, machines, and automation systems.
NFT: NFT is a cryptographic tokens and responsible in dedicated blockchain system development and promotion which are cannot be replicated. The realtime and real-world issues such as artwork and real estate things can be managed and significantly developed.
Blockchain Technology: Blockchain technology is the encrypted and distributed database connected with the transaction, contract, and depends on different independent record. Blockchain is the digital ledger and a particular place is being used to store data. Blockchain is strengthening the financial segment and activities for proper digital currency like bitcoin transactions.
Blockchain Applications: Blockchain technology utilizations are rising gradually and applicable in diverse areas like Financial and Banking Services, Education and Research, Healthcare and Medical Systems, Government and Administration, Travel and Hospitality, and so on.
Quantum Blockchain: Quantum blockchain is helps in proper security management using proper principles of quantum computers, the conventional blockchains is dedicated in collecting records and the same is connecting with the cryptography with the chronological order. Here records of blocks basically encoded (here records are encoded into a series) with photons which are entangled with each other.
Quantum Technologies: Quantum technologies are improving and rising its applications in different places. Among the Quantum segment Quantum Mechanics, Quantum Computing, Quantum Informatics considered as worthy.
Cryptocurrency: Cryptocurrency is the encrypted data and which are denotes a unit of currency. Here peer-to-peer network play important role which is called blockchain. This is helpful in securing ledger based digital transactions for the things viz. buying, selling, and transferring.
Quantum: Quantum is the smallest parcels into which are normally having many forms of energy, and which are subdivided. Therefore, quantum is the quantized physical magnitude like magnetic moment.