Blockchain: The Trust Protocol for Data Integrity

The internet gave us email, World Wide Web, social media, video platforms, big data, cloud computing, and many life-altering technologies. But it has serious limitations for business and economic activity when it comes to reliability. This limitation hinders the utility of the internet in many ways. The concept of Blockchain – the trust protocol, was introduced that opened myriad opportunities by taking us from the internet of information to the internet of value.

The key value that it offers is DATA INTEGRITY. The integrity of a Blockchain network is encoded in every step of the process and is distributed among all participants in the network rather than in any single entity. The double-spend problem was resolved through intermediaries while transaction.

Another novel value that blockchain provides is DISTRIBUTED POWER. Blockchain brings the concept of democracy to the internet, it allows people to control their data without fearing misuse or leak.

Blockchain for Enterprises

While working on blockchain for Enterprises, CSM emphasizes two important aspects - it can be both permissioned or permission-less. A permissioned blockchain is the one where we provide a controlled environment where the user requires consent from the creator of the blockchain to participate in the network. In a permission-less network, a user doesn’t require consent to join the network; joining and leaving at will and is often considered as truly decentralized.

According to an estimate by the World Economic Forum, around 10% of global GDP will be stored on the blockchain by 2025. That means in the next 5 years the world leaders are preparing for a huge shift and are ready to embrace it for the next era of internet technology.

Blockchain for Governments

CSM is one of the pioneering groups of companies that brings disruption to Government machinery and its functioning. Owing to the decentralized network of Blockchain, it not only becomes a cost-competitive solution for a Government but also goes high on delivering transparency and accountability. Blockchain solutions ensure zero-leakage workflows and highly secured project/scheme management.

Because of CSM’s expert know how on Government and its functional challenges, we have been able to devise and develop solutions that encompass business-critical applications in Education, Supply Chain systems, Land Registration solutions, Digital certificates, Disaster Management and last but not the least Direct Beneficiary Transfer solutions.

AUTHOR:

Tapaswini Swain

Communication Consultant, Marketing