Blockchain at a fundamental level maintains trust.
Blockchain is Immutable Distributed Ledger
It works on a peer-to-peer network
- No Central Authority
Block Chain Use Cases:-
- Central Bank Digital Currencies (CBDC)
- Digital Identity
- Energy and Sustainability
- Real Estate
- Government and the Public Sector
- Healthcare and the Life Sciences
- Supply Chain Management
Blockchain Implementation (Around the World):-
- Walmart recalled one lot of mangoes in 2.2 seconds.
- Ohio State allows organization to pay taxes in Crypto.
- Slovenia and Switzerland are creating blockchain nations.
- Visa launches blockchain solutions for Cross-Border transactions.
Blockchain Implementation (India):-
- IRDBT, tech arm of RBI, led 2 PoCs by involving banks and technology firms like IBM and Infosys
- General insurance companies - pilot - track health insurance policies using blockchain.
- Andhra Pradesh Govt. introduced blockchain in land records.
- Maharashtra, Karnataka, Kerala and Rajasthan are following the lead.
Ethereum & Smart Contracts:-
- Ethereum is a decentralized platform design to run smart contracts.
- ==> Resistant to censorship.
- ==> Distributed server.
- Ethereum maintains a native asset called ether that is the basis of value in the Ethereum ecosystem.
What is a Smart Contract?
In Ethereum, smart contracts are executed by network itself!
- Network consensus removes need for Trusted Third Party.
- Violation of contracts requires subverting the entire network.
- Allows fir secure peer-to-peer agreements that live on the blockchain forever.
Contracts in Ethereum are like autonomous agents that live inside of Ethereum network.
- React to external world when "poked" by transactions (which call functions)
- Have direct control over (i) internal ether balance (ii) internal contract state (iii) permanent storage
1. Identity Management
2. Decentralized File Storage
3. Reputation Systems
4. Decentralized Games
Blockchain Experts Will Be in High Demand
30,000 new jobs in India
Currently only 6,500 qualified blockchain developers.
TOP Blockchain JOB Profiles in India
- Blockchain Developer
- Ethereum Developer
- Blockchain Engineer/Architect
- Hyperledger Developer
- Solidity Developer