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First government blockchain centre likely in Hyderabad

The Centre is considering a proposal to set up a Centre of Excellence for blockchain technology in Hyderabad to drive innovation.

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Why in the news ?

  • The Centre is considering a proposal to set up a Centre of Excellence for blockchain technology in Hyderabad to drive innovation.

More on news

  • As per the official statement, the Centre of Excellence, proposed to come up at C­DAC’s Hyderabad unit, will be the first one by the government for blockchain technology
  • The proposal has been submitted by C­DAC Hyderabad, along with the Institute for Development and Research in Banking Technology (IDRBT) and Veermata Jijabai Technological Institute (VJTI), Mumbai.
  •  It had been decided to begin work on applications of blockchain technology.
  • “We plan to use blockchain to digitise and secure land records for Telangana. Once we successfully deploy it, we can then think of scaling it,” said the official.
  •  IT firms such as Infosys, TCS, Wipro and Cognizant had made significant investments in blockchain technology, while banks had already started using the technology.

Blockchain Technology

  • By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.
  • Originally devised for the digital currency, Bitcoin,  (Buy Bitcoin) the tech community is now finding other potential uses for the technology.
  • The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

 

  • A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions.
  • Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated.
  • There is a countless number of such blocks in the blockchain, connected to each other (like links in a chain) in proper linear, chronological order.
  • Every block contains a hash of the previous block.
  • The blockchain has complete information about different user addresses and their balances right from the genesis block to the most recently completed block

Source

The Hindu, Investopedia.

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