Millennium Post

Celebrating Blockchain

Technology is always going to attract investors and developers. That said, India should actively promote technological conclaves so that Modi's flagship 'Make in India' gets the boost it lacked in his first term. Technological conclaves for one aid in attracting a pool of investors to a platform populated by developers and techno-enthusiasts. A similar event in the form of India Dapp Fest 2019 is being held in Bengaluru by Blockchained India – a network of this fintech's champions – from June 11-15. Boasting a huge one-of-its-kind in Asia gathering, this fest is set to attract techno-enthusiasts, technocrats as well as investors who will experience a showcase of the wide spectrum of applications that utilise this new technology. In a massive upgrade from the India Blockchain Week in September 2017 which had a dismal footfall, India Dapp fest envisages huge participation both from foreign as well as the native audience. In two years, Blockchain has grown making a global presence whereby research papers suggest how it could be a revolution in the banking systems across the world. But here our curiosity piques as to what exactly is Blockchain and why is it making such ruckus in the techno-world. Simply put, blockchain is a vast networked database. However, unlike usual systems, blockchain does not have central authority with the records shared among the members of the network. Classic decentralisation of data one may say. Blockchain allows users to collaborate on the same file through different source points with everything saved for later use. The fact that it lacks a central mainframe is beneficial for several industries and a developed blockchain framework could be part of companies in the near future. Hence, the Blockchain fest happening in the silicon valley of India – a hub for startups – is a great platform for potential developers to interact with like-minded people and develop partnerships and projects leading to successful applications that can be absorbed by the corporate sector in future. Expert surveys already rate blockchain as a technology worth a lot. According to Gartner, by 2030, the annual business value generated by blockchain will be more than US$3 trillion. It goes without saying that new technology is always attracting people for what it brings to the table and in blockchain's context, a lot is on the table which needs investment and development. In the fast-progressing world which is slowly embracing IoT and 5G, the internet has outgrown its former definition. Blockchain is another innovation which will greatly utilise internet and fifth generation services providing sectors with a novel data system. Opportunities are galore and so is the scope of development. All it needs is like-minded people discussing parallels before cohesively developing the next big thing. Conclaves like India Dapp Fest bring up the opportunity for small developers to go global and it is also a medium for expert interaction and learning which is highly beneficial if one looks at the skill gap present amongst our graduates who are largely unemployed even as the culture of entrepreneurship and startups has hit the nation for some time now. Promoting such conclaves should be in the best interest of government since it serves a flurry of purposes for the mass.

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