A blockchain, originally known as block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data and is hence secure. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
As we all know that blockchain and AI are the two important aspects that are buzzing currently, PM Modi’s attraction towards these is only natural. India, seems to be stepping into this transition phase, with PM Narendra Modi yet again bringing blockchain and AI to the centre of technology discussions.
Speaking on the technology, Modi said that with blockchain technology, a number of issues in the agricultural and horticultural sectors can also be solved. Prime Minister Narendra Modi has been actively encouraging the youths of the country to utilise and promote artificial intelligence (AI) and blockchain technologies. This has been evident from his speeches on numerous occasions.
While speaking at the convocation ceremony held recently at Sher-e-Kashmir University of Agricultural Sciences and Technology, Jammu, PM Modi mentioned,
“India’s youth can lead a revolutionary movement using AI and blockchain technologies with a value addition,”
He further added,
“With blockchain technology, this problem can also be controlled. Through a real-time monitoring of the supply chain, the technology can bring in transparency in the agricultural trade — starting from the production process to making it available for the farmers as products can be examined at every stage,”
“This will have a complete network comprising farmers, processing units, regulatory authorities and consumers. Because one affiliated to this chain can keep an eye on this, therefore, the scope of corruption will also be reduced. Most importantly, this will check the mischievous acts of the middlemen and the harvest will not go wasted,”
Currently, some of India’s top telecom operators are increasing their focus on blockchain technology. The likes of Bharti Airtel, Vodafone India, and Reliance Jio Infocomm are evaluating use cases for blockchain even as they seek new avenues of growth in an already saturated and price-sensitive telecom market.
Hence, it looks like Blockchain and AI are the future and we all must make way for it.