siliconindia | | June 20188lockchain technology is the new hype of every sector be it healthcare, finance, insurance and even agriculture. A recent World Economic Forum report predicts that by 2025 10% of GDP will be stored on blockchains or blockchain related technology. It is evident that this technology cannot be stopped and will be embraced by all arms, small or big. However, there is still a long road to go for people to become accustomed to it and start understanding its potential. A layman might find it difficult to adjust to it and assess its benefits. For blockchain to become the talk of the town, it has to be simple for the general users to understand rather than limiting itself to the tech-savvy population.Blockchain helps regulator to store blocks of cryptographically validated data that is incorruptible and immutable. This shuts down any leverage for loss of transparency in transactions of financial nature or even otherwise. Concomitant with transparency, blockchain also provides an added benefit of accountability that means, as consumers of any product, they will now be able to regulate whether the products that they are buying have been ethically manufactured, whether there were any illegal facets to its procurement, or if any violations of any sort were involved.So this is an extraordinary asset of technology. An immutable, un-hackable distributed database of digital information. This is a platform for truth and speed. The implications are staggering, not just for the financial-services industry but also right across virtually every aspect of society.Another aspect of blockchain is smart contracts. Smart contracts supplement complex logic and rules atop a blockchain that can automate traditional contract management and digitize the ecosystem around us.Blockchain's role in the future will be supported by smart contracts and vice versa. Smart contracts are needed to execute the data exchanges and program in rules to By Kumar Gaurav, Founder, CashaaLondon based Cashaa is a gateway to consumer-centric and affordable financial products aimed at consumer adoption of Blockchain without having to understand the technical details of Blockchain technology.Bin my opinionHOW BLOCKCHAIN TECHNOLOGY CAN CHANGE THE WORLD?
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