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The next major IT revolution that is about to happen

Hailed as 'the next major IT revolution that is about to happen' by none other than Apple co-founder Steve Wozniak, Blockchain is a disruptive technology that has rapidly gone from niche to mainstream. Anybody conversant with technological innovations is ready to hop on to the blockchain bandwagon. Let us deconstruct this new tech buzzword and see how it is of help to the not-so-tech-savvy citizens of the society.

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Blockchain is a record-keeping technology

Just as internet democratised exchange of information all across the globe, Blockchain has democratised the exchange of value. Value could mean money, goods and services, data and more. Blockchain is a record-keeping technology, which allows you to maintain a shared ledger, and thus simplifies the process of streamlining transactions and tracking assets - tangible as well as intangible.

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Businesses crossing boundaries and global transactions

With businesses crossing boundaries and global transactions via e-commerce and online banking becoming the order of the day, the prevalent modalities of transactions are not only complex and cumbersome but also susceptible to fraud, not to mention the additional charges levied by intermediary institutions.

Blockchain can be equated to an operating system that facilitates record keeping, giving participants a platform to share a ledger, which is updated automatically every time a peer records a transaction. Every participant on a blockchain is a node, and record of all transactions is shared in real-time and available to all nodes. It saves time and costs, as interactions between multiple parties become possible within minutes instead of days, and eliminates the need for third-party verification. It is also completely secure, since there is no need for duplication of records by all parties involved, and there is no chance of errors of omission or fraud either.

Blockchain is called so because of the way it works to store data- in blocks, linked to form a chain. The blockchain grows with the growing number of transactions. The network works in conformity with rules set by the participants and each block consists of a set of valid and timestamped transactions. Blockchain has helped revolutionise businesses across the world, and India is on its way to becoming more blockchain-savvy in the days to come.

EMURGO aims to be a part of India’s journey towards leveraging blockchain for growth and development. We have designed courses and modules to enable and empower people with blockchain skills and produce high-quality blockchain experts who will redefine businesses across the globe. The future looks extremely promising, and blockchain with EMURGO is here to stay!

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