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Blockchain: Making Transactions Public, Immutable and Tamper-Proof
Blockchain is a technology that was introduced with Bitcoin. It provides a digital, decentralized ledger that allows transactions to be recorded chronologically and publicly.
A blockchain is like a huge distributed spreadsheet. Copies of the electronic data are stored across many computers. Whenever there is an update to the spreadsheet of information it needs to be broadcast and accepted by the different copies of the data. In this way all the data in the blockchain is public and easily verifiable. It isn’t possible for someone to break into one computer and alter the data stored there — that copy would be inconsistent with all the other copies and would no longer be accepted.
A joint report by FICCI and PwC found that “by removing the need for third parties to manage transactions and keep records, blockchain technology can massively reduce transaction costs… Leveraging blockchain technology for social benefit schemes will support the government’s wider policy objectives of sustainability, thus reducing poverty and generating value for money in public expenditure.”
The report concluded that “putting land records on a blockchain would make them immutable and tamper-proof, thus securitising them and building a firm pillar of trust in the system…All land deeds and their associated records would be immutable and irrefutable, thus saving a lot of money on land-related litigation… Blockchain solutions, if implemented, may lead to the elimination of intermediaries or middlemen, thereby leading to improved pricing, decreased transaction fees, thus eliminate issues of hoarding.”
