Blockchain is a technology ensuring transparent & immutable transactions in a network. Each block of a Blockchain represents a transaction with a hash of the prior block of the Blockchain, thus establishing the immutable linkage of the chain. New blocks get added to the chain as and when transactions occur and get validated by consensus. The record of all such transactions are stored in a distributed and decentralized digital ledger. Decentralized does not imply splitting a centralized database into smaller units with each unit stored at separate locations, rather it means that multiple copies of the same database exist at multiple locations and when certain actors (nodes) in the network (called miners), through open or controlled access, approve a transaction, does the transaction get recorded in the distributed ledgers, thereby ensuring consistency of the database across the platform. Updates in the Blockchain happen through consensus between nodes, and when new block is created, it becomes tamperproof. The Blockchain contains a true and verifiable record of each and every transaction made in the Blockchain. Blockchain can be used for a wide variety of applications, such as supply chain management, tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.
Initiatives taken by the Department
Department of Information Technology & Electronics has taken focused approach towards leveraging Blockchain technology to establish West Bengal as a front-runner in becoming an emerging Technology Hub. Blockchain is a vast distributed ledger or database running on millions of devices, where not just information but anything of value – money, titles, deeds, music, art, intellectual property etc. can be stored securely and privately. The world is looking at Blockchain as the next biggest disruptive technology after internet. Among the financial institutions, almost 50% of the banks are expected to use this technology by 2020 and there is a huge transformation expected to take place in the non-financial sector as well, within next few years. Blockchain is expected to create a significant impact in the job market as knowledge of this disruptive technology is in high demand in numerous sectors of the industry. To take the initiative further and develop a collective understanding on different aspects of Blockchain, Consensus 2018 is being organized where blockchain experts, corporates, start-ups, individuals around the globe are invited to share their insights on the technology, applications, use cases & best practices on capacity building and awareness generation. Recently a meeting was held with the Blockchain Technology enabled organisation in the month of December. Some immediate focus areas has been identified to implement pilot project based on Blockchain technology. Areas identified are –
- Hyperledger based applications in document management in land transfer, mutation in municipal properties, used car transfer & Fintech.
- Smart Contract based Blockchain technology to drive cross border Ease of Doing Business.
- Maximize digitization of trade using Blockchain
- Crowd funding of public infrastructure projects using Blockchain
The link of keynote presentation may please be downloaded from the link given here below: https://gbck.nltr.org/keynotes.php
A summit on ‘Exchange of Knowledge on Blockchain & its application’ was held on 13th April 2018 at Biswa Bangla Convention Centre. The presentation given by the speakers are attached here-below for reference purposes.
|Company||Speaker||Pdf Downloads||Video Downloads|
|Bengal Blockchain Belivers||Diptiman Dasgupta & Debojyoti Das|
|IBM Blockchain||Ramyanshu (Romi) Datta|