Getting the measure of #Blockchain
Another measure aimed at building transparency across the globe for economic transactions to be validated or underpinned by blockchain.
Like the internet, Blockchain has an in built robustness, that does not allow control by one single entity and has no single point of failure. Blockchain brings everyone on board to the highest degree of accountability, helping to guarantee the validity of a transaction, by registering the transaction not just on one register, but a connected distributed system of registers, using a secure validation mechanism.
The Blockchain lives in state of consensus and audits itself, reconciling every transaction that happens in ten minute intervals, resulting in each group being referred to as a block.
By design the Blockchain is a decentralized technology, anything that happens on it is a function of the network as a whole. By creating a new way to verify transactions aspects of traditional commerce could become unnecessary.
Stock market trades become almost simultaneous on the block chain, for instance — or it could make types of record keeping, like a land registry, fully public.
This decentralization is already a reality. This month, a 30 member consortium led by SBI comprising India’s top banks are deploying Bank chain, a block chain based solution to help Indian banks and NBFC’s do their KYC due diligence for corporate borrowers, evaluate corporate lending risk, and manage vendors.
So while we are enamored by the dizzying rise of Bitcoin, itself a product of block chain tech, what gets lost is that we are fundamentally heading in a direction, where authenticity of transactions relating to the ad rates of Kaun Banega Crorepati or Big Boss or IPL or ad impressions on a web site, can be agreed and proven beyond doubt.
Blockchain is not ubiquitous in advertising and media yet, but it would certainly be an asset to the industry.