Blockchain Technology

Blockchain Technology is undeniably the most enterprising inventions in today’s era. The brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto, BlockchainTechnology is evolving day by day, into a greater force; a force that knows no bounds. While blockchain might be one of the fastest growing inventions in the world, people still remain unaware of it. What is blockchain? Is it a boon or a bane? Does it promise an evolution in the history of monetary transactions? So many doubts yet to be resolved, so many questions yet to be answered. 

Beginning with the most basic aspect- what exactly is blockchain technology? 

According to Don and Alex Tapscott, authors of Blockchain Revolution, “The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value” 

A basic understanding of the blockchain world includes duplication of a spreadsheets across a network of computers followed by a network designed to regularly update the same. 

Blockchain is more effective in terms of money and time. Earlier intermediaries played a major role in a transation. But with the advent of blockchain, such intermediaries would be elimated. Cloud storage would be decentralized, allowing anyone on the internet to store data at a pre-agreed price. Blockchain offers solutions to various digital identity issues. Other matters such as smart contracts and digital voting can also be taken into consideration. It will completely transform the way we transact business or manage our assets. It spreads across all sectors such as banking, hedge funds, crypto exchanges, industrial IOT and mesh networking, cloud computing and many more. 

Blockchain technology lets people have dealings across borders in an instant. But can they rely on each other without the support of bureaucracy and middlemen? To express your opinions, join us at the Global Youth Economic Summit.

Blockchain also covers another aspect that stands of great importance i.e Bitcoin. Bitcoin is a cryptocurrency and worldwide payment system. Also known as “digital gold”, it’s total value is close to $9 billion US. Bitcoins can also be exchanged for other currencies, products, and services.

The main question is that whether blockchain stands to be a positive sign for future transactions and activities or does it pose a serious threat? 

The Global Youth Economic Summit, flagship event of Insight, NM College’s annual Business Finance and Economics Meet aims at bringing forth this clarity through its deliberation on the topic “Blockchain Technology”.  With professionals like Kumar Gaurav  and   Raj Chowdhury coming forth and gracing the occasion, it will be nothing but a summit worth a memory!

Join us at the Global Youth Economic Summit on the 10th of February 2018. To register for the summit log on to www.gyes.nminsight.org/

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