Ever since crypto currency surged to popularity, block chain has taken the entire world by storm showing all that it can bring to the table. The distributed ledger methodology that block chain represents has proved how useful it can be in all spheres of activity which has convinced the Indian companies to adopt it as well.
Block chain is a chain of encrypted and linked blocks which are shared across the entire network and store all the information instead of a single server which is prone to attacks and hacking which can lead to the loss of all the data. These linked blocks have also led to transparency as well as decentralization which make it all the more appealing.
Block chain and Indian Banking
Banks across the globe understand that improved efficiency and guarantee, in the end, lead to better customer experience. Block chain provides precisely this which is why Indian banks have started embracing this new technology with open arms. One of the major uses of Block chain in the banking sector has been in the Know Your Customer field which is ever so crucial to the working of the banks. Block chain offers an unalterable, accessible and secure method to store this large data with its efficacy. This potential was first identified by SBI but has been embraced by others too since then. They have extended the use of this technology for other services also like remittance. This has been named as BankChain by the banking community which now has 37 members.
Insurance Industry and Claims Management
The insurance industry in the subcontinent has to handle thousands of claims a year which if not managed efficiently can lead to significant losses. This is why the Block chain technology has been taken up by this industry to improve the efficiency of their departments. This sector uses the technology for record keeping, regulatory compliance, due diligence and prevention of frauds. This, in turn, leads to a much better customer experience which brings more revenue and clients to the industry.
The government of India has also come up with its innovative versions of block chain for public administrations which are looking to revolutionize the way the government works. This is being integrated with all departments of the government which are liable to answer to the public which provides an extended transparency.
The future of this technology looks bright in the largest democracy of the world with it being used in all the major sectors for now and more and more people embracing the technology.