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Blockchain: Digital Ledger Challenges & Global Use

Blockchain is a distributed digital ledger technology that records economic transactions, enhancing traceability, trust, and transparency in digital currencies. Despite its potential, challenges such as data analysis, processing time, security, and regulatory frameworks hinder widespread adoption. Globally, governments and organizations are exploring blockchain applications to improve operations and prevent fraud, with significant investments and savings projected for the banking sector.

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Saurabh Mukherjee
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10 views6 pages

Blockchain: Digital Ledger Challenges & Global Use

Blockchain is a distributed digital ledger technology that records economic transactions, enhancing traceability, trust, and transparency in digital currencies. Despite its potential, challenges such as data analysis, processing time, security, and regulatory frameworks hinder widespread adoption. Globally, governments and organizations are exploring blockchain applications to improve operations and prevent fraud, with significant investments and savings projected for the banking sector.

Uploaded by

Saurabh Mukherjee
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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ITS – SPEACIAL FEATURE

BLOCKCHAIN – DISTRIBUTED DIGITAL LEDGER

“ An Insured Digital Ledger of


economic transactions, to
record not just financial
transactions but virtually
everything of value.

1
INCEPTION AS A TECHNOLOGY

Blockchain can be defined as a reliable record of –


▰ Who owns what, and
▰ Who transacts what
“Just like Internet represents an Exchange of Information, similarly BlockChain represents an Exchange of
Value”
▰ Traceability: World moving towards digital currencies
▰ Trustworthy: Evolving consumer behavior with new payment innovations
▰ Transparency: Changing payment regulations

2
CHALLENGES

Adopting a new technology for any business is the most challenging task for the company. Till a technology becomes prevalent, it is
unbound to have a distinct strategy to define the path for its adoption.
▰ Analysis of Data – Block of data shared among participants

▰ Processing Time – Required to authorize a transaction will increase

▰ Processing Power – Extensive consumption of electricity

▰ Cross Jurisdictional Boundaries – System Reliability

▰ Security & Privacy – Data stored and accessed on Shared Ledger

▰ High CAPEX – Cost ($0.20) & Storage (80 Bytes) associated with each transaction

▰ Regulatory Environment – Establishing framework and standards

▰ Ledger Interconnectivity – Complementary Solutions on different technology, platforms and networks

3
ASPECTS OF BLOCKCHAIN

PARAMETERS PUBLIC PRIVATE PERMISSION


PERMISSION TO ALL THE USERS ONLY ONE USER FEW NODES

TRUST TRUST LESS SYSTEM TRUST WORTHY TRUST WORTHY

DECENTRALIZED COMPLETELY DEPENDS ON CONTROLLING PARTIALLY


ORGANIZATION

HACKING DIFFICULT DIFFICULT DIFFICULT

VERIFICATION TIME TIME CONSUMING LESSER THAN PUBLIC QUICK

PRIVACY NILL GREAT GREAT

4
GLOBAL SCENARIO

Government organizations globally are exploring the use of blockchain technology to improve operations, transparency, prevent fraud and
establish trust
▰ ESTONIA – Digital Identity Card endorsed by Blockchain algorithms and its infrastructure on the back end

▰ SINGAPORE – The Monetary Authority of Singapore (MAS) is leveraging blockchain to verify and reconcile trade finance invoices

▰ DUBAI – Dubai has set up the Global Blockchain Council consisting of 47 members

▰ SWEDEN – Sweden is now working on testing a blockchain-based land registry

▰ GEORGIA – National Agency of Public Registry onto Blockchain, 160,000 registrations already processed

▰ UK – Distribution of grants using blockchain to prevent fraud or abuse

▰ NASDAQ – Working with Chain.com, to offer technology for processing and validating financial transactions

5
$1 Million $8-12 Billion
Average Investment in Blockchain Reported Potential Annual Savings
Projects in 2017 for Banks Utilizing Blockchain
Technology

30% 69%
Blockchains reported potential for Percentage of Banks that are
reducing Bank-Infrastructure Costs Experimenting with Permissioned
Blockchain

$20 Billion $290 Million


Amount of Global Blockchain Total Amount that Start-Ups raised
Market in 2024 in H1 2016
6

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