Election through blockchain in India. | Is Mukesh Ambani bullish on blockchain technology?

Election through blockchain in India: 

Blockchain has been a topic of discussion all over the world in recent times. Since the era of cryptocurrency started, Blockchain has come into more limelight. Because cryptocurrency works on the technology of blockchain itself. As the use of cryptocurrency or non-fundable tokens increases, the value of blockchain technology is also increasing. Now the impact of this technology is being seen in the lives of common people. 

This is because elections have been conducted for the first time in India through blockchain. This is the first time that students of the Indian Institute of Technology Madras have conducted student council elections for the first time through blockchain technology. Students of the Center for Innovation (CIF), Webops, and Blockchain have developed software through which elections can be conducted using Blockchain technology.

On the other hand, Faculty incharge Professor Prabhu Rajagopal says that this project student has the potential to bring about a positive change in the way elections are conducted. According to officials, the advantages of conducting elections through blockchain technology include things like cost reduction, and a tamper-free process, which will also increase the confidence of the people in the election.

For this election, the India Book of Records has also given a certificate to the students to create a record of blockchain software for student body election. Let us understand, What is blockchain technology? Does blockchain simply mean that the technology is run by connecting multiple blocks to the chain? It collects data blocks and forms a chain. Different blocks contain data and they are all connected to it.

Long chains are created and new data is added. Similarly, all the blocks are connected. At the same time, blockchain technology is not just a technology, it is a platform. It is also called Distributor Ledger Technology i.e. DLT. Here there is not only a digital currency but a record can be kept of anything by making it digital. Simply, a blockchain is a digital ledger.

Blockchain was first used in a research project in the year 1991. After this, it was used in bitcoin in the year 2009. Transactions in digital currency are visible on every computer connected through the technology chain. The good thing is that there is a safe and decentralized technology, which is not possible to hack. Also,  it is impossible to change it and eliminate it.

Blockchain technology is considered to be the backbone of technologies, but it is not only used in cryptocurrency but also many other areas. At the same time, the question also comes that there is a source in the database to keep the data. So what is the difference between blockchain and database, how are they different from each other?

But there is an authority to control the database. A collection of information of any one system is kept in the database, but the record of information is kept in different categories in the blockchain. Information can be stored in the form of blocks and those blocks grow interconnected to form a chain of data. Explain that blockchain technology can also be used by governments to improve the efficiencies and tracing of processes.

In May Brazil's government launched the Blockchain network to reduce bribery in public spending. Although all of these are in the development stage, they are being used by many government entities. Apart from this, land deals can be simplified by using blockchain technology. Blockchain can be a big help in making documents work safely and easily. 

According to the information, Telangana and Andhra Pradesh are using it for land deals. The same blockchain technology can be used in things like information technology, data management, subsidy distribution, banking, insurance, digital identity and authentication, health statics, and cyber security.

Is Mukesh Ambani bullish on blockchain technology?

Mukesh Ambani talks about blockchain technology. And the great news is that Mukesh Ambani says he is a supporter of blockchain technology. But blockchain is not a cryptocurrency, and this thing is now being viewed in many ways. People are putting many meanings to this. Mukesh Ambani is the chairman of Reliance Industries. 

But Mukesh Ambani is very important because he is interested in the business related to this technology. He runs Reliance Jio which is the largest telecom operator in India. He says that blockchain technology is very important and this thing came after Mukesh Ambani had a long interview. If you remember, he had given an interview many years ago, in which he was asked what he is studying these days.

He had said, I read two or three books at a time, then they told at that time that I am reading about blockchain technology and this blockchain technology is something that will contribute to giving a kind of equality to society. In this, the responsibility increases to protect the privacy of the people. 

That is if these valuable things are data, that is, my information is such a valuable thing, then its security is very important and what they have said with it is that the government had brought the cryptocurrency bill along with the privacy bill. He supported both those bills and said that the country is on the right track.

But the great thing is that Mukesh Ambani is very bullish on blockchain technology, he has a lot of emphasis on what he says, and secondly, he says that when finance is going on for everything in the world. And the business that we have so far is money. The system of business that is going on was T+7 days at one time. That is, today the deal was done, and money will be accounted for on the seventh day. From there it becomes T+5, then T+2, and now it becomes T+1 day.

That is, today's calculation has started after two days, but they say that it is not right. It is not enough, must be real-time. If there is a virtual world or a digital world and with digital, he has said an interesting thing that the world is running digital-first right now. That is, now we imagine things in digital and after that, we also test it in digital and after that bring its real picture in front of the world.

Earlier it used to be that you made a map and or made a model. After that, when the building was built or the plan was made, then it was tested. Now it is not needed and when this kind of world is going on. In such a situation, we have come so far, then what are the things that are stopping us and they believe that real-time transactions will happen in any case? 

Only then will we be able to achieve this part and it will go a long way in helping the world move forward. You can be a supporter of Mukesh Ambani or you may be antagonistic. You can have a good opinion or bad opinion about Mukesh Ambani. You very much need to keep an eye on this and you also need to listen and think a little carefully about what he has to say about block chain.

We hope you like the article and information about blockchain. If you have any questions then please comment on our site www.tradeipohub.co.in. Thanks for reading.