He explained the concept of Blockchain and how it is used to transfer value online. He differentiated Blockchain from the online transfers stating that in those cases only information about transactions is transferred or communicated and not value. He discussed the various challenges faced in implementing Blockchain and the solutions to them. Some of the examples being, Asymmetric Cryptography for maintaining the authenticity and integrity of transfers, Consensus Protocol for updating a new transaction and the incentive structure for the users of Blockchain.
He discussed different types of Blockchain, broadly classified as Public Blockchain and Private or Permission Blockchain. He also gave insights on how Blockchain eases the process of value transfer by reducing the role of intermediaries and creating a more transparent, traceable and decentralized system. He also shared various other use cases of Blockchain and gave new dimensions to our thoughts. He explained this with examples pertaining to the fields of healthcare and the electoral system.
Dr. Ravi enthusiastically answered various questions asked by the students making it a very interactive and informative session. Towards the closure of the session, he gave us a word of caution that though the Blockchain technology has various advantages, a proper assessment of every use case is of utmost importance before implementation. The session was helpful in giving us a perspective of how technology is bringing new dimensions to business and an insight of how future may look like.
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