Why fintech is embracing blockchain to ensure privacy and safety for consumers

moneycontrol.com:

India and the fintech industry are not alien to blockchain technology, which has become a huge talking point among startups, media and even in government corridors. And not without reason, blockchain is a platform that allows the recording of information in an extremely secure way, making it near-impossible to alter or break into the system. Blockchain has been described as a digital ledger of records called blocks, which are used to record transactions and track assets in a business network. It is known to democratise processes, ensuring security, transparency and efficiency, with one of the most attractive qualities of this technology being decentralised ownership.

Blockchain is a distributed ledger management technology that can be used for transactions between two people or to track custody of couriers, etc. Since transactions are recorded in almost real-time.

Further, there is a reliable record of each transaction, eliminating the prospect of altering past transactions. In essence, blockchain technology has the potential to make each and every transaction entirely fool-proof.

Blockchain: moving beyond cryptocurrencies 

There is such a steep learning curve with this emerging tech that the government has set up a Centre for Excellence in Blockchain Technology, under the Ministry of Electronics and Information Technology. It's an interesting avenue where the government is using blockchain technology in the Digidhan portal, which has been created for the “accurate reporting, monitoring and analysis of all types of digital payments transactions” that occur in India. This is proof that the government is embracing innovation, unafraid to explore, and is giving a platform to latest technologies.

In its report titled ‘Time for