How Blockchain can transform India?

Blockchain is something that is going to change our lives in the next few years as the internet had changed in the past years. And if I were to ask myself back 2 years ago I would tell that it is some fancy technology that works for Bitcoin or something like that. Well I was not wrong but it was somewhat defining the internet as the technology behind google.

First thing first: What is Blockchain?
A Blockchain is a chain of 'blocks' that contains 'information'. Each block is unique and is linked to the previous block. It is a decentralized database that stores a registry of assets and transactions across a peer to peer network.

In simple words, one can understand blockchain technology as a distributed ledger that is open for anyone. For example, whenever a transaction occurs it gets added as one more block in a chain of already existing transactions. And this added transaction has to be authenticated by everyone(nodes) over that one universal ledger that is protected by complex algorithms. Since each block is linked to one another that if a hacker wants to change one transaction or block he has to change the entire chain that is very very difficult.

The main thing: How it can transform India? 

• The contribution of the Agriculture sector in the Indian economy is much higher than the world's average (6.4%). For transforming India we first have to look at agriculture. It is more than 16% of our GDP. But in all these, every day almost 20 farmers kill themselves because of various reasons. Now here's how Blockchain can help in many ways. For example, Blockchain can make fractional ownership so that 12 farmers can own one tractor. This way per person cost is very much less.

• In another way, blockchain is the ideal technology to digitize land and to consolidate small plots into larger land and then it can be used for farming on a large scale. And blockchain can actually take care of who owns how much land, input, output, and yield.

• With the integration of blockchain with IoT, we can actually enhance rural electrification. In rural areas, one has to generate power where one needs power. For example, by using solar power but the problem is one may be producing more power than needed, and here comes the blockchain that can really help in deciding where the power is needed and in what amount and thus making it economically viable.

Final Thoughts: 
Although blockchain can radically bring change in many aspects of our life, one thing to be noted is that it is not the solution to each and every problem. But why visionary people are so excited by blockchain is that it promises to solve the two problems that are the trust and the intermediation problem to bring an honest and peer to peer economy.