As the world around us
is changing faster thanks to this pandemic our technologies are also improving
to deliver faster and safer user experience. In this highly competitive and
evolving era technologies like
Blockchain and AI are making their mark on some of the most of the industries
and hold impending advancements in the future.
Blockchain Community India (BCI) is one of the
pioneering minds working on bringing more and more safety and effectiveness
into using Blockchain and AI in businesses operations. BCI is an open source
initiative which intends to transform the practices in major industries and
make the business more secure and efficient. The BCI is currently partnering
with around 11 businesses including education, health, finance, e-commerce,
banking, utility etc.
A blockchain is, in the
simplest of terms, a time-stamped series of immutable records of data that is
managed by a cluster of computers not owned by any single entity. Each of these
blocks of data (i.e. block) is secured and bound to each other using
cryptographic principles (i.e. chain). One of the most fascinating things about
blockchain is the system is most safest in the world as no central authority
holds the complete data or no one can manipulate/ hack even a single data file.
With this idea it only
makes sense to integrate blockchain and AI innovation to support businesses
administrations particularly in the region of payment gateways. The BCI
functions as a cooperative energy with both business psyches and technocrats
who make the framework dynamic and more productive.
Being an open source
initiative the Blockchain Community India works on two major components.
Firstly, they are building an open environment for building Blockchain and AI
technology. The space is open to all techno enthusiasts to come and participate
in the development and the free-flowing environment helps some great ideas to
grow and bring advancements. The motive will always be to bring diversity and
inclusion in the workings of the group.
Secondly, the BCI is also developing a very unique business model which is
inviting everyone who believes in the technology to come and invest in the
business. The investors will not act as passive investors but instead will
participate as active members and each investor will be given equal opportunity
to make decisions about the company. There will be a core team that will help
all the investors coordinate and give them suggestions and but the power in all
the cases will reside with the investors.
Both of these aspects make the business model very unique and encompass all the
elements of a modern business model that is futuristic in it's working. The
financial industry might be one of the firsts to be affected by more adoption
of Blockchain technology and its related Disseminated Ledger Technologies. The
expansion of Blockchain and AI will be dependent upon how intelligently the
business players will capitalize on this innovation into their businesses and
the kind of support it is able to receive from different stakeholders. The BCI
here plays an important role by bringing both business and tech minds to
collaborate and reimagine this technology to benefit the
maximum number of enterprises.
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