BEGINNING OF NEW SOCIO ECONOMIC REVOLUTION- CRITICAL APPRAISAL OF BLOCKCHAIN APPLICABILITY –A STUDY

Abstract

Whether it be societal decision making like voting or economic activities such as financial transactions, Centralisation is widespread in all-sphere, the emergence of „Blockchain distributed ledger technology" is considered one of the technological breakthrough, to cautiously address the problem outcomes of centralization. Proponents contend that Blockchain will touch every major industry and will alter the way that people and society interact. The Blockchain revolution pushing the world into a new era, predicted on openness, merit, decentralisation and global participation. As per NASSCOM Avasant India Blockchain Report 2019,over 40+ blockchain initiatives are being executed by the public sector in India, with nearly 8% in execution Phase & around 92% in POC-Phase. This study explores some potential and existing use cases for Blockchain in several industries such as finance, healthcare, insurance, retail & ecommerce and media & entertainment. Further, the plausible potentiality of Blockchain along with its limitations, to address far reaching implications for value delivery and socio-economic development, is assessed employing SWOT-analysis. The paper covers applicability aspects of Blockchain with relevance to the future directives.