By Jaspreet Bindra, Senior Vice President, Digital Innovation and Ecommerce,
In May 2008, someone using the nom de guerre of Satoshi Nakamoto published an innocuous paper titled “Bitcoin: A peer-topeer electronic cash system”. Every couple of years or so, someone discovers or claims to be ‘the’ Satoshi. Almost as mysterious as Satoshi was his creation, Bitcoin. Hailed as the first truly digital currency , which did not require a central mint or bank, and which could cross borders and wallets instantly, Bitcoin got a bad name when the ‘dark Net’ populated by drug and weapons dealers discovered its many uses.
The conversation today is not about Bitcoin though; it is about the underlying
which powers Bitcoin, called the Blockchain. Experts have opined that by 2025, 20% of the worlds’ GDP will rest on Blockchain based applications! Every bank and financial institution worth its salt is all over it.
So, what is this animal? The easiest way to explain Blockchain is to think of it like a cryptologicaly protected universal ledger.To maintain a ledger, we need a ‘trusted authority’, in case