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Challenges and potential of Blockchain technology

The blockchain is one of the most discussed technologies with many confusions. In the beginning, most people were confused with the blockchain relationship with Bitcoin and cryptocurrencies. But it is not limited only to this measure.

In an interaction with Vaibhav Gawde, Head-Solution Consulting, Oracle India, we sought to understand blockchain technology, its challenges and its potential in India.

What is the potential of Blockchain technology in India?

Blockchain can be a turning point for India – not just for the business sector, but also for the public sector – for example by providing better citizen services such as real estate records management. It has the potential to radically transform the way we do business and live our lives. On the business front, the distributed ledger technology that defines a blockchain, makes each transaction transparent and open, keeping all parties involved, thus creating a safe and secure environment for organizations that undertake transactions.

What are the key factors and challenges?

The pace of digital transformation, the need to continually establish / place trust in transactions in a multiparty ecosystem for complete transparency – especially as a result of increased fraud – and the growing need to safeguard critical data (regulatory and regulatory factors) business expertise) are some of the key factors that require the adoption of blockchain in India.

With the blockchain, technology is the simplest part: it is already available today, for everyone, together with the much-needed and reasonably stable network infrastructure in our country. What is important is the construction of the ecosystem and possible consortia. For the adoption of blockchain to succeed, it is important to align all stakeholders with a common goal. Once the adoption of blockchain is increased, there will be common standards and processes, which in turn will lead to a multiplier effect.

Which segments of the industry do you see as the first users?

Although the BFSI sector was one of the first to adopt, we are now seeing organizations in many other industries experimenting with blockchain: production, energy, oil and gas, pharmaceutical industry, among others. Customers here in India have shown encouraging answers. We are seeing blockchain projects moving quickly from pilot to production while companies and various government entities begin to see the intrinsic value of distributed accounting books and smart contracts.

For example, retailers use blockchain to increase supply chain efficiency, reduce counterfeiting and improve warranty management. Logistics operators are taking advantage of the blockchain to optimize supply chain funding, better tracking and tracking ownership transfer and compliance monitoring. In the energy sector, companies are experimenting with blockchain solutions for more efficient asset management, renewable energy certification and emission quotas, as well as measurement and billing.

What is the USP of your blockchain solution?

With the industry's most comprehensive blockchain platform in the industry, Oracle offers companies a faster and easier way to adopt blockchain and transform their business. With Oracle Blockchain Platform, organizations can now securely extend their business processes and applications, enabling faster processing of business transactions. Our platform is based on open source Hyperledger Fabric and is offered to customers as an enterprise-level, pre-assembled managed service. With plug-and-play integration capabilities and automated operations, combined with our in-depth domain experience, we offer an unmatched proposal to customers.

At Oracle OpenWorld San Francisco a few days ago, we launched Oracle Blockchain Applications Cloud: a new suite of SaaS applications specific for use cases that improve traceability and transparency throughout the supply chain. These blockchain applications include: Intelligent Trace and Track, Provenance Lotto and Provenance, Intelligent Cold Chain and warranty usage and tracking.

Can you share some examples of how your customers benefit from the blockchain?

Indian Oil is conducting a pilot project with us to simplify the bank guarantee process. Given the number of sellers they work with and the volume of transactions involved, blockchain can turn out to be a turning point for Indian Oil to accelerate business processes and achieve greater operational efficiencies.

Recently, we have also made a connection with NITI Aayog, the leading group of experts in Indian politics as well as Apollo Hospitals and Strides Pharma for a pilot project that aims to put an end to the Indian fight against the counterfeiting of drugs and to ensure a complete transparency in the pharmaceutical supply chain.

We are working with some state governments on the possible use of Blockchain for various use cases, including verification of

Citizen ID for subsidies, efficient systems for registering property / excise supply systems and the like.

We are also working with some of the leading telecommunications operators to explore the possibility of using the blockchain to create an effective solution against unsolicited messages / calls.

With the inherent nature of blockchain technology, you can explore many different use cases for any vertical / segment that will benefit from transparent distributed registers.

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