The challenge blockchain – The Hindu


In the early 1990s, a good number of undergraduates and even students used to learn typing and shorthand. Shorthand was a respectable profession in those dark days when jobs were hard to find. But slowly at the beginning and then very quickly, the fund abandoned the typing and shorthand training institutions. The training institutes have not seen it arrive. Not even the parents who sent their children to these classes. The last to receive the message were students who had spent several hours of their lives working hard to get typing and shorthand credentials. With the advent of personal computers and word processors, suddenly there was no need for stenographers.


Today we have another moment of "shorthand". It is not very obvious, but the change is in the air. At the beginning of this month, Telangana announced the formation of the first Indian blockchain district in collaboration with Tech Mahindra. But, so what is this blockchain and why should you care? Blockchain is the technology behind bitcoin and other crypto currencies. But the bitcoin and crypto currencies are now banned in India, right? In fact, one of the biggest scams of recent times is the Bitcoin scam that is worth more than Rs 1,500 crore, perpetrated by Amit Bharadwaj. So, even the chain of blocks should be forbidden, right? Mistaken.

See, the bitcoin was the number one killer app of blockchain technology. Bitcoin blockchain was the world's first blockchain. However, there was a Cambrian explosion in terms of organizations trying to solve serious problems in the real world using this new technology.

Much of this is built around the blocker of Ethereum, a blockchain for general purposes that is more powerful than bitcoin blockchain. No less a government agency of NITI Aayog, the government think tank, is firmly behind the blockchain technology in India.

For starters there are numerous areas in India where the blockchain can add significant value. To name a few, tamper-proof cadastral documents, verifiable higher education certificates, commercial finance, and so on. As we know, many of us are afflicted with fake documents that make the land an investment risky proposal. Likewise, the labor market is flooded with candidates with false titles. Now, if educational institutions can have the degrees they confer to the blockchain, authenticity can be easily verified by anyone. This will increase the market value of true graduates


The most important thing for young people like you is that, because the blockchain upsets and makes obsolete several conventional sectors, new and exciting opportunities open up for those of you who become experts in this technology.

There is a shortage of good blockchain developers and strategists. In the next decade or so, thousands of well-paid jobs will be created around the blockchain, although several thousand conventional jobs will disappear. Join the bandwagon bandwagon and prosper.

The writer is a pupil of IIM Bangalore and co-founder, Money Wizards. [email protected]

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