Telangana, Tech Mahindra ink MoU for India’s first Blockchain District

What in news:

·       Telangana State Information Technology, Electronics and Communication department (ITE&C) signed Memorandum of Understanding (MoU) with Tech Mahindra to launch India’s first Block chain district.

About news:

·       The MoU was signed at International Block chain Congress 2018 held in Hyderabad

·       It will be a center of excellence, an incubator and process development for the emerging technology with innovative infrastructure and facilities to foster growth of Indian block chain start-ups and companies.

·       Tech Mahindra as a founding member of the block chain district will provide the platform and technology assistance to all the incubators in it.

·       Tech Mahindra will also empower accelerators to develop and solve market problems across its global customer ecosystem.

·       Further, the Telangana ITE&C Department will provide regulatory and policy support to enable and promote Block chain growth both in India and globally.

·       It will provide an opportunity for the block chain ecosystem in India to collaborate and work towards building a block chain district in Telangana and transforming g India as the block chain capital of the world.

About block chain technology:

·       Block chain is decentralized incorruptible digital ledger for storing data across peer-to-peer network.

·        It decentralizes information is held on block chain through shared database which can be accessed on real-time basis.

·       This database is not stored on physical servers but on cloud, which makes it easy to store unlimited data.

Advantages:

·       Blockchain technology is not controlled by any single entity and has no single point of failure.

·        It is transparent and incorruptible.

·        It is kind of self-auditing ecosystem of digital value and block chain network automatically checks every transaction that happens in it.

Applications:

·       The most popular application of technology so far has been cryptocurrency. But it is not limited to, financial transactions and can be also used in smart contracts, supply chain management logistics, sharing economy, crowdfunding, governance, file storage and date management and Internet of Things (IoT).

Expected prelims question:

Recently which state in India became first Blockchain district.

a)    Telangana

b)    Maharashtra

c)     Jharkhand

d)    Kerala

Ans – a

Expected mains question:

What do you mean by blockchain technologyadd a note on its advantages and disadvantages.