BLOCKCHAIN TECHNOLOGY OF TRUST

Blockchain is a hot topic around the globe start up ecosystem. A blockchain could be a redistributed,
distributed and public digital ledger that's accustomed record transactions across several computers
so any concerned record can't be altered retroactively, without the alteration of all subsequent
blocks. There are numerous of cryptocurrencies operating around the globe. Some famous
cryptocurrencies are bitcon, ripple, ATC, Dash, Bitcoin cash etc. Despite so much awareness
adoption of blockchain still sluggish due to fear over security and regulatory uncertainty. According
to US based rating agency risk associated with blockchain includes IT and operational risk ill-fitted
governance and governing issues. According to LALA Work Chief executive Sankalp Shangari believes
it is bringing risk to established system of jurisdiction, which is obstructed of financial freedom. It is
marked dubious technology which could be compromised but reality is it is secured and dependable
but it is complex to understand that’s why certain rumours are spread about it. There is a need of
learning applicability which will result in overcoming the fear. Mike Davie’s edge blockchain and
smart contracts to track data movement from where it started along with the data chain from
originating device to the data scientist which add value to the data and do automatic compensation.
Startup serves as a blue print that bring an organised system to make best use of decentralised data.
Company primary focus is on data location which is one of the most important tool in understanding
the attitude of potential customers. Platform posses 50 billion record a month, enabling organisation
in every industry to obtain data they can use to make business and policy decision. Blockchain
unchangeable nature can raise trust in the insurance agreement between insurers, consumers and
partners. When claim data can be easily shared on blockchain and in case of any fraud activities and
duplicate claims can be easily detected. Hearti Lab was born in 2015 out of the realization that there
was a void in the corporate and personal insurance sector. To achieve its vision of developing an
integrated insurance platform, the startup has developed two complementary platform: BENEFIT.X
and SURETY.AI. According to Joseph Lee usage of blockchain technology is to create a platform that
allows lenders and borrowers to transact directly in a safe and protected environment. Cost is saved
from eliminating intermediaries. But due to the newness of technology there are still trust issues.

According to me blockchain is the “new technology of trust”. New technology is providing us a new
way by which we can transact. Blockchain has a potential to change the way we buy and sell,
interact with government and verify the authenticity of everything. It combines net with the safety
of cryptography to allow everybody a quicker, safer thanks to verify key info and designed trust
among customers. But there is a need of learning and become familiar with the new technology I.e,
the applicability and operations of blockchain which will result in overcoming the fear and make
users more comfortable.