Blockchain is a financial technology that is achieved with a combination of maths, economics and cryptography, which creates records and maintains databases of financial transactions of people banking with any financial institution. The advantage of this technology is that third party checks are not needed like in the case of a normal bank.
Blockchain is primarily an electronic ledger of all transactions that holds records of all transactions done by any two individuals and entities. Blockchains complete various complicated transactions like book keeping, storing, moving, lending, trading, guaranteeing and reconciling money with its consensus ledger system. This signifies the rise of permissionless platforms that allows trade and commerce to flourish without too many regulations. Alternative currencies like Bitcoins are also responsible for the rise of such platforms.
Now, people can take loans easily and quickly using property that is digitally signed. The time taken to disburse loans will now be less as banks can easily verify all required documents for disbursing loans and other financial activites quickly. Although blockchains are still in a nascent stage in India, many institutions are investing and betting on this technology. This technology needs trained professionals to handle the infrastructure that is being built. The financial sector today needs to build a strong infrastructure and a bench of qualified employees who can manage the industry and attract more investment to our country.