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Blockchain Holds Promise Of Strengthening Financial Services Sector

Blockchain is genuinely a different way of doing things

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Blockchain Holds Promise Of Strengthening Financial Services Sector. pixabay
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With digitisation transforming the financial services sector in terms of speeding up transactions and fraud detection, the Blockchain technology holds enormous promise of further strengthening the sector, a top official with The National Stock Exchange of India Limited (NSE) has emphasised.

“The NSE is experimenting with Blockchain technology,a NSE CTO Sankarson Banerjee told IANS on the sidelines of the fifth Cisco India Summit here.

The Blockchain technology is based on distributed storage of data. A Blockchain is a continuously growing list of records — called blocks — which are linked and secured using cryptography.

“Blockchain, we know, is the best way to create immutable record of things. That opens up a lot of use cases for asset verification – who owns the asset, where it comes from, things like that – or tracing the transaction of an asset,” Banerjee noted.

“The second advantage of Blockchain is that it helps avoid double spend. It allows for unique non-repeatable transaction,” he added.

Blockchain can make things highly distributed and resilient in ways that traditional data storage technologies cannot, Banerjee said, adding that in Blockchain, one can distribute a record to thousands of people and yet everybody can be sure that nobody can fake that record.

“Blockchain is genuinely a different way of doing things. Today, the asset is held in physical form and digital records of it are transacted,” he stressed, making the point that Blockchain technology should be credited for creating genuine digital asset for the first time.

“While cryptocurrency is a used case of Blockchain, it should not be confused with the technology itself, just as pornographic content, which can be accessed on the Internet, must not be confused with Internet itself,” Banerjee told IANS.

The NSE CTO, however, cautioned that it would be foolish to expect that technology could altogether wipe out the chances of fraudulent transaction because hackers do not always target the hard technology part.

“They instead often exploit the vulnerability of the common people and trick them into revealing crucial information,” he said.

“Blockhain can be truly transformative for exchanges, paving the way for them to get into very different businesses. We could start selling cars. We are not selling cars but we might,” Banerjee added, in a lighter vein.

While Blockchain still remains at an experimental stage at the NSE, what it has done to increase efficiency includes integration of latest solutions from the global networking giant Cisco for enhanced customer service, process automation, analytics and cybersecurity.

In line with its commitment to digitise the financial services sector in India, Cisco has developed a “Digital Transformation Blueprint” for the banking and financial services sector.

Blockchain
Blockchain. flickr

The blueprint leverages the power of Cisco’s intent-based networking portfolio to integrate connectivity, security, automation, collaboration, and analytics across the business value chain.

As part of its collaboration with NSE, Cisco has automated NSE’s data centre, helping it reduce app deployment time from weeks to hours.

The exchange is also leveraging Cisco’s “AppDynamics” platform to monitor the performance of core applications and get real-time analytics for business performance to deliver superior end-user experience.

“With ‘AppDynamics’, NSE will have complete visibility spanning from the infrastructure to application to end user, thereby offering a superior end-user experience,” said Sameer Garde, President, Cisco India and Saarc.

“Institutions that are quick to embrace innovation and adopt new technologies will have immense opportunities to improve the way they deliver services,” added Banerjee.

Also read: Sudan Stops 13 Diplomatic and 4 Consular Missions Due to Financial Crisis

The NSE, which was the first exchange in India to implement electronic or screen-based trading, emerged as the fourth largest stock exchanges in the world by numbers of trades in equity shares in 2017, according to the World Federation of Exchanges (WFE) report. (IANS)

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Robots May Be Able to Perform C-Sections Soon

These big, set-piece operations will become less common as we are able to intervene earlier and use more moderate interventions

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A newborn, one of 12 babies born by C-section, cries inside an incubator at the Bunda Hospital in Jakarta, Indonesia, Dec. 12, 2012. VOA

Robotics are expected to become so sophisticated, hospitals may not need surgeons. Controlled by healthcare assistants, the machines will soon be delivering babies by carrying out C-sections as well as other surgeries, say experts.

The predictions are based on the report by the “Commission on the Future of Surgery” set up by the Royal College of Surgeons in 2017, the Daily Mail reported.

According to the report, the robots controlled by healthcare assistants such as technicians are expected to conduct vaginal surgeries and operations on the bowel, heart and lungs.

This will help advance diagnoses of illnesses like cancer before they destroy organs and, as a result, operations will be smaller in scale and less traumatic.

Robot, Reading Companion
FILE – A visitor shakes hands with a humanoid robot at 2018 China International Robot Show in Shanghai (VOA)

Even healthcare assistants — who do not need any formal qualifications to get a job — could one day be trained to perform C-sections with the robots, The Telegraph reported.

Specialists and surgeons will remain in charge of operations but may not always need to be in the room.

“This is always going to be under the watchful eye and careful supervision of a surgeon,” Richard Kerr, neurosurgeon at the Oxford University and Chair of the commission, was quoted as saying.

“These are highly qualified healthcare professionals and they will be trained in a specific aspect of that procedure.

“The changes are expected to affect every type of operation. This will be a watershed moment in surgery,” Kerr said.

While some applications of robots and DNA-based medicines are expected to happen sooner than others, those with healthcare assistant-led C-sections is possible within five years, the report said.

C-section, Robots
These are highly qualified healthcare professionals and they will be trained in a specific aspect of that procedure. Flickr

However, the experts warn that the use of robots in surgery could be controversial. This is in light of an investigation which revealed that a 69-year-old man in Newcastle died when a robot was used to carry out his heart surgery in 2015.

The commission’s report also claims that major cancer operations could become a thing of past because screening DNA will pick up diseases earlier, before they ravage the body.

Also Read: AI  to Help the Students of Japan in Enhancing English Speaking Skills

Similarly, people with severe forms of arthritis could be identified early on and faster treatment might reduce the need for major hip and knee replacement ops.

“These big, set-piece operations will become less common as we are able to intervene earlier and use more moderate interventions,” said Professor Dion Mortonm, a member of the commission. (IANS)