Friday August 17, 2018
Home Lead Story Blockchain Ho...

Blockchain Holds Promise Of Strengthening Financial Services Sector

Blockchain is genuinely a different way of doing things

0
//
21
Blockchain Holds Promise Of Strengthening Financial Services Sector
Blockchain Holds Promise Of Strengthening Financial Services Sector. pixabay
Republish
Reprint

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)

Click here for reuse options!
Copyright 2018 NewsGram

Next Story

Google Releases ‘Go Edition’ of Android 9 Pie

Google launched Android 9 Pie earlier in August that uses AI to predict how users would like to experience their devices.

0
Google, Android
Android 9 Pie (Go edition) launched for entry-level phones.(VOA)

Google has rolled out a “Go Edition” of its recently launched Artificial Intelligence (AI)-packed Android 9 Pie with additional storage, faster boot time, better security and more to bring improvements to entry-level phones.

The “Go edition” brings a fully redesigned set of Google apps, which are specifically built to serve the needs of first-time smartphone owners.

“Along with an additional 500MB storage, Android 9 Pie (Go Edition) also comes with features like verified boot and an accessible dashboard for tracking and monitoring data consumption,” Sagar Kamdar, Director of Product Management, Android wrote in a blog post on Wednesday.

“We welcomed our first wave of Android (Go edition) phones this April, and now there are more than 200 devices available in 120+ countries including India, South Africa, U.S., Nigeria and Brazil,” Kamdar added.

Android 9
android logo, wikimedia commons

Android Pie is now available on Google’s Pixel phones and the Essential Phone followed by Motorola, which plans to ship Pie to many of its flagships this fall.

“A core part of these apps include unique features, like free downloading in YouTube Go, that aren’t found in the classic app,” Kamdar added.

Google launched Android 9 Pie earlier in August that uses AI to predict how users would like to experience their devices while offering a smoother navigation system and features like “Adaptive Battery” which learns the apps users use most and prioritises battery for them.

Also Read: Experts say That Google Storing Location Data Can be Easily Abused

Devices that participated in the P Beta programme — Sony Mobile, Xiaomi, HMD Global, Oppo, Vivo, OnePlus and all other qualifying Android One devices — would receive this update by the end of this year. (IANS)