HYDERABAD: In the current time, where a huge amount of private data is generated by industries across various sectors, there is a threat to it being tampered. The best mechanism currently available to counter this, and to ensure 100 per cent authenticity is blockchain technology, tech experts opine.
Taking note of this, the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) conducted a session for various stakeholders in the food processing industry. The main objective of the session was to clarify the misconception that it was only a cryptocurrency system. “It comes with a number of advantages,” said Hrishikesh Nashikkar, project manager of blockchain technology at the BlockChain Centre for Excellence, Broadridge India Financial Services.
“For one, it is a system that is encrypted from end to end and leaves no scope for tampering of data. There will be 100 per cent transparency and hence the data will be authenticated,” Nashikkar said, while addressing several stakeholders from the food processing industry. “This also eliminates middlemen and misuse of funds,” he added.
It runs on the Distributed Ledger Technology, a digital system for recording transaction of assets in multiple places at the same time. The content is decentralised, leaving no scope for duplication or misuse.
After a brief introduction of the inception of the blockchain technology, he went on to explain its nitty-gritties. He also talked about the usage of Bitcoins. He said that through this online documentation system, every transaction in the supply chain can be recorded and leaves no scope for any kind of tampering.
“One can record the status of crops, the amount that has been procured, temperature, the quality of the procurement,” he added. Alterations or corrections to the data can be made only with due permission. The FTAPCCI, in the coming days will hold sessions on the application of block chain technology in health and education sectors.