Fintech is opting for blockchain to strengthen their privacy and data security

The government-promoted Centre for Excellence in Blockchain Technology, under the Ministry of Electronics and Information Technology, aims to harness the blockchain tech for our daily use.

Using blockchain technology, information can be recorded in an incredibly secure manner, making it difficult to alter or breach the system.

A blockchain is a distributed ledger management system that can be used for transactions between two people or to track the custody of couriers, among other things. Transactions are recorded in almost real-time.

Blockchain technology is being used by the government in its Digidhan portal, which has been designed to "provide accurate reporting, monitoring, and analysis of all types of digital payments transactions" that occur in India.

A report from PricewaterhouseCoopers (PwC), one of the Big Four accounting firms, predicts that blockchain technology will boost the global economy by 1.76 trillion dollars by 2030.

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