Over the last two decades, there have been several digital technologies, which have been transforming the business and the society at large. Blockchain is one of the most promising developments in the information technology domain and offer numerous benefits for not just industry but also also government in providing better governance & public service. The global Blockchain technology market size is valued at USD 1-2 billion today and expected to climb to over USD 23.3 billion in size by 2023
In brief, Blockchain is a technology which enables a ledger that can be accessed by all parties involved in the transaction and can act as the universal irrefutable depository of all transactions between involved parties. It is essentially a global public ledger capable of automatically recording and verifying a high volume of digital transactions, regardless of location.
Though the word Blockchain became synonymous with cryptocurrencies over the last few years, the benefits involved in Blockchain have already attracted immense traction, and subsequently investments, from the financial sector as well as many other technological giants over the world. The technology holds the ability to change the way the financial sector works and would result in favourably impacting many other industries including technology, healthcare, supply chain, public-sector applications, consumer goods, media, telecom, law enforcement, ride hailing, and many other areas.
With transparency, traceability and collaboration, this innovative technology has already offering many competitive advantages. Now the onus is upon us to decide how it will be leveraged for the industry. Hence, towards creating the awareness and possibly tapping the advantages offered by the Blockhain to the industry, CII is organizing the Blockchain Summit.