Block-chain: The booming Technology

What is block- chain?

Block chain in basic terms is a ledger where data can be stored and just like in accounting, accounting books consists of all the accounts, in block chain the data is recorded in blocks. The difference here is that in block chain every “block is linked to each other forming a series of block”.

For example; there is a company ABC limited, they store all of their data related to transactions on a block chain, the chances of them losing their data is less because a block chain is a combination of complex technology, in case there is a new data or a new transaction taking place, a new “block” will be created.  

Investopedia defines block chain as “A block chain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, block chain stores information electronically in digital format[1]”.


How do block chains work?

Every user in any block chain has two keys; private and public, these keys are very crucial for any transaction to success. Considering the above mentioned example; If ABC has a new transaction, a new “block” will be created which will be linked to all the previous blocks forming a secure network for the company.

There are four types of block chain;

  1. Private Block chain Networks: Companies can use private block chains to which enables them to decide to whom they want to give the accessibility and authorization preferences, parameters to the network, and other important security options. Only one authority manages a private block chain network.


  1. Public Block chain Networks: Bit coin and other crypto currencies originated from public block chains, which also played a role in popularizing distributed ledger technology (DLT). Public block chains also help to eliminate certain challenges and issues, such as security flaws and centralization.


  • Permissioned Block chain: Permissioned block chain networks are private block chains that allow special access for authorized individuals. Organizations typically set up these types of block chains to get the best of both worlds, and it enables better structure when assigning who can participate in the network and in what transactions.


  1. Consortium Block chains: Consortium block chains have both public and private components, except multiple organizations will manage a single consortium block chain network. Although these types of block chains can initially be more complex to set up, once they are running, they can offer better security[2].


Benefits of block chain

  1. Highly secured
  2. Transparent in nature
  • Increases efficiency and speed


Has block chain been used by Organizations?


  1. International Payments: In April 2018, Banco Santander launched the world’s first block chain-based money transfer service. Known as “Santander One Pay FX,” the service uses Ripple’s xCurrent to enable customers to make same-day or next-day international money transfers.


  1. Capital Markets: Startup Axoni was founded in 2013 and builds block chain-based solutions specifically for capital market improvement. Most recently, Axoni announced the launch of a distributed ledger network to manage equity swap transactions – enabling both sides of an equity swap to be synchronized throughout their lifecycle, communicating changes to each other in real time


  • Insurance: OpenIDL, a network built on the IBM Block chain Platform with the American Association of Insurance Services, is automating insurance regulatory reporting and streamlining compliance requirements


  1. Media: Eluvio Content Fabric uses block chain technology to enable content producers to manage and distribute premium video to consumers and business partners without content delivery networks.[3]


Can Block chain help with IPR?


Block chain when combined with AI has been proved to be a success, In the recent years it has influenced the IP ecosystem, it helps in;

  • Block chain is efficient and faster in nature hence it helps in minimising the commercial risks by summarizing the overall patents available therefore saving the time,
  • Block chain is transparent hence it establishes clear ownership rights in important works like music or dance for which the rights are given at a later stage,
  • Smart contacts can also be used while Licensing trademark rights, In May 2020, WIPO launched WIPO PROOF, new digital business service that provides electronic signed certification to prove the existence of a digital file at a specific date and time[4],
  • Block chain knows No limits hence it can be a helping hand in verifying whether the product is genuine or not[5].




Block chain is a boon of technology as it provides a sense of stability to any organisation as it is highly secured but transparent at the same time. Block chain can be used in any Industry or in any Practice. The NITI Aayog has been exploring “India chain” under the ambit of block chain, with this The Indian patent office has also announced a tender for “Interest for Making use of Artificial Intelligence, Block chain', for easing patent search and analysis” which will give an ease for patent search and analysis. Block chain has been booming in India since the emergence of crypto currency and looks like it will keep booming within every industry.


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