As the world around us is changing faster thanks to this pandemic our technologies are also improving to deliver faster and safer user experience. In this highly competitive and evolving era technologies like Blockchain and AI are making their mark on some of the most of the industries and hold impending advancements in the future.
Blockchain Community India (BCI) is one of the pioneering minds working on bringing more and more safety and effectiveness into using Blockchain and AI in businesses operations. BCI is an open source initiative which intends to transform the practices in major industries and make the business more secure and efficient. The BCI is currently partnering with around 11 businesses including education, health, finance, e-commerce, banking, utility etc.
A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain). One of the most fascinating things about blockchain is the system is most safest in the world as no central authority holds the complete data or no one can manipulate/ hack even a single data file.
With this idea it only makes sense to integrate blockchain and AI innovation to support businesses administrations particularly in the region of payment gateways. The BCI functions as a cooperative energy with both business psyches and technocrats who make the framework dynamic and more productive.
Being an open source initiative the Blockchain Community India works on two major components. Firstly, they are building an open environment for building Blockchain and AI technology. The space is open to all techno enthusiasts to come and participate in the development and the free-flowing environment helps some great ideas to grow and bring advancements. The motive will always be to bring diversity and inclusion in the workings of the group.
Secondly, the BCI is also developing a very unique business model which is inviting everyone who believes in the technology to come and invest in the business. The investors will not act as passive investors but instead will participate as active members and each investor will be given equal opportunity to make decisions about the company. There will be a core team that will help all the investors coordinate and give them suggestions and but the power in all the cases will reside with the investors.
Both of these aspects make the business model very unique and encompass all the elements of a modern business model that is futuristic in it’s working. The financial industry might be one of the firsts to be affected by more adoption of Blockchain technology and its related Disseminated Ledger Technologies. The expansion of Blockchain and AI will be dependent upon how intelligently the business players will capitalize on this innovation into their businesses and the kind of support it is able to receive from different stakeholders. The BCI here plays an important role by bringing both business and tech minds to collaborate and reimagine this technology to benefit the maximum number of enterprises.
