Although most people think of blockchain technology in relation to cryptocurrencies such as Bitcoin, blockchain offers security that is useful in many other ways. In the simplest of terms, blockchain can be described as data you can only add to, not take away from or change. Hence the term “chain” because you’re making a chain of data. Not being able to change the previous blocks is what makes it so secure. In addition, blockchains are consensus-driven, so no one entity can take control of the data. With blockchain, you don’t need a trusted third-party to oversee or validate transactions.

Several industries are involved and implementing blockchain, and as the use of blockchain technology increases, so too does the demand for skilled professionals. From a birds eye view, a blockchain developer specializes in developing and implementing architecture and solutions using blockchain technology. Blockchain has remarkable growth potential for India, especially since the implementation requires software people, financial experts as well as legal acumen, in turn creating job opportunities.

Blockchain technology is going to revolutionize the functionality of B2B, G2C, G2G, B2G services corresponding to various application domains. Its implementation can be reflected in healthcare, governance, cyber security, automobiles, media, travel, logistics & hospitality, education, legal, energy. The materialization of blockchain technology also holds promise for the Government to harbor transparency and accountability and provide frictionless transactions with the citizens. While some suspect that the adoption of this technology is going to erode the legacy systems, what it truly poses to do is to act as the catalyst to revamp the existing processes, by bringing in efficiency and greater value. With the immutability, transparency, and decentralized approaches that the technology affords, it is also going to add more value and is capable of bringing in more trust into the ecosystem it flourishes in. This also adds and assists from the point of view of business continuity, and disaster recovery management, by allowing access to the information stored on the other nodes, across different locations.

Blockchain Israel, is the largest community in Israel with over 200 start-ups (constantly growing) and 3,000 members in the Blockchain Technology. The organisation aims to make blockchain solutions fully accessible to companies and startups by providing a range of award-winning products and by opening new channels to connect people even more.

Companies, interested to know more on Blockchain in Israel, please contact the Trade and Economic Department at the Israeli Consulate General in Bengaluru. Contact:
Ms. Kavitha S