Blockchain technology is rapidly progressing. Things that seemed impossible in the past, such as net fraud, high transaction fees, retrieving lost data, double spending, etc. can now be handled using blockchain technology. This technology is increasingly being adopted in enterprises ever since the smart contracts have emerged. It has revolutionized several industry verticals and paved the way for several innovations in digital business.
In a blockchain implementation, each new set of records becomes a block with a unique hash that identifies the block. Linking the blocks into a chain of sets of records forms a blockchain. The ability of blockchain to increase trust, transparency, security, and the traceability of data shared among the users of a business network and the ability to deliver cost savings with unprecedented efficiencies make blockchain technology an attractive option while developing applications that cannot compromise on trust, transparency, traceability, and security. The foundation for blockchain technology is anchored with distributed and decentralized computing. Blockchain technology for business maintains a shared and immutable ledger and uses stringent authentication and authorization protocols to provide access to the members of the business network. Once data is recorded in the block, it can never be changed. The primary benefit is that the recorded information is impossible to change without a consent from all the parties involved.
Blockchain is inherently powerful in facilitating verification and traceability of multistep transactions that require verification and traceability. It provides secure transactions with reduced compliance costs while speeding up data transfer processing. It also helps in contract management and in auditing the origin of a transaction when needed. Motivated by the numerous applications that blockchain technology can propel, Bauplechain Technologies Private Limited has ventured into developing blockchain powered products for Land Registration and Records Management (LRRMchain), Trade Finance (TFchain) and a tokenomics platform for carbon credit tokens transfer and exchange (BaupleX/BCDX). Bauplechain is incubated at CIIRC with a focus on building enterprise solutions on top of blockchain technology on a global operating scale.