BLOCKCHAIN The Future of Internet

Internet today has penetrated into our life as never before. We are using it in making our homes, cars, phones and even our coffee maker into smart. In total it has revolutionized our daily life and turned our existence upside down.

But this world created by internet is not that rosy. Recently Gmail accounts of US democratic election candidate – Hillary Clinton’s was hacked. NSA whistleblower Edward Snowden proved NSA’s large scale spying on American citizens. And now talking about India, here 3.2 million debit cards were compromised.

This is just a minuscule part of a world filed with ‘Fancy Bears’ (Russian hackers), government authorized illegal spying and online cyber wars which are fought every day. In this situation Blockchain is the future.


What is Blockchain?

Well Business today says “A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.”  Went above the head? Relax.

I take Blockchain as the second generation of internet. It is going to be a place where the quantitative ability of internet is transformed into qualitative i.e. more value is generated.

The assets for which Blockchain creates value can be described as financial, legal, physical or electronic.


Where did it started?

In 2008, a cryptographer who goes by the pseudonym Satoshi Nakamoto created a crypto-currency called bitcoin. Bitcoin is a digital currency that allows you to perform peer-to-peer transactions without the help of a third party such as banks.

Although the enthusiasm surrounding bitcoin has waned away. But, and   it’s big but, it has left behind a legacy, a legacy which is going to change the future of internet. The underlying technology of bitcoin has been hailed by the banks. According to India’s leading bitcoin blockchain company Unocoin, blockchain enables two entities that do not know each other to agree that something is true without the need of a third party.


But how does it work?

Let’s try to understand it with an example outside banking system realm. Do you know what is ‘ uberPOOL ’ about?

It is a ride sharing service that you can enjoy by sharing your ride with other passengers. Thus its good for your pocket. But it’s quite scary, atleast for me! What if your co-passenger is a serial killer, or a thief or has been sent by your girlfriend for spying on you (that’s a bit exaggerated that). No offence, but in a country like India where Uber drivers are already landing behind bars for raping passengers and now  you would have to share your ride with complete strangers. You have got two choices, either don’t use uberPOOL or use it with blockchain.


This is how it works. Suppose Saransh wants to share a ride with me.

  1. Saransh will send the request
  2. I’ll be using uberPOOL to tell I want to share my ride. The app will stamp the request with Saransh’s digital signature. It now needs to be verified by blockchain.
  3. Saransh’s request is grouped with other requests that occur at the same time into a block. The block has a unique id, the request time and the id of the previous block in chain.
  4. The block containing Saransh’s request is broadcasted to the entire network to be verified.
  5. Once verified, the block is added to the head of the blockchain, forming a permanent record.
  6. After the verification you get to know if there has been any complain lodged against that person or any necessary stuff.

This is happening while you are reading this !

In a move that could revolutionize trade financing, ICICI Bank said that it has settled an export transaction in minutes as against the usual three days using a custom-made blockchain network with Middle Eastern counterpart, Emirates NBD. This was the first blockchain-based trade payment in India and the bank is now talking to others to grow the network. Apart from it there are several start ups that revolutionizing this sector and bringing into realm of existence Coinsecure, Ezyremit and many more.

Today the technology is yet to mature. It remains to be seen if the expectations can live up to reality.

We need to have a Governing Council to bring Digital-Social Media and Allied entities together


In a word, fraternity means brotherhood or helping in times of needs. When there is oneness there is likely to be more strength in opinion, more strength in action, and more strength in character. This is a very simple and obvious fact that, if one person tries his/her hands on some job, s/he will manage much less than what a group will achieve. This, in all simplicity what fraternity is all about.

Internet and its allied entities like

  1. social media
  2. startups
  3. MSMEs
  4. And of course, students and working professionals like you and me (which are bringing and supporting this change) are the new bright future that this world is going to witness.

MSMEs employ 80% of people in this country and contribute 37% to India’s GDP. Around the world, billions of us use social media every day, and that number is still growing while you are reading this blog. While in case of startups they are changing from disrupters to change enablers. And you and me, we are just sitting over here on our laptops, mobiles and ipads and supporting this industry through some clicks. Isn’t that amazing?

But the truth is even though this sector has heated up with all the venture capital funding, government policy boost and ever pleasing support from us, Internet and its allied entities are struggling. Startups like

  1. Tinyowl (Food ordering platform)
  2. Askme (consumer internet search platform)
  3. Peppertap (grocery delivery startup)

and many more have shut their doors. The kind of enthusiasm these entities had created with their presence was unprecedented and their failure was considered next to impossible – but still they failed. And now, there is a dent in the valuations of India’s ecommerce unicorns like Flipkart which nosedived by $5 billion recently. In total the situation is not as rosy as it was in 2010.

Today naysayers are declining the emergence of Internet and its allied entities, which they always do, but they do make some pretty serious points. Data security and ever increasing threat of hackers is a matter of concern. The recent suspicions of possible Russian hacking in US presidential elections, wikileaks and personal data stolen from 1 billion yahoo accounts; all raises a red flag.

How to solve it then?

To solve above listed problems our startups need to excel in high end technology to fight the ever looming threat of hackers. Getting the right staff is the most tricky part. And at the same time facing family pressure and taking difficult board decisions makes you to go nuts.

In such a scenario, whenever I face any problem I reach out to my elder brother. His experience and guidance acts as a lamp while I’m treading on my dark paths. But the problem comes over here only. It’s not there are no experienced people in the field of Internet or social media but they are not your brothers i.e. fraternity is missing.

So to fill this demand supply gap we need to form a ‘governing council’ of like-minded people. They can

  1. reinstate and cement the trust of wider public in this sector
  2. provide right mentorship
  3. act as a platform for networking and resource sharing to cut cost
  4. and to provide a benchmark in setting standards

In short a society for this new sector could be the magic wand to all its ills

International Social media Council for Internet & Allied League