The one, who can foresee, is wise and the one, who works and prepares accordingly, is the wisest. I believe Blockchain is the plenipotentiary of the future, although presently in infancy,soon it will be prevailing and ruling across different sectors. It is set to impact the overall structure and working of the world economy enormously, right from the base level. Blockchain is a revolutionary technology, burgeoning at lightning speed in terms of repatriating the long-lost trust factor in the economy.

Blockchain is revolutionizing the dormant and stagnant market of the different sectors of the economy, especially in finance and insurance sector. It has not only challenged the archaic legacy structures of these sectors, but also, has subjugated them to the level that they are forced to incorporate it in their system to expedite their working, and meet the need of the hour.

It is high time that the traditional financial and insurance organizations emulated the changing trend in order to remain viable in technology savvy world. It is rightly pointed by The Financial Times that ‘you should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990’s. It’s analogous to email for money’. I believe that this technology has endless scope and possibilities. The potential it possesses to outturn and improves drastically the way goods and services are dealt with in every phase. It won’t only cut out the role of intermediaries but also hamper the potential hamperers.

Picture this scenario of replacing all the possible glitches caused by incumbents and intermediaries with crypto graphically secured digital entries, in a distributed environment, where all data will be 100 percent credible, without any glitches and

duplication. How efficient and effective an organization can become with the incorporation of such methodology? Suppose, if all the debt related dealings such as issuing and trading of debt is done on the credible and trackable fabric of Blockchain, it can magnificently improve the transparency and systematic risk involved in the process. Which otherwise, suffers from the enormous risk of financial losses due to incidences of bad loans and non-performing sectors.

Commitment, dedication and deep analysis of the scope of technology is the basic driving force that leads anybody, eventually, to the phase of anticipation and effective implementation

If all the traditionally handled data is distributed and decentralized across the Blockchain network and secured using hash cryptography, then the data can become temper proof and will become extremely secure against all form of attacks, cybertraps, spoofing and stealing activities. Transactions will become secure and the entire financial system robust. Also, if all the traditional reconciliation and payment process in different industries make use of distributed ledger technology then the associated risks of the operation, credit, and counter party will come down to zero and the process of reconciliation and payment will become instantaneous.

These will immensely in saving the cost and time associated with reporting and regulatory work since all the transaction data will be readily available in transparent and verified form. Similarly, it is equally effective in cutting out the mammoth cost and time involved in carrying out the claim settlement process in the insurance sector, when backed by the concept of Smart-Contracts, the self-executing codes which get autonomously executed, when exposed to specified data triggers.Moreover, it can affect and disrupt positively the regulators, auditors, lending marketplace, insurers, payment networks and different banking wings like investment, retail, wholesale etc. Evidently, the sky is its limit.

Such a scenario of perfect utopia struck me and made me curious to turn It to reality and I made up my mind to develop solutions for the sectors which are most adversely affected by the problems of transparency, security and authenticity i.e. Supply Chain Financing & Management and Insurance.These sectors for me are the harbinger of metamorphic change rather than lying like a white elephant.

Entrepreneurs can anytime reap the opportunity and benefit of the vacuum left open by such loopholes, especially by targeting and coming up with their own idea to simplify such complexities. Commitment, dedication and deep analysis of the scope of technology is the basic driving force that leads any body, eventually, to the phase of anticipation and effective implementation. And it might seem aberrant at first, but, one can make it viable, if amalgamated with meticulous effort.