Shamit
Khemka, the managing director of SynapseIndia, has an eye for
detail when it comes to the application of new technologies.
Blockchain has recently captivated the imagination of many business
leaders, and Shamit Khemka is no exception.
Blockchain is an innovative way of
transferring information from one point to another, transparently.
This transmission of data would be fully automated and secure. One
party in the transaction initiates the process by creating blocks of
information. These blocks are verified by tens of thousands of
computers distributed around the network.
Blocks store unique information that
distinguish them from other blocks. When a particular block stores
new data, it is added to the blockchain. A few things are required
for a block to be added to a blockchain. For example, a transaction
must happen and this transaction has to be verified. Bitcoin uses
this model for monetary transactions.
One of the unique features of
blockchain is that it can not only store digital currency but also
can replace all process and business models that rely on charging a
small transaction fee.
Information stored on a blockchain
exists as a shared database that is accessible to the entire network.
The blockchain database is not stored in any single location and the
records kept by the database are accessible and verifiable.
