Author DP

Radhika Maloo

4+ of articles published

Words Crafter / Idea Explorer / Insightful Critic

Domain:

upGrad

Current role in the industry:

Strategy and Operations Lead at Google

Educational Qualification:

Master of Science (MSc) in Development Management from The London School of Economics and Political Science (LSE)

Expertise:

Project Management

Research

Economic Research

Public Policy

International Development

About

Radhika is Senior Program Manager of the Emerging Technology Vertical at UpGrad. Previously, she has worked for organisations like BCG and Government of India. She's an alum of London School of Economics and Political Science.

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Blockchain Applications in Supply Chain
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5656

Blockchain Applications in Supply Chain

The distributed-nature technology of Blockchain has disrupted many industries, with its uses and blockchain applications in supply chain leading to innovations everywhere. Bitcoin and other cryptocurrencies are just the initial use cases of the blockchain. The truth is that blockchain technology can be applied to far more sectors than was initially imagined. More security, decentralized nature, easy verification, and protected identities are just some of the many features that make the blockchain truly transformational. One area where this technology can be efficiently exploited is the supply chain sector. Learn Software Courses online from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Check out our free courses to get an edge over the competition. Blockchain essentially is a distributed ledger that is updated in real time with each network participant making a transaction. This specific feature can be put to good use when it comes to the supply chain management. Logistics demand transparency and traceability. It is clear that customers want their meat or grains to be exactly as has been promised on the packaging. Incorporating blockchain into supply chain management can certainly be a step towards ensuring that. With the potential to almost eliminate fatal errors, and minimizing courier costs, blockchain can be viewed as the next big step in supply chain management. Some companies have gone ahead and taken this step, with Walmart partnering with IBM for a project in order to trace their products much faster than traditional methods.   Here are a few use cases of blockchain which are certain to revolutionize the supply chain sector in the near future: Seafood tracing and verification News about mislabelled and ‘not-fit-for-consumption’ seafood have been floating around since 2016. The seafood industry faces a lot of problems due to difficulty in tracking produce from ocean to plate. In the event of a disease breakout due to seafood consumption, with the current supply chain logistics, it becomes tough to track and single out the source of the malicious activities. With blockchain, however, it can become a completely different story. With projects such as the Pacific Tuna project, which aims at putting a label on every tuna that makes it from the ocean to the market, blockchain applications in seafood tracing and verification is something we all can get behind. Seafood is physically tagged and the data is then stored on the blockchain to enable easy access at any time and place. The food supply chain, in general, can benefit from blockchain uses, and seafood is a particular use case that is particularly problematic and could use the extra help. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Check out upGrad’s Full Stack Development Bootcamp (JS/MERN) Pharmaceutical safety The problem with drugs and pharmaceutical safety is two-pronged- Tracing and verification, Second being Frauds. According to reports, the global fraudulent drug industry is worth about USD 75-200 billion. The traditional blockchain applications in supply chain just cannot be relied upon to bring down those numbers. The opacity of the chain is what causes the problem, and with blockchain applications thrown into the mix, the problem can certainly be reduced. Tracing drugs from manufacturer to buyer, it can be identified exactly where the problem in the supply chain lies. This can help counter fraud and prevent deaths due to counterfeit drug consumption. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Java Bootcamp.   Blockchain applications in supply chain can also ensure drug safety which environmental conditions may threaten. As medicines need to be at a certain cool temperature, it can be disastrous for shipments if, perhaps, the AC unit fails, and the driver is oblivious to the problem. With all medicine units on the blockchain, alerts could be issued whenever the temperature falls below a certain level or for other environmental conditions so that human intervention could fix the problem. Automotive supply chain It is predicted that blockchain applications in  supply chain are set to take over the entire automotive marketplace. Ownership, payments, financing, production, and tracking are all set to be blockchain-ed soon. Looking at the blockchain applications in supply chain part of things, one of the biggest problems with the automotive supply chain is the counterfeit parts industry. As with counterfeit drugs, fake automotive spare parts can also be tracked using similar logic and features of the blockchain. At every step of the way, companies can track the parts they produce and sell so that customers get what they want. Blockchain application helps in increasing the efficiency of the recall process as well. Since data about every car/vehicle produced is on the blockchain, it could be quickly identified when a shipped vehicle encounters a fault. This can be coded into a smart contract- with faulty parts triggering some clauses in the contracts, notifying the supplier to recall one or all units produced. Another example where blockchain has helped overhaul the automobile industry is the cloud-based AutoDX, short for Auto Exchange Data. It is designed with the assistance from IBM and can handle invoices, purchases, and even transport requests. At present, more than 60 firms employ this system and plans are afoot to overhaul the general system onto a one that works on an intelligent blockchain network. The reason for this is extremely clear – when automobile makers and component manufacturers are brought onto the blockchain, it brings a clear end-to-end supply chain visibility for everyone involved, which, in turn, improves the overall efficiency of the supply chain. Using the AutoDX platform, a purchase order from an automobile manufacturer is docked into its component marker’s system. The moment this is accepted, a sales order is automatically created without human intervention. AutoDX has successfully been able to shave off a large chunk (approximately 80%) of the vendor management, invoices, and supply chain management costs which accounted for 1%-5% of total costs. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Maersk and IBM: collaborative efforts Two giants, Maersk and IBM, announced their joint efforts to use blockchain applications to revolutionize supply chain management in January 2018. The companies have been working together for several years, and this was how they made it formal and official. Other partners of the project include DuPont, General Motors, and Tetra Pak. Federal organizations have also shown support, including bodies such as the US Customs and Border Protection, and the Customs Administration of the Netherlands. The Maersk-IBM joint venture aims at commercializing- Paperless trade. The amount of paperwork involved in the supply chain is too much and unnecessary. The joint venture aims to eliminate the need of paper for contracts, agreements, and other documents, by digitization of all contracts, into smart contracts, perhaps. Shipping information pipeline. This enables everyone involved in supply chain management to seamlessly exchange information, as the chain is visible openly to anyone on the network. Transparency is what the supply chain needs, and that is what it’ll be getting. The project is aimed at providing value to every stakeholder in the supply chain, be it suppliers, retailers, producers or transporters. The project is still awaiting regulatory approval but is certainly a step in the right direction when it comes to blockchain applications in supply chain management. Master the Technology of the Future – Blockchain Blockchain-enabled Smart Contracts for Efficient Supply Chain Operations Blockchain technology has introduced the concept of smart contracts, self-executing contracts with predefined rules encoded directly onto the blockchain. In the supply chain sector, smart contracts have the potential to revolutionize operations by automating and streamlining various processes. Here’s how blockchain-enabled smart contracts enhance efficiency in supply chain operations: 1. Automated Order and Payment Processing Smart contracts facilitate automated order processing in the supply chain. Once predefined conditions are met, such as shipment delivery or quality inspection confirmation, the smart contract automatically triggers the payment to the supplier, reducing the need for manual intervention and accelerating the payment process. 2. Real-time Tracking and Transparency Blockchain-based smart contracts enable real-time tracking of goods along the supply chain. As each transaction or movement of goods is recorded on the blockchain, stakeholders can trace the journey of products from the point of origin to the final destination. This transparency enhances accountability, reduces delays, and minimizes the risk of fraud. 3. Improved Compliance and Auditability Smart contracts enforce compliance with predefined rules and regulations throughout the blockchain applications in supply chain. By recording all relevant information on the blockchain, auditing becomes more straightforward and less time-consuming. This ensures all parties adhere to contractual obligations, fostering trust among supply chain participants. 4. Supply Chain Coordination and Collaboration Smart contracts promote better coordination and collaboration among supply chain participants. When all stakeholders share access to the same data set on the blockchain, they can make informed decisions based on real-time information, leading to more efficient and coordinated operations. 5. Reduced Disputes and Discrepancies By eliminating the need for intermediaries and automating processes, smart contracts reduce the likelihood of disputes and discrepancies. All parties involved have access to the same information on the immutable blockchain, minimizing misunderstandings and conflicts. 6. Cost Savings and Efficiency Gains Blockchain-enabled smart contracts streamline supply chain processes, leading to cost savings and efficiency gains. With automated order processing, real-time tracking, and reduced administrative overhead, businesses can optimize their operations and allocate resources more effectively. Blockchain-enabled Smart Contracts for Efficient Supply Chain Operations Blockchain technology has introduced the concept of smart contracts, self-executing contracts with predefined rules encoded directly onto the blockchain. In the supply chain sector, smart contracts have the potential to revolutionize operations by automating and streamlining various processes. Here’s how blockchain-enabled smart contracts enhance efficiency in supply chain operations: 1. Automated Order and Payment Processing Smart contracts facilitate automated order processing in the blockchain applications in supply chain. Once predefined conditions are met, such as shipment delivery or quality inspection confirmation, the smart contract automatically triggers the payment to the supplier, reducing the need for manual intervention and accelerating the payment process. 2. Real-time Tracking and Transparency Blockchain-based smart contracts enable real-time tracking of goods along the supply chain. As each transaction or movement of goods is recorded on the blockchain, stakeholders can trace the journey of products from the point of origin to the final destination.  3. Improved Compliance and Auditability Smart contracts enforce compliance with predefined rules and regulations throughout the supply chain. By recording all relevant information on the blockchain, auditing becomes more straightforward and less time-consuming.  4. Supply Chain Coordination and Collaboration Smart contracts promote better coordination and collaboration among supply chain participants. When all stakeholders share access to the same data set on the blockchain, they can make informed decisions based on real-time information, leading to more efficient and coordinated operations. Master the Technology of the Future – Blockchain Blockchain applications in supply chain in the supply chain can result in benefits, and even though it is still in its initial stages, the potential for a supply chain revolution is huge. To become a blockchain developer and build smart contracts and chain codes, check out IIIT-B & upGrad’s Advanced certificate program in blockchain technology.

by Radhika Maloo

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28 Aug 2023

5 Most Popular Types of Data Science Jobs
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898891

5 Most Popular Types of Data Science Jobs

2.5 quintillion bytes of data is produced on a daily basis on this planet. But who is the great being behind analysing most of that data and helping all industries by providing business solutions? Yes, it is a Data Scientist (the unsung highly-celebrated heroes)! It has been declared the hottest job of the 22nd century, but do you know the kind of job that Data Science offers? Well, we are here to pass on the torch of enlightenment to you, curious soul! But before we start on this endeavor, let us begin with an essential tip — Data Science combines a number of disciplines, including data analysis, statistics, computer science, and machine learning. It can be daunting and overwhelming when you are new to the field, but it is important to remember that different companies expect different roles out of the same profile. This means that a “data scientist” is often used as a blanket term where the JD is drastically different, and the set of skills needed also differs. Here are some Data science jobs that you could look into: The Data Engineer With the internet taking over the world, a business is practically nonexistent if you cannot claim to have a google search result to your name. Some companies are lucky enough to get a lot of traffic, but with it comes a whole other problem of having to deal with a lot more data. But what do you do with that data? Well, the data can be your portkey to success, if used wisely. Data infrastructure can be set up to keep the company moving forward. Here, machine learning and heavy statistics are less important than strong software engineering skills. Just remember that in companies that are looking to leverage incessant amounts of data can prove to be less plentiful for mentorship opportunities for junior data scientists. Also read: Learn python online free! One can grow exponentially in this area, but the risk of stagnating and flopping are also high if your luck abandons you and you are not given enough guidance. Professional and Technical Expertise Informatica 9, Unix Shell Scripting, Pl/SQL Programming Languages: Java / Python / Scala The Data Analyst Often synonymous to being a Data Scientist in most companies, your job description or job profile might require you to become a Tableau or Excel maestro, or pull data out of the SQL databases, reporting dashboards, and producing essential data visualisations. Salaries of Data Scientists & Data Analyst Top Data Science Skills to Learn SL. No Top Data Science Skills to Learn 1 Data Analysis Programs Inferential Statistics Programs 2 Hypothesis Testing Programs Logistic Regression Programs 3 Linear Regression Programs Linear Algebra for Analysis Programs A technique that has gained popularity over the years is A/B testing- where a randomized experiment with two variants is conducted, A and B; the statistical hypothesis is included in its application, and the two-sample hypothesis test is then further used in the working statistics of the company or venture. Your job might also expect you to analyze the results of an A/B test or take the lead on the Google Analytics account of the company. Professional and Technical Expertise Informatica 9, Unix Shell Scripting, Pl/SQL Programming Languages: Java / Python / Scala The Data Architect The importance of data architects is increasing by the minute. Their job role consists of creating blueprints for all the management of data systems that a company should integrate, protect, centralise, and maintain. Architects in this field need master technologies like Spark, Hive, Pig, in addition to being at par with the ongoing innovation trends in the industry. Data architects are expected to be skilled at physical data modelling, logical data modelling, data strategy, data querying languages, data policies development, data warehousing, and identifying and choosing a system that will essentially prove to be the best for addressing data storage, retrieval, and management. Explore our Popular Data Science Certifications Executive Post Graduate Programme in Data Science from IIITB Professional Certificate Program in Data Science for Business Decision Making Master of Science in Data Science from University of Arizona Advanced Certificate Programme in Data Science from IIITB Professional Certificate Program in Data Science and Business Analytics from University of Maryland Data Science Certifications The Machine Learning Engineer The focus of Machine Learning Engineers is often placed on producing extraordinary data-driven products more so than answering operational questions for a company. Their attribute is not to know how algorithms work but how to use them. If one knows how to wrangle code, they will be able to churn and cp=omb through the various datasets and be able to find exactly what they seek. It can prove to be an ideal situation for someone who has delved into mathematics, statistics, or physics formally, and still have the same zeal to pursue a more academically inclined path. Roughly, the role of a  machine learning engineer includes Optimising solutions for performance and scalability, ensuring a functional data flow between database and backend systems, and implementing custom machine learning code. Statistician While all the aforementioned roles cheerfully explore data, there is this one role which behaves like the damp towel in the party- that is of a statistician. That is not to say that the role is in any way boring, but because these are the people who help the company make decisions beyond the data. There is more to launching your machine learning system than it has worked perfectly in a particular dataset— like, how it works when it runs in production etc. This is where the skills of a Statistician come into play.  They help make decisions and reach conclusions safely when one does not have all the facts perfectly aligned. upGrad’s Exclusive Data Science Webinar for you – Watch our Webinar on The Future of Consumer Data in an Open Data Economy document.createElement('video'); https://cdn.upgrad.com/blog/sashi-edupuganti.mp4   Read our popular Data Science Articles Data Science Career Path: A Comprehensive Career Guide Data Science Career Growth: The Future of Work is here Why is Data Science Important? 8 Ways Data Science Brings Value to the Business Relevance of Data Science for Managers The Ultimate Data Science Cheat Sheet Every Data Scientists Should Have Top 6 Reasons Why You Should Become a Data Scientist A Day in the Life of Data Scientist: What do they do? Myth Busted: Data Science doesn’t need Coding Business Intelligence vs Data Science: What are the differences? The field of Data Science takes a lot of “training and curiosity” to be able to make sound discoveries in Big Data. With the prediction of data reaching a staggering 40 Zegabytes by 2020, there will definitely be a shortage of trained professionals who deal with that data. Board the train of Data Science, and you might just find yourself getting rewarded for saving the world with how you manoeuvre about data!

by Radhika Maloo

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18 Jul 2019

All You Need to Know About Bitcoin
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5162

All You Need to Know About Bitcoin

Not long ago, Bitcoin was the new buzz of the town and all everyone wanted was to get their hands on this new currency which continues to rock the world economy even today. But a very few people are aware of what exactly is Bitcoin and how it works. Learn Software Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. What is Bitcoin? Bitcoin is a cryptocurrency, which began as a decentralised digital currency in the year 2008. The currency was introduced by an unknown individual/organisation using the pseudo-name of Satoshi Nakamoto. The motive of creating the Bitcoin was to introduce a secure, immutable and verifiable means of currency exchange without any central regulatory authority (bank or payment gateway). Operating with the help of Blockchain (a decentralised and open digital ledger that records all Bitcoin transactions), Bitcoin has changed the way we transact and has been considered as a revolution by several tech enthusiasts. Blockchain Technology Use Cases in the Banking Sector Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses How does it work? Bitcoins are self-contained digital currency tokens that have a value of their own. There is no need for any bank to store them or maintain their value. This self-regulating currency works on the principle of Blockchain and several different cryptographic technologies. Public key cryptography is one of the most fundamental cryptographic technologies that make up the essence of Bitcoin. Each of the Bitcoin is associated with the owner’s ECDSA (Elliptic Curve Digital Signature Algorithm) key. When a transaction is made, the key gets attached to the number of coins and the message thus formed is signed with the owner’s private key. This message is then broadcasted to the Bitcoin network (network based on Blockchain) for the peers to know that the new owner of these coins is the individual who possesses the new key. The signature of the previous owner ensures authenticity and the transaction is stored as a record with everyone for future verification. These transaction records are stored in the form of blocks, forming the complete Blockchain ledger. All participant computers in the network keep a copy of the Blockchain which is updated by passing new blocks. In order to ensure that the blocks are secured and immutable, each new block confirms the integrity of its predecessor, back to the very first addition in the chain – the genesis block. The chain, therefore, remains protected as no party can overwrite any record. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript An added layer of security The Hashcash cost function is used in regulating the generation of bitcoins. The Hashcash function, first of its kind, is a verifiable and secure cost function which happens to be non-interactive. It has no secret keys that need to be managed. Hashcash uses the widely known SHA1 or SHA-256 symmetric key cryptography. The Hash Function (not to be confused with Hashcash function used in regulating the generation of bitcoin) is one of the most secure ways of protecting the integrity of the blocks in the blockchain. The input data is transformed into a compact string through an irreversible method. The slightest change in the data completely changes the hash or the compact string, ensuring that no one can create a block of data with the same hash code. Each hash matches one unique input stream, which is why Bitcoin blocks need not contain serial numbers for identification. Using the hash function ensures both identification and integrity verification of the blocks. Blockchain Applications in Supply Chain In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses The generation and Mining When Bitcoin circulation first began, only a limited number of Bitcoins were released and distributed. Bitcoins are constantly being generated, even at this very moment. The generation of the bitcoins can be understood from the process of Bitcoin mining, which helps in the production and addition of a valid block. Understanding Mining Adding a block to the existing Blockchain requires time as well as processing power, making it a difficult task.  In order for a successful addition of a block to the Blockchain, the miners or users need to solve a hard mathematical puzzle/problem, which requires high computational abilities, thus the time and the processing power. However, the addition of the block is necessary to ensure that the transactions are updated regularly. As a reward or incentive for contributing electricity, processing power as well as time to achieve the same, the individual gets a few numbers of bitcoins (the number is fixed by the Bitcoin network). Apart from that, the transaction fees present in the block’s transaction is also claimed by the producer of the block. The unlocking of Bitcoin bounty by contributing processing power is known as ‘Bitcoin Mining’. The rules of mining are fixed and the difficulty adjusted to limit the block production rate to 1 block per 10 minutes. Thus as the number of contributors or minors increases, it becomes increasingly more difficult for each of the participants to add a block. The increased difficulty also ensures higher security of the transactions. Rise in popularity Whenever something revolutionary is introduced, it takes time for people to accept it. However, Bitcoin has risen to popularity very fast. The rise in popularity of this cryptocurrency can be attributed to its new approach towards currency distribution. Here are a few reasons that made Bitcoin very popular and continue to attract new investors – Decentralised nature: There is no regulating authority. Each participant computer or individual contributes to the maintenance of the Blockchain and hence, no financial policy or fraud can ever take away the value of Bitcoin. Anonymity: Another beauty of using the bitcoins or being a part of the blockchain is that you do not need to confirm your identity. You can be anonymous and still control or use bitcoin and trade with them. Easy to set up and transact: Bitcoin system is fairly easy to adapt and set up. No questions are asked of any authority and you can become a part of the network within a few minutes or even seconds. Another advantage that attracted a lot of investors, as well as individuals, is that Bitcoin has negligible transfer fees. This means that all international transfers are easy and cheaper to conduct through Bitcoin. Transparent, and fast: The Bitcoin ledger is an open record, that maintains the record of all transactions held till now, accessible to all members of the network. Also, the transactions are quite fast. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? Close Competitors And Bitcoin doesn’t happen to be the only cryptocurrency in the market today. Following in the footsteps, are more than 1500 listed cryptocurrencies, out of which some have managed to gain support and popularity. These include names like Ethereum, Bitcoin Cash, Ripple and Litecoin. Each of these currencies is focused on different motives but function on the same Blockchain Technology. Applications of Blockchain in Healthcare The Road Ahead History shows that Bitcoin’s value has been very volatile and continues to fluctuate throughout. Its rising popularity and the revolutionary Blockchain technology has already promoted several firms to embrace the change. However, it is too early to say whether Bitcoin will remain and prevail as the universal digital currency. Like any other venture, it needs time to mature. But one thing is for sure – our financial system and the economy are never going to be the same. If you’re interested to become a blockchain developer and build smart contracts and chain codes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology.

by Radhika Maloo

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05 Sep 2018

Blockchain Technology Use Cases in the Banking Sector
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5719

Blockchain Technology Use Cases in the Banking Sector

The blockchain technology has successfully disrupted many industries, and the banking sector is one of the main beneficiaries, dare we say. The fintech sector is truly up and running, and companies everywhere are building blockchain solutions. With use cases such as international payments, KYC, and optimized cash management, the blockchain is truly the next big thing when it comes to the finance. Learn Online Software Engineer Courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. According to surveys, 90% of executives surveyed said that their firm was looking into using blockchain for their operations. Due to the decentralized nature of the blockchain, it is easier to form a global banking network where international transactions and other operations could be carried out easily. Santander, a Spain-based bank, reports savings of USD 20 billion a year if blockchain is incorporated. Different consortiums and organizations have started taking collective steps toward blockchain adoption. Talking about the current scenario, there exist many potential use cases for blockchain in the banking sector. What follows is a brief description of each of these use cases, their comparisons with traditional methods, and their benefits. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Check out our free courses to get an edge over the competition. Know your customer (KYC) regulations As of now, banks and other financial institutions spend up to USD 500 million per year to comply with KYC regulations. KYC is intended to reduce or completely eradicate terrorism or money laundering, with comprehensive background checks of all bank customers, in accordance with some requirements. The current scenario is that every company has their own independent KYC procedures. With the introduction of the blockchain, the independent verification of a particular client could be accessed by different companies, so that the whole KYC process need not be done again. For instance, if Carl opens an account in Axis bank, and has a KYC done over there, his details are stored in a blockchain node on the global network. This way, when he wants to open another account in Citibank, the staff then need not carry out the KYC process all over again; instead, they just read the data from the blockchain, and Carl’s identity is confirmed. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript Blockchain Applications in Supply Chain Check out upGrad’s Advanced Certification in Blockchain Payments: local and international Low security and a lot of intermediaries in the payment processes are two factors hurting this area in the present scenario.  more and more commercial banks are looking to introduce blockchain into the payment process, without waiting for central banks to make a move. For example, UBS of Switzerland has come up with a utility settlement coin, which is a digital currency for use in international financial markets. The blockchain firm Ripple developed a payment application that settles transactions, even international, instantly, and partnered with a consortium of 61 Japanese banks for the same. According to Ripple, this app would make it extremely easy for banks to settle round-the-clock transactions and payments. The customers will just require a bank account, phone number, and a QR code/barcode to use the application. While Ripple was created in an attempt to solve the problems related to international payments, Stellar Lumens (XLM) was created to solve Ripple. Stellar was initially built keeping Ripple’s system as the base with the aim to make the global economy much more inclusive. But, looking at the complexity of the said system, Stellar redesigned itself with a brand new system. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Check out upGrad’s Advanced Certification in DevOps  For Ripple, banks and MNCs need to transfer the XRP token through the Ripple network, whereas Stellar allows individuals to trade money directly with one another using XLM (Lumens) as a medium, and “anchors” to take care of the fiat currency aspects. Basically, suppose you need to transfer money overseas, using Ripple, your bank will directly send the Ripple to the recipient’s account and the payment is made at whatever exchange rates and fees the bank decides. Whereas, using Stellar, the currency conversion takes place first, after which an “anchor” helps in transferring the converted currency to the recipient’s account. Anchors are basically money transferring companies, and you can pick the anchor of your choosing. All in all, Ripple allows MNCs and large banks to make cost-effective international transfers and currency conversions, Stellar allows individuals to make much more cost-effective currency and money transfers. Stellar is a non-profit with the goal of increasing the inclusiveness in the global payment system. Read our Popular Articles related to Software Development Why Learn to Code? How Learn to Code? How to Install Specific Version of NPM Package? Types of Inheritance in C++ What Should You Know? Syndicated loans This is one area of banking where multiple institutions have come together to form consortiums to facilitate blockchain adoption. Credit Suisse is one of those 19 institutions, which are working towards putting syndicated loans on the blockchain using distributed ledger technology, more commonly known as blockchain technology. Currently, this is an area which is still quite behind in terms of the technology used. Fax communications, large delays in settling loans and other hurdles are faced while processing syndicate loans. What blockchain technology aims to do is create a method of communication between different institutions, so that loan ownership changes can quickly be reflected across all of them. The aforementioned consortium already has plans to put out one or two loans within the next year on this blockchain concept. Fraud reductions The current banking scenario, even after cutting-edge innovations in security, is not safe from fraudulent activities. Due to being based on centralized databases, banking systems are susceptible to cyber-attacks and hacks, as all the information is stored in one place. Frauds and malicious activities lead to huge losses for both banks and their customers. What blockchain technology can accomplish here is that due to its distributed nature, it substantially reduces the risk of network failure due to one or two nodes being taken down or hacked. Storage and encryption of every single byte of data is carried out on the blockchain, in addition to the verification process. In the event of a data breach or hack, each node which has access to the transaction data is made aware of the breach and can take remedial steps immediately. Financial inclusion Access to basic banking services is still a herculean task for many poverty-stricken and underdeveloped nations of the world.. More than 200 million small business owners still do not have access to basic financial institutions, and financial inclusion will only help in making them independent. Blockchain technology can help in a few different areas here. As discussed earlier, use cases like KYC are already a step in the right direction. Low-cost transactions, seamless international payments, and easy loans are just a few of the many banking processes that can be made easier using blockchain, thus helping us achieve financial inclusion. Master the Technology of the Future – Blockchain The blockchain technology has indeed a bright and exciting future. As real-time, open-source, and trusted platforms that transfer data and value without hassles, they can help not only reduce the cost of processing payments, but also help develop new services, products, and solutions that can generate new revenue streams. If you’re interested to become a blockchain developer and build smart contracts and chain codes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology.

by Radhika Maloo

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02 Aug 2018

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