What is Blockchain Technology?

Blockchain technology is a decentralized and distributed digital ledger that records transactions on a secure, transparent, and tamper-proof platform. The data is stored in blocks that are linked together in a chain, hence the name blockchain.

The key features of blockchain technology are:

  • Decentralization: There is no central authority controlling the network, which makes it immune to single points of failure and corruption.
  • Transparency: All the transactions on the blockchain are visible to all participants, ensuring transparency and accountability.
  • Immutability: Once a block is added to the blockchain, it cannot be altered or deleted, making it tamper-proof.

Effective Use of Blockchain in the Global Industry

Blockchain technology has the potential to revolutionize several industries, including finance, healthcare, supply chain management, and more. Here are some effective use cases of blockchain technology in the global industry:


Blockchain technology can facilitate faster and more secure transactions, eliminate intermediaries, reduce costs, and provide greater transparency in the finance industry. Here are some use cases:

  • Cryptocurrencies: Cryptocurrencies like Bitcoin and Ethereum are built on blockchain technology and allow for secure and decentralized transactions.
  • Cross-border payments: Blockchain technology can enable faster and cheaper cross-border payments by eliminating intermediaries.
  • Smart contracts: Smart contracts are self-executing contracts that automatically enforce the terms of an agreement. They can be used for a variety of financial transactions, such as insurance claims, trade finance, and more.


Blockchain technology can help to secure and streamline the sharing of medical records, ensure drug safety, and prevent counterfeit drugs. Here are some use cases:

  • Medical records: Blockchain technology can securely store and share medical records between healthcare providers, patients, and insurers.
  • Drug supply chain: Blockchain technology can track the entire drug supply chain, from production to consumption, to ensure drug safety and prevent counterfeit drugs.

Supply Chain Management

Blockchain technology can provide greater transparency and traceability in supply chain management, reduce fraud, and increase efficiency. Here are some use cases:

  • Food safety: Blockchain technology can track the entire food supply chain, from farm to fork, to ensure food safety and prevent contamination.
  • Logistics: Blockchain technology can optimize logistics by providing real-time tracking and visibility of goods and reducing paperwork.

How is Blockchain Being Used in India?

India is one of the leading countries in the adoption of blockchain technology. Here are some use cases of blockchain technology in India:


  • Digital payments: India's central bank, the Reserve Bank of India (RBI), has developed a blockchain-based digital payment system called the Unified Payments Interface (UPI).
  • Remittances: Indian banks are using blockchain technology to facilitate faster and cheaper cross-border remittances.


  • Medical records: India's government is developing a blockchain-based platform called the National Health Stack (NHS) to securely store and share medical records between healthcare providers, patients, and insurers.

Supply Chain Management

  • Agriculture: Indian farmers are using blockchain technology to ensure fair pricing and traceability of their crops.
  • E-commerce: Indian e-commerce companies are using blockchain technology to track the entire supply chain, from the manufacturer to the end customer, to ensure authenticity and prevent counterfeiting.


Blockchain technology is a revolutionary technology that has the potential to transform several industries. Its key features of decentralization, transparency, and immutability make it an attractive solution for businesses looking to improve their operations. In India, blockchain technology is being used in various industries, including finance, healthcare, and supply chain management, to provide greater transparency, security, and efficiency.

About the Author

Nirvan Biswas

Mr Nirvan Biswas

Chief Information and Platforms Officer, National Bulk Handling Corporation (NBHC)

Mr. Nirvan Biswas, Chief Information and Platforms Officer at National Bulk Handling Corporation (NBHC). He is a Hands-On IT leader with over 21+ years of rich experience across a diverse set of Industry segments across multiple technology / business frameworks.

At NBHC, he is actively involved in strategic planning and implementation of technologies that enhance operational efficiency of NBHC's highly distributed operations and further allows greater measurement and mitigation of risks. He was awarded the 'Newcomer CTO Award' at the CIO Strategies Indian Awards 2008 by Time Magazine for a unique SOA Implementation in that year.

Apart from winning numerous awards / honors over the years, in 2017 he was awarded the IDC Digital Transformation & in 2018 the Economic Times CIO award (Enterprise Technology award) and in 2023 the World CIO 200 award from India. He also holds a Patent in Simulation and identification of In and Out drops in the area of Network movement. He is a Computer Science Graduate from IIT Mumbai.


The information contained in the article represents the views and opinions belong solely to the author, and not necessarily to the author's employer, organization, committee, or other group or individual.