“Shared value is not social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success. It is not on the margin of what companies do but at the center. We believe that it can give rise to the next major transformation of business thinking.”
Distributed economy can solve humanities biggest problems in the current times and appears to be the only hope for the next billion population that will be joining us in the next 10 years.
We at Nija are working towards helping more Businesses get onto distributed economy model or Nija model.
BlockChain adoption is fast increasing across the globe and its application has implications far and beyond FinTech. This is a quote from the NitiAyog report on Blockchain: “Blockchain technology has the potential to revolutionize interactions between governments, businesses and citizens in a manner that was unfathomable just a decade ago. Another quote, “Nascent developer community: Even by the most aggressive estimates, the number of qualified blockchain developers globally wouldn’t be greater than 10,000.”
The revolution leading to the third generation of the internet is enabled by a single piece of technology — blockchain. A blockchain is central to this distributed, data-first, authoritative internet . What is it about blockchain technology that makes it central to this revolution? Blockchain has several features that will enable this transformation.
A block chain is distributed ownership. There is no single source of ownership for the data in a blockchain. Anyone can contribute to a blockchain, and anyone can read from it. Anyone can participate in the distribution of a blockchain.
Data stored in a blockchain is immutable, irrevocable, and cryptographically signed, so provably authentic and authoritativ e ( or provably inauthentic and unauthoratative). Everyone knows who the owner and originator of all data is, and all data can be confirmed as to its source and authenticity. This increases trust in the reliability of the data.
No single company can curate, moderate, prioritize, or filter the data in a blockchain. As there is no single owner of the data, no one can manipulate how the data is consumed by users. This means there are no data power brokers, such as social media companies, that control and manage the information that is shared.
In short, blockchain encourages trust in data and its source by making all transactions transparent and data verifiable.
Blockchain is a system of recording information In A Manner That it Would Be difficult or impossible to change, hack, or cheat the system. Through Blockchain You Perform A digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
A cryptocurrency, crypto- currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
The blockchain 2.0 version is successfully processing a high number of daily transactions on a public network, where millions were raised through ICO (Initial Coin Offerings), and the market cap increased rapidly.
DApps is also known as a decentralized application. It uses decentralized storage and communication. Its backend code is running on a decentralized peer-to-peer network. A DApp can have frontend code hosted on decentralized storages such as Ethereum Swarm and user interfaces written in any language that can make a call to its backend like a traditional Apps.
Tokenisation brings value for Cryptocurrencies which otherwise are notional values and securitising the Crypto will strengthen the Crypto- Investments and wins confidence of Government as well.
Industries / Market adoption of Distributed economy model by employing Tokenisation will be the game changer globally, not just financially but economically, socially and even politically.
Web 3.0 is designed to deliver sustainable outcomes by being decentralised, and there by enabled by distributed ledgers and smart contracts. It eliminates intermediaries, manual mediation and arbitration, thereby also reducing cost.
Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network. Hence, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The system has built-in mechanisms that prevents unauthorized transaction entries and create consistency in the shared view of these transactions.