Blockchain is a database. It has advantages such as decentralisation and immutability. It is highly secure. It is a list of records or transactions similar to a ledger, that keeps growing as more entries are added. Records stored in the database may be made visible to the stakeholders without the risk of alteration. It is said to be highly secure as hackers can no longer attack just one computer to change any records.

Blockchain has found application in delivering vaccines on time. Every touch point of the vaccine’s journey, starting from manufacturing to the child to whom it is to be administered, critical information about it such as temperature, humidity, chain of custody and location are recorded on a blockchain ledger. The temper-proof data is accessible to all the stakeholders to ensure transparency.

In chit funds, money from subscribers is pooled at definite time intervals. There is an auction to borrow pooled amount. The money is given to the lowest bidder or winner. The chit fund handler also gets a collateral from the winner. By blockchain, each record,is digitally maintained and can be traced by the regulator. It brings sanctity to the whole process. Multiple digital ledgers can be created.