NFT (Non-Fungible Token)… the most frequently used term in the news lately; but, what is NFT? How is it different from Bitcoin?

India’s top court (Hon’ble Supreme Court invalidated an order issued by India’s central bank (The Reserve Bank of India) which had directed the banks to refrain in transactions involving cryptocurrency. The case involved the Internet and mobile association of India as the petitioner and the Reserve Bank of India as the respondent. The petitioners also involved “a few companies which run online crypto assets exchange platforms, the shareholders/founders of these companies and a few individual crypto assets traders” as stated in the 180-page judgment rendered on 04March, 2020.

In a world crammed with diverse applications and web services, it is highly essential to optimize their working. Co-ordination of information is highly essential for efficient rendition of services to make the human life easy and stress free According to an analyst firm Gartner: “the usage of Internet of Things (IOT) will surpass the world population in the year 2020 for the first time”! Pertaining to this, it was soon realized that there was a need to deal with collaborative applications requiring minimal latency in processing and a computing methodology.

Blockchain is a revolutionary technology that deals with peer to peer data connection and gives an open and decentralized network for use. Blockchain system is a distributed network and the ledger holds every single transaction for every user to see. Every single node on the network has a copy of the ledger.

Blockchain technology is a distributed add-only digital ledger shared among peer-to-peer networks. The digital asset to be stored in the digital ledger is verified and recorded irretrievably in a chronological order. The distributed nature and the verification process ensure the immutability and authenticity of the recorded digital assets.

Blockchain has become a buzz word being heard in different innovation sectors. Our future economy will be much more decentralized with Block chain. In this article we will look at how the Blockchain could unlock the new cutting-edge technology: Artificial Intelligence (AI). Both technologies create new unimaginable business solutions with steady and transparent transactions without human intervention.

The US patent application numbered US20180046766 with Novus Paradigm Technologies Corp as the assignee discloses systems and methods for biomedical data tracking and transmission through blockchain technology. This technology is particularly relevant for secure transmission of biomedical data during disease outbreaks, epidemics and pandemics since accuracy and timeliness is critical to contain the epidemic and the data would be vital for further studies on the epidemic.

Blockchain is used for various applications; one among is verification of academic certificates and work resumes. In present world, the student records are transmitted mostly in paper form, even if they are presented as PDF, we are still living in a paper based economy of student records.

Block chain technology and the crypto currency or the magic money is considered as a modern day industrial revolution post the loom, the assembly line, and the internet. Off late, the forces driving the economy are a compromise on commitment and serious opponents to decentralization.

Over more than three decades of Internet development, it has brought an impact across the man-kind and has become the mode of communication. It is an empowering tool with more potential than any other human civilization has ever developed. Web is remaking our world and our lives. It has brought the beginning of new era called, VIRTUAL REVOLUTION.