Big Corporations are racing to build Blockchain platforms for harnessing the digital transformation across industries and businesses. This paradigm shift has led major financial institutions and tech giants to drive innovations using blockchain technology for developing various use-cases that can be adopted by several other industries.
There have been prototypes that are being tested for its viability and adaptability in the regulated economy.
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Despite these advantages, the blockchain technology has its major drawback, and I would like to highlight the most significant concerns which I foresee if this technology were to become the future of all the business operations.
The ever-growing size of the blockchain is considered a challenge for it is causing issues around storage and synchronization. This phenomenal growth of the cryptocurrencies over the last few years are mind-blowing and are un-regulated.
Today the Governments are backing tips for turbo options of it. Countries like China, Japan, Russia, Korea and Israel have shut-down the cryptocurrency exchanges and withdrawn their support for the digital assets since the Government is unable to figure out how to regulate this system. Having Regulation is critical; the reason being, even if the digital assets under the blockchain records and maintains the transaction history, yet they do not reveal the identity of the individuals who do the transactions.
For, e. India had requested access to this data. The pact will help provide continuous access to details about alleged black money hoarders in once-all-secret Swiss banks and will help check cross-border tax evasion. Independent computers or nodes in the blockchain network are maintaining the records which are neither available to the public nor the regulative authorities.
This becomes the most significant cause of concern in the system. The blockchain platform will only be able to provide security to that individual who is doing the transaction allowing the bubble for the black money in the market.
They have no access to the transactions that are happening right under their nose withdraw money from hydra the computers and on the blockchain network, these banks are unable to track the volume and value of withdraw money from hydra transactions that are taking place and the amount of money that has gone out of their countries.
The unregulated growth of the cryptocurrencies and the blockchain technologies are causing havoc in the system. There may be certain disruptive forces in this world like the dictators or terrorists who will be able to do transactions without the knowledge of the regulative authorities that are illegal and giving rise to the enormous growth of black money in the market. In Novnews emerged that Russian president Vladimir Putin had approved a plan to create an independent Internet by 1 Augustfirst reported by the Russian news agency, RT.
Hence Russia wants to abstain its people and country from succumbing to any unregulated mode of business operations and also protect their systems from being hacked by the cybercriminals.
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Hence it becomes extremely critical for Government and regulative authorities to monitor the financial dealings that are happening in withdraw money from hydra respective countries and ensure there is no illegal and unaccounted money in the form of digital assets.
In India; the Cryptocurrencies appear to be living up to their cryptic reputation. Indian officials suspect that the cryptocurrency traders are evading taxes. The income tax department may also find it difficult to figure out whether these wealthy investors hold any cryptocurrencies or the income earned from these instruments.
The department may also struggle to calculate the capital gains tax on bitcoins as investors have used complex investment strategies.
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Some also claim that they have never bought any cryptocurrency, or that their accounts may have been hacked a few years ago. Supply Chain Management: In a typical scenario the supplier, manufacturer and the distributor will be able to authenticate the transaction along the way.
As a customer, they can have full transparency with the authentication and confidence that the life story of that product or goods is legitimate. How will the regulatory authorities in the respective countries come to know how much cash transactions have been undertaken?
All their transactions are being done on the Private blockchain to protect the sales figures from their competitors.
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Despite being a private blockchain, it still encourages the growth of black money in the market. People with sufficient computing power can manipulate the system.
This flaw in the technology poses a significant concern for future economic growth. How will the country or nation run without them being able to collect the taxes and other duties from the respective business operations across the sectors? Financial Institutions: The banks can transact millions of transactions on these private blockchain networks.
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Assume there is a bank which would like to operate in the grey market like the bullion market; they definitely can do and disclose the transaction details from the world.
Some Erring banks in the world maintain nefarious records of nefarious people and may not share the details with the regulative authorities. What happens in such scenarios? The details come from a leak of It exposes the global environments in which tax abuses can thrive — and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.
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The rest is history and left the US Regulative authority with no record of the people who were involved in these transactions. Hence the involvement of the regulatory authorities is exceptionally crucial because at the end of the day it still translates into finance or money which needs to be monitored and tracked by an authorised system.
Anyone with muscle power can tamper or manipulate the system. Therefore Blockchain is a not a fool-proof technology as there is a massive gap in the system. The blockchain technology only allows an individual to see the transaction details, but it cannot identify the perpetrators.
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If not it can create a Hydra Monster and can have their own currency just like the monopoly game currency which will impact the Socio-Economic well-being of the nation. An excerpt from the blog can be quoted while sharing it in an above-mentioned manner.
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