Indian Institute of Information Technology and Management, Kerala will get the first Blockchain Academy in the state. The academy will focus on research and innovations and inculcate technical consultancy. The academy will make most promising innovations in the field of technology. IIITM-Kerala will set up the academy in collaboration with business development and international learning platform, i.e., Blockchain Education Network (BEN).
Dr. Rajasree, Director of Indian Institute of Information Technology and Management made this announcement at a workshop on Blockchain Technology that was held at Trivandrum. The speciality of Blockchain Technology is that it stores the history of all transactions in the ledger as blocks and these are distributed across the decentralised peer-to-peer network.
The term ‘Blockchain’ indicates that all the validated transaction blocks are linked from the beginning of the chain to the latest or most recent blocks. Blockchain will find applications in Governance, Healthcare and Banking sectors. Blockchain Technology may evolve into a system with advances in Predictive Logical Systems and Artificial Intelligence.
During the workshop on Blockchain Technology, discussions were held on upcoming challenges and ideas in the field. Blockchains will play a significant role in establishing trust among the entities that are unknown to each other. Through this, there will be no scope for intermediaries or third parties. Thus, Blockchain Technology will enable transparency in digital transactions.
Various experts expressed that block chains have the capability to disrupt different business domains that include banking services and cybersecurity in the coming years by ensuring quicker performance, transparent and secure transactions.