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6) The applications of blockchain go much beyond its role in crypto currencies. Examine (250 words)

TopicScience and Technology- developments and their applications and effects in everyday life

6) The applications of blockchain go much beyond its role in crypto currencies. Examine (250 words)

Financial express

Why this question

The application of blockchain is increasing and is much moving much beyond its use in digital currencies. We need to be aware of the applications and the importance of blockchain in various sectors.

Key demand of the question

The question demands us to discuss the applications of blockchain in various sectors apart from cryptocurrencies. We will thereafter discuss the impacts of such usage.

Directive word

Examine – When you are asked to examine, you have to probe deeper into the topic,  get into details, and find out the causes or implications if any .

Structure of the answer

Introduction – Define blockchain and mention that it’s role is enhancing

Body – Discuss how blockchain is used in cryptocurrencies. thereafter, mention how the application of blockchain has started moving beyond cryptos and its application is moving into fields like social development, banking etc

Conclusion – Mention the huge role that blockchain can play in our developmental journey and highlight how indian government in focussing on blockchain.