The Blockchain technology has the potential to bring massive social benefits in the developing world. These were discussed at the recent Wharton India Economic Forum that was held in Philadelphia. Blockchain is especially in use in financial services and banking, agriculture and supply chains. One challenge facing this business innovation is the fact that a lot of laws in these developing countries have not incorporated such digital advancements. There are also some issues in its implementation. Kevin Werbach who is the Professor for Legal Studies at Wharton, has written a book The Blockchain and the New Architecture of Trust highlighting the further misconceptions surrounding Blockchain. In particular, he points out, how it is seen as a scam. The cities of Mumbai and Visakhapatnam have done much to use blockchain in their supply chains. Chandigarh meanwhile is using it for tracking of financial and legal records. Assam and Sikkim are also using it to help in governance patterns.

Source:http://knowledge.wharton.upenn.edu/article/blockchain-brings-social-benefits-emerging-economies/

Uploaded Date:07 January 2019