Pune: In light of the recent ransomware attacks across the globe, as well as reports of a leak of Aadhaar data, CEO of Synechron, Faisal Husain, believes that the Aadhaar system must be put on blockchain networks to safeguard the data. Blockchain is a continuously growing data bank which is encrypted to the last letter, ensuring complete security of the data.
Husain said, “Aadhaar data must be put on a blockchain network or system so that it cannot be compromised. Aadhaar is a game changer in India and putting it on blockchain will ensure complete security. The data, once on blockchain, cannot be tampered with and is encrypted down to the last bit. It is also decentralised and allows complete security for official records.”
He said the Aadhaar system, coupled with 4G, can create an enormous digital opportunity in India and the inherent design of blockchain will secure all the data recorded under the system.
Husain said this while elaborating on the pioneering work done by Synechron on blockchain accelerators. “We launched a FinLab in Pune six months ago to devise and showcase next generation digital innovation to face threats from disruptive technologies. Our dedicated team of blockchain consultants, developers and digital experts have conceptualised and built blockchain applications using various platforms to solve complex business problems for our clients,” he explained.
Officials from Synechron said that they have created business process frameworks, technology architectures and working codes for six blockchain accelerator applications including Trade Finance, Know Your Customer, Smart Margin Calls, Mortgage Lending, Insurance Claims Processing and Global Payments.
“The decentralised format provides for reduced costs and fees, through automation of the extensive manual intervention required in operational cycles, eliminates redundant tasks, direct processing costs and human error. Payment transfers using digital currencies dramatically reduces third-party fees. It provides for greater security, as data stored on blockchain is tamper-proof, the distributed database requires that all parties reach a consensus on database contents and so, no single party can alter the transaction chain without knowledge or permission of other parties,” explained Uday Chaudhari, Associate Director - Technology, Synechron.
Chaudhari said this leads to increased transparency, as shared access to and validation of transactions increases the trust. “Blockchain also leads to enhanced efficiency, as it can create more efficient bilateral settlement relationships. It also provides for an enhanced customer experience, as redundant data entry is eliminated,” he said.