What is blockchain technology?

Of late I've been reading a lot about blockchain technology and its benefits. As per a news report on The Guardian, nearly $1billion was invested into blockchain in 2016. However, being in its nascent phase, not many are aware about this disruptive innovation. If you’re scratching your head wondering what blockchain is, let me share some basic information about this invisible technology.

Are bitcoin and blockchain same? They’re essentially different but are closely related. Blockchain technology enables the existence of crypto currency, and it’s the heart of bitcoin; whereas bitcoin is the best known crypto currency. Bitcoin was created in 2008 by a cryptographer with the pseudonym Satoshi Nakamoto. It’s is a digital currency and helps perform peer-to-peer transactions without using third parties like banks. But the application of blockchain extends beyond bitcoin and crypto currency.

Blockchain is a shared, immutable, verifiable online ledger to make and record transactions, agreements, contracts, and so on. It can be equated to a long excel spreadsheet where timestamped data is permanently recorded as files named blocks. Each block in this open-source distributed digital ledger is linked to its predecessor and is arranged in linear, sequential order. So it’s virtually impossible to go back and edit or delete any previously recorded data. It's encrypted and decentralized, or no one gets exclusive control, making it difficult to alter data, take-down the network, or corrupt it in the blink of an eye. A hacker has to gain access to all computers at the same time to hack or tamper data. Blockchain runs on specialized software.

If online news reports are anything to go by, many banks have started using blockchain technology for money transactions, record keeping, and other related backend functions. Use of blockchain is not limited to financial sector alone. It enables seamless innovations in real estate, health care, supply chain, insurance, and so on. It might take years for blockchain to become a low cost and more efficient option, but rest assured that blockchain is to tomorrow what open-source software did a quarter of a century ago. This is the reason why the hype and buzz around this electronic innovation is real and is here to stay.


Here is a video to help you know more about blockchain technology:

Have I left out any important information on blockchain?

Out of the closet

Not every ad is revolutionary or leaves a lasting impact. But some manage to strike that right chord with a heartfelt message and quickly win the appreciation of both viewers and customers.  The key reason behind the imperishable success of such ads lie in the strength and relevance of the message conveyed. One such is the UrbanClap ad that I came across today. A laudable effort taken amid the raging debates about the scrapping of Article 377, UrbanClap’s LGBT-themed ad gives a positive message and depicts the beauty of gender acceptance in a convincing and compelling way.

It’s about a young homosexual girl whose dad has a hard time accepting her sexual orientation, in spite of being a rebel in his era, and marrying a Muslim woman despite oppositions from family and society.  With the aid of her supportive mother, she finally proves that right to love is equal for all, including the LGBT community.

Advertising is no more just about knowing the product. Brands no more tend to play safe and stick to comfortable and marketable stereotypes.  They’ve learned to break new ground and make ads made in support of sensitive issues and marginalized sections in the society. Brands like Tanishq and Brooke Bond Red Label have broken societal stereotypes and adopted such creative tacks before. They’ve successfully replaced old and boring product-driven ideas with many thought-provoking and socially relevant ad campaigns. However, still-taboo topics like homosexuality are scarcely-discussed when compared to religious unity, remarriage, dating and menstruation. Here is the reason: Most brands, ad makers, and marketers are scared to approach this sensitive area. They fear the strong backlash of a largely homophobic section of our society, should they take up such bold subjects that are rarely discussed in open in our country.  With every ad in support of LGBT getting launched, both support and scathing condemns surface from all four sides.  But reviles are often more in number when compared to applauds because several prejudiced views on LGBT community still continue to thrive in many parts of India.

Indian brands that have displayed the grit to make LGBT-themed ads are just a handful –Anouk, Red Lotus, and UrbanClap to name a few.  Their ads successfully link convincing stories and brand propositions realistically, while urging the society to let go of outmoded norms and embrace the change for good. Hence, most viewers are emotively compelled to recognize and accept the facts narrated in such ads. These path breaking steps taken by well-known brands definitely deserve lots of accolades and recognition. Because, such bold decisions might sometimes invite more brickbats than bouquets; still they choose such socially relevant concepts and unhesitatingly embrace LGBT causes.

Will more brands ‘come out of the closet’ with such innovative ad campaigns?

P.S. – Some brands and ad makers shamelessly go overboard and showcase their shallow progressiveness by stereotyping the LGBT community. They are unlikely to be perceived as groundbreaking, and will never do any sustained good for the brand or the viewers.