Making decentralised blockchain systems an integral part of digital businesses in India
Blockchain Community India is India’s first decentralised Blockchain Community. Being the visionary of enabling maximum businesses with blockchain technology, BCI focuses on the core importance of decentralization and has been using it in their network since the inception.
Decentralization simply means that the information is not stored in the central system but is shared with multiple parties which are known as network partners. Here each of the users usually stores a copy of the resources that they can access anytime.
Why is decentralization preferred over centralization?
Centralization of data is the traditional method of storing data and has been used in major official bodies like corporate houses or government bodies here all the information is discrete and can be only be accessed by one or very few officials.Hence Centralised data can be edited intentionally or unintentionally which causes a lot of questions to data security. On the other hand in decentralised data once anything is registered it is impossible to rewrite it and any change made is recorded and hence many organizations are adopting it to inculcate transparency in data keeping.
Secondly financial services are easier in the decentralized blockchains because there is peer to peer connection which reduces the cost of middlemen directly, for example the extra fee and time incurred in making foreign transactions are completely removed. Hence decentralised systems are both cost and time efficient making them more viable for the global interactions of the business.
Lastly decentralised systems also comes with automation and many of these features also help in smooth functioning like retrieval of data using shortcuts and this again helps in easing the processes, the centralised way on the other hand is a long and often time consuming and hence decentralised methods should be used when it comes to sharing and using of heavy data files or when there are many stakeholders involved.
Decentralization in Blockchain Community India
Decentralisation is practiced and is promoted by BCI as we believe that a community should be made up of everyone and hence each and every person who comes aboard is equally important to us. BCI hence has a culture of decentralised powers and hence there is no decision making team. Rather every partner is given a chance to make a decision for the company. We believe that if the opinion of one can bring small success then 1000s of minds together can make the vision of blockchain in India successful. Hence every person who is part of the team decides on every single decision that affects the community. Every person is equally responsible for the success. BCI also believes in complete transparency and hence all the information related to the community is available at easy access.
Other than this Blockchain Community India also uses decentralized systems in all it's partnerships too. All the organizations that we work with are also provided to use decentralised systems. Thereby we go forward in creating a decentralised community in India.