This article is written by Venkata Saketh Roy Vydyula.

Abstract

People don’t need to go to the nearest retail store anymore, they can just order groceries online or through an App, they don’t need to wait in the lines in a popular fine dining restaurant, they can just order food home through an App, they don’t need to feel and touch the phone before buying, they can just place an order online. Things which used to require physical presence and work do not need such efforts anymore, they can be done “virtually”. Now, imagine the same concept imbedded into the system of cash transactions, trading and banking. Such realization of the concept into reality is what made the “Blockchain Technology” come to life. 

In 2008, after the financial meltdown, Satoshi Nakamoto, an inventor and trader propounded the idea of a peer-to-peer channel for the transactions of “Bitcoins” in his paper publications. This idea took shape and structure and came to be known as one of the most efficient, secure and uncorruptible software designs found by mankind. It is a “Distributed ledger” software which means that any person or any device connected to the specific network can account for the transactions that take place. Initially this technology was thought to be used only for the trading of bitcoins and other virtual currency which rose to fame for a point. However, the recent applications of blockchain technology have been tremendously increasing. Nonetheless, there are a lot of limitations and hurdles to realize that dream. Therefore, this paper will highlight the different applications, the limitations of blockchain other than trading in virtual currency. This paper will aim to throw light on the working and the regulations in place and on how it is moulding itself to be in harmony with the banking services and law.

Introduction

“Blockchain is an attempt to rewrite the economic grid in the old order of things” – Don Tapscott.

The death of middle-aged man impacted his patients in the hospital, his wife and his children. Their present was being reshaped because he was the one who knew the problems of the patients and was the only bread earner who was running the family. The fall of the Government impacted the members, the economy and the people. Their future was in question because a nation without a ‘Centralised Administrative’ structure is directionless. In the same way, an economy without a central bank regulating the money would be an unhealthy and untrustworthy economy. But, what if the very foundations of such economies are shaken when the most trusted ‘third party’ banking systems of the world fail in protecting the money of the people and bring them to the streets on a cold winter morning? This hypothetical situation soon turned into reality when the 2008 financial meltdown occurred in the United States of America whose ripples travelled all over the world and affected millions of people and costed the country a whopping estimate of 12 trillion dollars. Maybe a lack of trust in the system urged a person named Satoshi Nakamoto whose identity is still unknown to publish a whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ through which the technology of blockchain made its entrance into the public platform. “While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model”.

It is a given fact that middlemen have started to play a major role in our lives as they handle the logistics that are required for a work to be done. However, they cannot be trusted. Overcharging in the name of commissions is an act detrimental to the purpose of transferring funds to the people in need. 

Blockchain came to light because of the menace the middlemen have created. It is needless to say that the history of the Blockchain technology cannot be traced without making references to Bitcoin. Bitcoin is one of the first and famous cryptocurrency that exists today. Satoshi Nakamoto applied this revolutionary technology to cash and payments systems so that it serves as an incentive to those on the blockchain network and that incentive was the transfer of Bitcoins to those who add blocks on the networks. Initially, Bitcoin and Blockchain technology were thought to be one and the same. However, it was understood that blockchain was just an underlying technology with the help of which the bitcoin and other cryptocurrencies are run and it is now established that blockchain and bitcoins are separate from each other. A blockchain can exist independently with its wide range of applications which will be discussed in the due course of this paper.

Blockchain and its functioning

“Blockchain is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one,”– Sally Davies, FT Technology reporter.

What is Blockchain?

Blockchain is a globally distributed ledger system which decentralizes the process of recording and validating transactions. The current practice is as such where there exists a trusted third party or a centralized agency which authenticates or validates, records and preserves every transaction that takes place. It makes sure that every transaction that takes place is passed through this central agency so that the record can be maintained. Such an institution exists on the foundation of trust which is subjective in nature and can accede to an unavoidable breach of trust or occurrence of fraud. Therefore, to avoid such a problem, blockchain technology is based on peer-to-peer electronic payment platform which is further based on cryptographic proof instead of trust, which allows two or more parties to perform a transaction directly with each other without involving any third party or a centralized agency. 

Fig. 1.0 – Centralised Mechanism             Figure 1.1 – Distributed Ledger

Figure 1.0 is the representation of the traditional method where centre third party is used to manage the chain of the parties 1,2,3 & 4 at heavy charges or commissions in some cases. Whereas, Figure 1.1 depicts the distributed ledger system of a Peer-to-Peer network where all the parties to the transaction have access to the transaction and have an obligation to validate the transaction on a peer-to-peer basis which eliminates the need for a central third party to oversee the transaction at heavy costs.

Problem of Double Spending

The blockchain was invented to make the information it holds immutable, i.e. the entries in a blockchain cannot be altered or changed whereas they can only be added as a new entry which cancels off the old one. As the name suggests a blockchain is a chain of blocks that represent a transaction or hold information and are linked together in a chronological order permanently. Every time a block gets completed, a new block is generated and added to the chain and awaits verification from each ‘node’(participants or members of that network of blockchain) regarding the authenticity of that block, if verified by all the nodes, it will be stated that the nodes have come to a ‘consensus’. In a monetary blockchain for example in the Bitcoin Blockchain, every block of the chain contains information of the sender of the bitcoin, the information of the receiver and the amount received by him. It also contains past transactions right from the birth of the chain i.e. the Genesis Block to the recently created block. 

Security:  Hashing and Proof of work

There exists a concept of asymmetric cryptography which uses cryptographic keys in the blockchain which provide the miner or a node with a unique identity. A Private Key produces a digital signature which is essential to authorise actions that are performed by a miner or a node or are performed on behalf of a miner or a node. On the other hand, a Public Key is like a username through which the other member on the network identifies the miner or a node.  In general, a block contains the information which is to be stored/recorded, a hash of that block and a hash of the previous block. Hashing is a process where a computerized mathematical hashing algorithm is applied to an input data of bits finite or infinite to generate a finite output data of bits known as the hash which is a distinctive identification of a block. A hash is calculated based on the sequence of the contents of the block, this hash participates in the creation of the hash of the succeeding block along with its contents and this process goes on establishing a chain of blocks linked with the hash. A hash is like a digital fingerprint imprinted upon a block to secure it and verify its authenticity. A hash protects the block from any unintended modification of its contents by a node. Changing the contents of block leads to the change in the hash of the particular block which invalidates the succeeding blocks and their hashes. 

Figure 2.0

The figure 2.0 represents the blocks and the hashing System. The genesis Block A contains the hash “QWER2” and the second block B contains its own hash “TYUI3” and the hash of the Block A “QWER2” and so on. Now, if the contents of the block A such as the transaction details or any other information stored are modified, the hash of the block A changes which results in the change of the hash of block B which in turn affects block C and the chain reaction spreads like a wildfire invalidating all the blocks on the chain. To successfully modify/alter/hack/tamper with the contents of a block, the node will have to possess unfathomable computing power and will be required to hack all the blocks in a chain of the target network, regenerate the proof of work of all the blocks and take over 51% of the peer group of that network (Also known as the 51% attack) which highly unlikely and next to impossible. This is the reason why it is so secure and almost impossible to hack the data of the blockchain.

Proof of Work Protocol: A proof of work protocol is a method to establish to the server that a miner or a node has put in significant amount of time of computational work which is in general used to solve complex puzzles to validate itself. This mechanism is similar to the CAPTCHA protocol where humans have to solve a numeric or a word puzzle to prove that they are humans and not robots which are relatively easy. However, the underlying principle is the same, i.e. to identify hackers or bots that operate in the network. There is a certain time frame for each kind of chain which the miner should adhere to in establishing the proof of work after which he will be rewarded, for example, in the Bitcoin Blockchain it is 10 minutes for proving and after such proof he will be rewarded with Bitcoins. The proof is difficult to establish but is easily validated. However, in recent times, the proof of work protocol is being replaced by the proof of stake protocol due to the proof of work protocol’s demand for energy and high computing power only for solving complex puzzles. Proof of Stake protocol establishes that the higher the number of bitcoins a miner holds, higher is the mining power of that miner. This makes sure that the miners have a continuous stake in the blockchain. 

Smart contracts

A contract as we know it is a set of promises agreed upon, mutually, by the parties to such contracts. The concept of a contract was digitalized and then began the advent of “Smart Contracts”. Smart Contracts is a term coined by a cryptographer named Nick Szabo in the 1990s. The process of Digitalization of contracts involved recognising that a computer could run algorithms on the same principles and then converting such a contract into a code. A code will execute itself when the conditions of the contracts are met, step by step. Thus, arriving at the name of “Smart Contracts”.

However, the required technology for processing the data did not exist back then which led the idea of a smart contract to lay dormant for a long time until recently, when the functioning of smart contracts and their uses are being debated upon. Let’s put the working of a smart contract based on the blockchain technology into a practical scenario where Mr. Francis is unsure of receiving payment for his work from you as he has certain trust issues. What Mr. Francis would do is, he would have you pay the money to the smart contract on a blockchain on a condition that the payment would be released only after the work is completed by Mr. Francis. Therefore, as soon as it is confirmed by Mr. Francis that the work is done, the payment would be automatically released by the smart contract. This is beneficial to both the parties of the contract as they are given a guarantee of getting the work done and the guarantee of payment. A smart contract has innumerable uses viz. in the insurance agency, in the manufacturing industry to replace supply chain management, by the government to manage land records and other records of the population and by the Internet of Things. The use of smart contracts by internet of things is a little controversial as it raises concerns regarding the misuse of the smart contracts by the appliances connected to the internet, it is granting the power to think and act to an artificial entity. 

In the blockchain world, smart contracts are defined as “a computer protocol—an algorithm—that can self-execute, self-enforce, self-verify and self-constrain the performance of its instructions”. One of the main platforms for smart contracts is the Ethereum database. The bitcoin blockchain is form of a smart contract where the transfer for monetary assets takes place. However, Ethereum expands the scope of a smart contract by, allowing the contract to govern the changes that take place to the conditions of the contract over a period of time, giving them autonomous control over the execution of the contract without the need for monitoring by the parties to the contract.

The essentials of a contract include offer, acceptance, intention to enter into legal relations and considerations. These essentials are very well able to fit themselves in the domain of smart contracts. However, the question arises regarding the validity of the application of traditional contract laws to the smart contracts. Is it viable or not? 

When recourse to the global standards of application and regulation of smart contracts is made, it is observed that recently, in India, the State Bank of India launched the “BankChain” which was a platform made by the consortium of 25 banks (approx.) for the execution and sharing of “E- Know Your Client” (E-KYC) for smoother and leak proof transactions. 

In India, the Section 5 of the Information Technology Act permits the authentication of records by electronic signatures, however, the government, imposed restrictions on how that electronic signature is obtained by stating that only the government certified offices can obtain the signature and not anyone else. This move runs in contrast to the provisions of the Indian Evidence Act which establishes that an electronic agreement would only be valid if it is authenticated by a digital signature of the person. Furthermore, it also establishes that the court will not doubt the validity of the electronic record, but will, however doubt the sender of the record. Therefore, this means that only the government can obtain signatures and execute the smart contract. This restricts the freedom to carry on proceedings which involve parties other than the government. If the idea of legal fiction comes into play, the Ethereum data base can be used as an agent as in under the term “agent” in the contract act which allows an agent to make legally binding contracts on behalf of the principal. Legal fiction is essential to categorize a non-living, electronic database into the term agent under an act as the contract act only recognizes people as agents.

The concept of cryptocurrencies and their trade was negated by the Indian Finance Minister in one of his speeches, nevertheless, blockchain technology was advocated for and its future uses were debated upon. To add to this, the state of Andhra Pradesh in India is the first state to use and employ blockchain technology to maintain transport related and land related records to avoid tampering and loss of records which is a massive obstacle for any government.  

In the United States of America, the state of Arizona was the first one to legally recognize the technology of blockchain followed by the state of Tennessee which chose to amend its statute to comprise of the words “distributed ledger and “smart contracts” as follows:

“(1) “Distributed ledger technology” means any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permission less, and which may include the use of electronic currencies or electronic tokens as a medium of electronic exchange; and

(2) “Smart contract” means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that:

(A) Take custody over and instruct transfer of assets on that ledger;

(B) Create and distribute electronic assets;

(C) Synchronize information; or

(D) Manage identity and user access to software applications.”

Industries which can and are already contemplating the Use of Smart Contracts:

1.   Supply Chain Management
2.   Automobile
3.   Real-Estate
4.   Government: Healthcare

Blockchain, Reshaping the Banking Sector

“Blockchain – the shared ledger technology which allows any participant in a business network to see the system of record – will have a transformative impact on a number of industries, including financial services, in the future.” 

• By John McLean, CTO, VP Global Blockchain Team, IBM Systems

The banking industry at large and especially the Indian banking sector have been facing numerous issues in recent times. Time management, rising costs of operations, fraud, keeping of large amount of data, server crashes are few of the problems that probe the banking sector all over the world. The existing model of the banking sector is clearly not an answer to the problem as it does not bring in any positive change to the status quo. Therefore, the banking sector of the world is contemplating the deployment of blockchain into the banking arena. The integration of blockchain with banking is said to bring out revolutionary changes in the functioning of banking. “This replicated, shared ledger will provide consensus, provenance, immutability and finality around the transfer of assets within business networks– reducing costs, complexity and time, underpinning shared, trusted processes, enabling trusted recordkeeping and improving discoverability”.

A Spanish bank, Santander, concluded in its research that an estimated $20 billion a year will be saved by the banking industry if the blockchain technology is employed which will attract a lot more companies and start-ups to invest in the new banks owing to the reduced costs. The Linux Foundation proposed an open ledger project under an open governance model titled as “HyperLedger” which will develop an open source framework for the distributed ledger to allow the developers to focus on building an efficient platform and hardware system to support the transactions of the banking industry and the capital market. However, there exist opinions in contrast to such thoughts. Beth Shah, head of Business Development  at Digital Asset Holdings, a blockchain start-up, expressed his opinion in John Mclean’s Whitepaper published in association with IBM and stated that “much as the idea of an intermediary free financial market might appeal to purists, in reality it is likely that regulators – and customers – will prefer the idea of orderly markets managed by one or a group of trusted parties, at least for the foreseeable future.” To weigh over the negatives and the positives of the integration of blockchain and banking, it is required to take into consideration the potential uses of blockchain  for the banking sector which are as follows: 

1. Cost Reduction: Everyone talks about “reduction of costs” when they are asked how blockchain will benefit the banking sector but not many know what exactly the costs are.  When the blockchain is applied to real time transactions, it ensures that transaction settlement information is processed simultaneously with the payment which saves time and employment of extra resources as is the case in the traditional scenario. International payments known as cross border payments when integrated with blockchain technology help the consumers and the banking institutions take an advantage of the Forex volatility. As the transactions take place instantaneously, the consumers need not worry about being the victim to the volatile forex rates that keep on changing over the duration of a single payment.  Infrastructure expenditure such as databases maintenance and customer transaction records could go down a notch when the blockchain is applied which garners more participation through investments.

2. Customer loyalty programs: One of the integral parts of the banking sector is for the bank to take an action to retain its customers and in the process of doing so, the banks throw off schemes such as credit points, redeemable points based on transactions, privilege cards and other benefits at the customers to lure the new customers and retain the existing ones. These are a part of the customer loyalty programme. The average redemption rate by the customers stands at almost 80%. This shows us how effective the offers made by the banks are. The problem of inconvenience plagues these programmes. The lack of interoperability of the reward points by one consumer to another, lack of standardization of redemption of benefits, delayed gratification and the over-valuation of reward points are few of the major problems which the blockchain might address.

The inclusion of blockchain will allow the clients of a bank to transfer the reward points to one another when required which is not possible in the present. A client might get stuck with odd number of reward points with which he cannot avail any service. If there was an option of peer-to-peer transfer like how the blockchain would offer, family members or friends would help each other out through the transfers. This would further address the problem of over-valuation as the usage by the clients on the blockchain would determine the value of the reward points than having a centralised agency determine the value and feed off of the transactions of the clients. Blockchain can facilitate the involvement of multiple parties at a time which helps in crediting points faster which is preferred by the client. In the traditional system, the redemption of credit points take time which fades down the interest of the consumer. 

3. Trade Finance: is an area where third parties are introduced into the transactions to reduce the amount of risk through lending, issuance of letters of credit, bills of lading, export credit and insurance. Issuance of letters of credit is a painstaking process involving heavy documentation which takes up a lot of time, space and resources. Blockchain can ease the burden of the banks by automating the information so provided which is both beneficial for the banks and the corporates who would always prefer automation than physical paper work. Payment and repayment can be handled by the smart contracts over the blockchain which will rid the involvement of people in the equation.

4. Payments: the 2008 financial market crash is still fresh in the minds of those who were affected by it. After such a fall of the economy, a safer and a modern method of payments was demanded. Blockchain is believed to be that modern method which is said to revolutionize the mode of payments. The traditional system of banking involves the transfer of money to another person/entity through a centralized 3rd party such as a bank. Blockchain will remove the need for a 3rd party in the equation and reduce the need for hefty amounts spent on commissions and fees. This would ultimately allow the users to possess a faster and readily available service which can be accessed by the users at all times i.e. 24 hours a day, even when the banks are off duty. This adds a significant advantage to those who depend on cross border payments and international transactions. They will have no need to wait for several days for the transaction to process. All they will have to do is, be connected to the blockchain ledger network, much like the internet.  Ripple, a real-time gross settlement system, currency exchange and remittance network published a study which established that the use of their blockchain technology and services by the banking industry could reduce the operation costs for international transactions by a staggering 33%

5. Syndicated bank facilities: are those facilities where a group of financial institutions come together and form a syndicate to procure a huge amount of money and lend it to a single borrower. Multi-National companies and conglomerates require huge amounts of loans to finance their multi-faceted projects. This process is cumbersome for both the borrowers and the lenders. It is paper and labour intensive and the intermediaries are appointed at a high rate of fees and commissions. Since there is a participation of many institutions, there is a lack of trust between them and the borrowers as the background check of the borrower is done by one bank which initiates this syndicate. When blockchain is introduced in this scenario, it helps in a faster formation of a syndicate because smart contracts come to the rescue for the collection of information for the KYC and the sharing of details of KYC with the other banks of the syndicate. The process is almost instant in comparison with the manual work involved in doing a background check of the borrower. Doing so, establishes a trust between all the banks of the syndicate and between the syndicate and the borrower which will disable the requirement of an intermediary who is appointed at high rates of fees and commission. The process is made faster by the digitalization of all the documents involved which remove the requirement of a lot of paperwork. 

In an ideal society, these potential uses of blockchain are the best incentives the banking sector can get to increase the investment into this technology. However, like every coin, even this has another side. The application of this technology leads to few questions that are left unanswered. For example, the issue of privacy stands tall in front of the technology. This open ledger system might not be trusted by the users in fear of dilution of one’s privacy as the customer data is easily accessible. Furthermore, the regulation and laws of the blockchain technology is not uniform and standard. There are no central agencies that standardise the functioning of blockchain. This is an irony that a system such as blockchain which was invented to remove the need of a centralised agency is doubted upon for not having a regulatory central party. It is maybe because of force of habit that individuals and institutions are not able conceptualize a payment system without a regulatory body in contrast with the traditional banking system. However, it is clear that the blockchain technology can be put to use to carry forward important functions in the banking industry. Implementation of the technology would surely be a breakthrough in the banking industry.

Legal status and regulation of blockchain technologies

Implementing laws and regulatory methods onto the blockchain system is a hard process. Law needs to be dynamic and needs to move along the technological advancements that take place. It has to validate, invalidate, ban and vitiate certain actions which work as a limitation under which a technology can shape itself. However, when the actions are produced from something which is in a not so well-known domain, it gets hard for the law to place itself upon it. Such is the case with blockchain. People around the world know what it is and how it works but are unaware of its potential uses which discourages them to venture out into the legal arena hovering over the blockchain technology. However, in the world, there are countries that have banned the use of bitcoin and countries that propagate bitcoin to be a legal tender. If bitcoins are accepted, blockchain is what follows it and it does not need a special mention. Furthermore, any law or regulation made in regard with bitcoin or other cryptocurrencies and their status has a direct influence on the blockchain technology too. There are those countries that ban bitcoin but are looking into the underlying technology of cryptocurrencies which is blockchain.   

But the questions that arise when blockchain is applied to an existing form of work are viz. What is it which governs or regulates the functioning of a blockchain? What are the breaches that take place in this technology? Who is liable to whom when there is a breach?  A simple answer to these questions by a lot of governments are not laws but include the setting up of a regulatory body. A body that will keep in check the use of blockchain. Australia is one of those countries that successfully tackles the regulation process as the Australian governments grants a licence known as the Australian Financial Services Licence (AFSL) for a business entity to be trading. However, trying to grant this license for blockchain based communities and for the use of blockchain can be quite challenging as there are no finite uses of blockchain. When there are no limitations for the use of a commodity, applying the law to such a use gets difficult. Therefore, The Australian Securities and Investments Commission (AISC) has developed an assessment tool for a business seeking to employ blockchain. The assessment tools “are designed to help you (the entity applying for a license) and ASIC to assess whether the service meets appropriate technology and risk management standards”.

The six questions that are used by the assessment tool are as follows:

• How will the DLT be used?
• What DLT platform is being used?
• How is the DLT using data?
• How is the DLT run?
• How does the DLT work under the law? 

When the Blockchain Technology is used for operating on cross border transactions, certain legal issues are bound to arise. As per the AISC website, the main issues that might arise are in regard with location of participants, management and employment of staff, the existence of a legal entity and infrastructure and the location where the contracts have been made. 

• How does the DLT affect others?

These questions help in the formation of certain regulations for the services that use and employ the blockchain technology in Australia. Furthermore, the country of Singapore treats tokens from blockchain as a personal property rather than a currency accepted as legal tender. The tokens are also considered as shares, debentures or units if such tokens are given the power to represent a substantial part of the company. Personal property means that the tokens so purchased will be equated to apples, oranges, shoes or any such personal properties that can be owned and traded with. Essentially leading up to a barter system. The Securities and Futures Act regulates all the capital product markets that are categorized by the Monetary Authority of Singapore when the tokens from blockchain are bartered for any dividends, securities and future contracts or arrangement for having foreign trade.

An entity involving itself in the use and employment of blockchain shall obtain a Capital Market Services License under the Part IV of the Securities and Futures Act of Singapore. Therefore, all the laws that apply to regular currency apply to the tokens that are traded over the blockchain except for backing them by the value of a legal tender.

The line of questioning in Australia and the compartmentalization done by Singapore are just few of the regulatory mechanisms that are put in force by the respective authorities. There are many more regulatory norms introduced by countries like Japan which are so complex that it becomes a herculean task to understand them without prior knowledge of the administrative ideology towards cryptocurrency and blockchain. 

Conclusion

Blockchain is a vast ocean of limitless possibilities, this fact has been established. Its flexible usage and the amiability attract users to employ this technology to things the human minds are not yet aware of. It is practical to believe that no technology in the world is completely secure as such a belief is what makes the controllers of such technology work harder to keep making it secure from all the directions. Blockchain is the revolutionary tech that has clearly re-shaped the digital sphere. It has cemented the distributed ledger system and has paved way to the formation of smart contracts that are now a topic of discussion all over the world. There are even comments by executives that the aim of achieving a middleman-less transaction arena might be reached by the employment of blockchain and the first middleman that might be put out of job would be the lawyers. However, such a prediction is clearly farfetched as lawyers and any other labour that is thought to be replaced is initially, which is for a long time, required to induce the very nature of work they perform into the blockchain for it to completely takeover.

Blockchain has undoubtedly restructured the banking sector and has been an aid to its working by assisting trade finance and customer loyalty programmes and many such functions. The paper has briefly analysed the working of blockchain and the benefits of the introduction of blockchain technology into our daily lives, nevertheless, in the near future one can get up in the morning and read out a headline that the mobile networking agency has shifted its operational databases to blockchain technology. The conclusion lies in the reaction of the reader. Is the reader happy or is the reader terrified? If he is happy, his thought process is in plain sight, if he is terrified, he knows the possible loopholes. The thing with technology is that it is only “Secure” or “Unbreachable” until the event takes place, drawing the analogy of the unsinkable Titanic at this moment is quite apt, we just don’t know and cannot be sure about what we know. These are not accusations out of disbelief but are doubts based on experiences and these doubts are the motives for blockchain developers to secure the system even further.

Therefore, it is important to assert that, blockchain is, for now, the safest form of performing any kind of transactions. Will it continue to be so secure and not fall prey to the futuristic hackers? That will only be answered when it stands the test of time.

Students of Lawsikho courses regularly produce writing assignments and work on practical exercises as a part of their coursework and develop themselves in real-life practical skill.