[2016-09-09] ET: IT will be the key for GST to become game changer

IT will be the key for GST to become game changer

http://blogs.economictimes.indiatimes.com/et-commentary/unchain-by-blockchain/

For a smooth roll-out of GSTN, states have hammered out a consensus on a common portal providing three core services: registration, returns and payments. However, with rapid technological changes, the need for speed, flexibility and transparency, burgeoning societal expectations coupled with complexities in value exchanges, the existing governance structure and paradigm are under severe stress. They now require global-scale platforms for value exchange, or ‘blockchain technology’, the disruptive technology that underpins the bitcoin economy.

Blockchain is a method of recording data, a digital ledger of transactions, agreements and contracts distributed across several hundreds or even thousands of computers around the world. Digital records are lumped together into‘ blocks’, then bound together cryptographically and chronologically into a ‘chain’ using complex algorithms. It can be used like a ledger, which can be shared and corroborated by anyone.