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Online Fraud Detection: Blockchain Can Be a Powerful Tool for Indian Businesses

Blockchain technology was developed to reinforce digital currency bitcoin, and is considered the most efficient technology against cyber fraud that allows financial transactions to be verified electronically over a network of computers.

 

While relatively nascent in India, the country too plans to embrace the Block Chain technology because of increased cybercrime in financial institutions. India’s southern state of Andhra Pradesh has been named as the first in Asia to introduce the Block Chain Technology Institute last month. This technology ensures security and scale by using a dispersed network.

 

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