Volume 2, Issue 2

December 2017 Issue, Volume II, Issue No. 2

As the year 2017 comes to an end, we look back and realize that this year has witnessed some very important events which had the potential to transform many economies around the world.

This issue of TAPMI Journal of Economics and Finance (TJEF) focuses on some of the prominent topics in the field of Finance and Economics. The journal contains papers on below topics:

  • SHOULD YOU RIDE THE BITCOIN WAVE? – By Vidhi Jain & Vignesh V
  • BASEL III NORMS: JOURNEY SO FAR & THE ROAD AHEAD – By Mohit Jain & Barnava Chatterjee
  • BANK RECAPITALISATION:  NECESSITY AND IMPACT – By Anandhan P.T. & Lakshmi Ramakrishnan Nair

We hope that the readers of the journal benefit from the insights of the papers published.

Managing Editor,

Isha Varma

Please read the PDF version of the Journal on – TJEF Volume 2 Issue 2

Applications of Blockchain in Healthcare Industry

Author: Harish Sankar


In the present time, it would be hard to find a buzzword as trending as Blockchain. What is Blockchain? How does it provide disruptive solutions to transactional problems in finance industry? How can the same fin-tech solutions solve crucial problems in healthcare industry? These are the questions I intend to answer in this article.

What is Blockchain Technology?

When your cousin from USA transfers 500$ to you, the banks don’t literally put 500$ on a plane to deliver to you. What really happens is a movement of digital numbers from one account to another. Your money and identity is just data in the ledgers. The bank is an intermediary which completes this transaction. The problem is that, such a centralised system can be hacked.

Blockchain solves this by being a distributed system. Your ledger is shared in a distributed network. As the transaction is made, other miners in the network are notified. Each miner rushes to be the first to check whether the transaction is valid. The first to validate the transaction with their logic (Proof of Work) are paid salaries in Bitcoins. If other miners corroborate it, the ledger is updated. While all users can access, inspect or add to the data, they can’t change or delete it.  This makes it tamper- proof, leaving a permanent and public information trail of transactions.


Figure 1: Types of Database Structures

Continue reading “Applications of Blockchain in Healthcare Industry”




The global financial services sector is an epitome of transformation for the other industrial segments to follow suit. Automation and digitalization have caused a paradigm shift in the way in which banks and financial institutions operate. In the words of Barclays’ former CEO Anthony Jenkins, “Banking is headed for an Uber moment”. The latest to join the bandwagon of disruption in the financial sector is the blockchain technology. Originally developed as a DLT (distributed ledger technology) supporting bitcoin transactions, financial institutions are now exploring several use cases apart from payments for application of this technology. They have been developing proof of concepts thus trying to assess the technical, legal and compliance aspects of implementing this technology. The fundamental motivation for most of the potential applications of blockchain technology in the financial services segment is to achieve cost savings and security, increase availability, speed up processes by eliminating the need for intermediaries, middlemen thus reducing effort duplication, easing reconciliation and improving the efficiency of services. This research paper strives to enlist and elaborate upon potential blockchain use cases in the banking and financial markets ecosystem, some of which have already been experimented with and others which are still at the idea level.

Application of Blockchain Technology

The following figure illustrates how most of the blockchain use cases aim to modify the modus operandi of banks and financial institutions.


Source: A joint report by Infosys Consulting and HHL Leipzig Graduate School of Management, titled “Blockchain Technology and the Financial Services Market”, November 2016


Impact of Blockchain Technology on Banking Sector

By Aditya Alamuri & Mounika Duvva 

What is Blockchain?
A blockchain is a chronological and logical sequence of transactions that are recorded in blocks. A block is a sum of all recent transactions and once completed, the block gets added to blockchain in a permanent database. They behave like bank account statements of an individual. Therefore, we can infer that a full ledger of transaction details can be obtained via blockchain of every bitcoin transaction that has ever taken place. Now, what is Bitcoin? Bitcoin a mechanism through which currency is encrypted and is also virtual in nature thus enabling bitcoin to use the Blockchain technology to complete financial transactions.

Advantages of Blockchain technology – emphasis on payment systems of banks

1. The blockchain technology eliminates all the intermediaries in a financial transaction – elimination of sites such as PayBill etc.

2. Transactions authorized by Miners – thus eliminating the threats of hacking

3. Superior Risk Management – counterparty risk, settlement risk etc.

Transactions that might get disrupted

Blockchain technology is evolving from an experimental phase to usability and adaptability phase in the payments world. Payment companies, financial institutions, have started with research on the real-world payment products and services which integrate blockchain technology. If successfully implemented, financial transactions like Domestic Payments, International Payments, Remittances have the highest probability to get affected.

Regulatory concerns and Security issues

If an economy wants to adopt the Bitcoin technology, then it must make sure that the right set of regulations are passed. Also, if countries decide upon using bitcoin as a medium of exchange (Inter country), thus eliminating cash transactions, then appropriate policies and guidelines must be ratified between the same. The primary goal of these regulations is to promote transparency and increase the security of the transaction. The problem with crypto-currency is maintaining anonymity with respect transactions. To what extent can these operations be monitored by the government of any country is a major concern. Uncontrolled transactions might be exploited by money launderers to fund anti-social activities, whereas micromanaging these transactions rules out the very basic characteristic of crypto-currency.

Questions that Industry is still working upon

Though there are several plus points for implementing blockchain technology, questions like what will happen to the current structures such as SWIFT and CHIPS are still left for open discussion until there are regulations put into place by regulatory bodies.