- The Central Government has been deploying the country to embrace and incorporate tech.
- The ban imposed on Bitcoin transactions by the RBI only ended up with a toll on the companies advocating free BitCoin usage.
- Kerala serves as the only state of India which entered the GITEX Technology through The Kerala Start-Up Mission(KSUM) held in Dubai World Trade Centre.
Recently, as the technology has advanced and the population considers everything being done online as more convenient and safe, a new technology called the blockchain technology is emerging as a great success. It is decentralized and public, digital ledger, primarily useful to record transactions across many computers, ensuring that no record is modified retroactively.
It regarded as one of the most coherent research areas. It brings different types of realms under its purview such as banking and finance, governance, etc.. and if adopted entirely in India, it might benefit the country much as well. For now, if not everywhere, but Blockchain Technology adapted in various fields and institutions in the country.
The Central Government has been deploying the country to embrace and incorporate tech in their operations as the IT Services Sector might be on the verge of hitting $14.2 billion valuations by the end of the year with a growth rate of 6.8%. This excellent performance of the IT sector is being banked on by the government of India to realize its goal of $5 trillion GDP by 2024. It is in this field where Blockchain enters and plays a significant role.
The government is trying everything in its will to further the implementation of the Blockchain Technology. However, the concerns regarding the stored data being prone to hacking or wrongful duplication from external sources hinder its customers from doing so.
The ban imposed on Bitcoin transactions by the RBI only ended up with a toll on the companies advocating free Bitcoin usage as much as there is an urgent need for a Crypto Bill to pass. The fact that it still hasn’t been indicating that there has been null development in this field.
It has also been advised by the telecommunication companies which are run by the Telecom Regulatory Authority of India to resort to blockchain technology. This would benefit the users to engage in telemarketing activities.
Although it will not eliminate the problem of“spamming,” however, it will at least make sure that the people indulging in it are held accountable; various concepts like the Do Not Disturb have also introduced for similar purposes.
Kerala serves as the only state of India which entered the GITEX Technology through The Kerala Start-Up Mission(KSUM) held in Dubai World Trade Centre with 18 start-ups. If specific LinkedIn reports are to believed then, India expected to have the biggest market for Blockchain in 2020 were in, Kerala will play the hub for blockchain technology. Companies like Ernst and Young and DLT ledger, also look upon it as an opportunity to grow and expand.
Another feature that introduced is Blockchain-as-a-Service (BaaS). It made possible after Mahindra and Netherland-based blockchain application incubator companies collaborated. The main aim is to provide a smooth and secure form of payment.
Another such platform goes by the name Quasar, which undertakes oversea transactions and also takes care of different operations like conversion of foreign currency and legacy systems.
Binance is another crypto exchange platform that is Mumbai based. Before the bans imposed by RBI, Binance’s indulgence in the Indian crypto sphere came in as a whiff of fresh air. Other cryptocurrency companies like Coindelta had to close since they left with no other choice after RBI’s decision.
Binance makes use of Tether during their trades. Tether is a stable currency where one tether equals one US dollar and is also the second most traded currency right now. Binance also has its networks in China, the US, Singapore, Japan, Taiwan, and Uganda.
The concept of Blockchain has also taken into consideration to make voting secure, easy, and efficient by eliminating obstacles like prolonged wait to cast votes, long queues, etc..
Expression of Interest (EoI) played an important role. It was used by the Tea Board of India, making its intentions clear, which were of adopting end-to-end technology, which could help promote transparency and improve traceability of products and trade operations. Adulteration has paved its way into the manufacturing of tea leaves, causing a decline in tea quality.
Therefore in an attempt to revitalize the stagnating industry, the Tea Board of India might consider the technology of Blockchain, which will record all the details about procurement, manufacturing, and delivery of the end product. The Tea Board of India is also looking into the digitization of the tea trade.
All this is a clear indication of the fact that cryptocurrency and blockchain technology is slowly emerging in the country. Once everyone is made aware of the benefits of the same, we can make full use of this technology for one’s own and national interest.