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Blockchain in India, 3 Years from Now - Let's Foretell the Future

Oct 07, 2017 Posted /  45826 Views

Blockchain in India, 3 Years from Now - Let's Foretell the Future

With the outbreak of war between the Japanese and the Chinese, the significance of having a secure communication system was on the show. And, this is marked as the birth of Cryptography. It is a science for the study of secure communication between two ends in the presence of third parties known as the adversaries (opponents in a war).


Cryptocurrency - The Future Is Here


Cryptocurrency is a digital asset or currency, which works on the principle of cryptocurrency to ensure safe borderless transactions. That’s why, cryptocurrency is baffling to counterfeit, even for the best hackers around the globe.


Unveiled in the year 2009, Bitcoin is the first decentralized currency, which has explosively grown in popularity in several parts of the world, in the recent years. And, its ever-surging value is also highlighting the above statement. From being one in 2011, as on 11th July 2017, there are 900 cryptocurrencies and still counting, the cryptocurrency is the future of this digital society.


Blockchain - The Guiding Principle for All Cryptocurrencies


A public ledger, ‘Blockchain’ govern and record all cryptocurrency exchanges. It’s just like your bank’s digital ledger that keeps a tap on all your account’s plus and minuses in a secured manner. Worldwide finance experts have termed Blockchain has the revolutionary invention of all times, since the advent of the Internet. It is future of global economy.


How Will Blockchain Perform in India in the Coming 3 Years?


In a developing democracy like India, it’s quite hard to predict the future, such as how the economy and trade market would shape in the coming years. But, if we join the dots, specifically the impact of demonetization, the boxes are ticked for a bright future of blockchain in India.


In the last one decade, India has become digital than now, the mindset of people have changed, now they have smartphones, the laptops, and demonetization leveraged them to shift to digital transactions using payment gateways.


Blockchain, the administrating technology behind the credible cryptocurrencies like the Bitcoin, has an uncanny potential to define the lengths and breadths of public services, further fueling India’s fight against corruption, and instil value for its citizens.


Apart from private banks and companies in India, like the ICICI Bank Ltd, the Tata Consultancy Services Ltd, Blockchain is spreading its wings in India, with the government also take a note of this advanced digital financial technology. Recently, RBI’s Institute for Development and Research set forth the implementation of Blockchain in India’s banking and financial sector by virtue of a white paper and startups like Bitindia aiming to promote multiple cryptocurrencies in India.


To Sum Up


The above points clear the clouds of suspicion in the air regarding the future of Blockchain in India.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Bitindia Blockchain future in India Bitcoin future in India Bitindia project

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