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The future of India on Blockchain

Nov 18, 2017 Posted /  10253 Views

The future of India on Blockchain

After the whirl which was caused by demonetization, India has become one of the fastest budding markets for digital currencies like bitcoin.
Mr. Nicholas Cary, the co-founder of Blockchain said to a leading daily that “Post-demonetisation, India became the fastest growing economy to witness a surge in use of digital wallets in daily transactions.One of the things we wanted to do was to use some of that capital to invest in one of the most exciting markets in the world. India for us presents a unique opportunity so we can bring affordable digital financial services to as many people as possible.”

Blockchain: The need of the hour?

Blockchain’s latency goes beyond the virtual currencies. Blockchain ledgers can comprise of identities, loans, logistics, land identification and many more fields to bring in the transparency factor to several shared transaction.
The Blockchain uprise possibly will now revolutionize the way contracts are tracked amongst parties. This technology is spawning a momentous attention across a large variety of industries in India. As the sections of applications for Blockchain develops, industry leaders are modifying as well as making the technology to imbibe it into numerous sectors of the economy. Blockchain adoption in India has witnessed plenty of grips in the year 2016. A lot of banks plus commercial sector companies have tried out with Blockchain athwart a choice of use cases. Even though Blockchain is still in its burgeoning period, Bitcoin is the majorly admired use case of Blockchain, which has taken up the pace relatively in a good way in India with innumerable Bitcoin exchanges plus wallets spreading across the country.

BitIndia which has taken the route of blockchain and is in the process of creating a crypto wallet and exchange for Indian citizens .

BitIndia is inspired to target the grassroot levels  in India and educate people regarding Blockchain Technology.

On the way to Blockchain

The regulatory bodies have also shown interest in apprehensions of the budding of Blockchain technology furthermore they are making working groups to recognize as well as manage its development in India. The attention around Blockchain in India needs to be taken to another level where we see more production-ready applications. With consultancy firms, technology giants, government bodies, and start-ups are coming together on numerous platforms, there are scores of exciting days in front of Blockchain in India.
Companies in multiple industries are exploring and experimenting new ways to implement Blockchain and its qualities:
• Perform transactions faster for an improved customer service,
• Guarantee cost-effectiveness in its operations
• Give surety of transparency to customers as well as regulators.
Blockchain thus has the power to renovate multiple industries and also make the progressions more independent, safe, transparent, and well-organized.

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Tags: blockchain blockchain technology Blockchain in India future

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