Blockchain and India — The Time is Now
India, the largest democracy and the second most populous country in the world has been on the frontline of technology for decades now.
Blockchain, a decentralized distributed ledger, is believed to be the new age technology set to revolutionize the world, and India, with its technology prowess has the potential to be the Global Centre of this Blockchain Revolution.
The governor of China, Yu Gang quoted, “blockchain gives ordinary people, the freedom to participate.” India, a democracy with a population exceeding 1.3 billion, makes a great case for the world to witness the largest democracy empowered by Blockchain. The true integrity of people and a corruption free society would definitely make lives easier.
Currently, in India, more than 80% of working class work in an unstructured informal economy where the weight on interpersonal trust is greater than any formal contracts.This leaves the great majority of citizens extremely vulnerable to fraud. India, was ranked the most corrupt nation in Asia in 2017 with a 69% bribery rate and, on average, almost $2 billion USD a year in loan fraud. This huge rate on corruption has now become a way of living and, its time India takes severe measures to curb the existing parallel economy fuelled by black money.
The Time is Now.
The uncertainty over the legitimacy of cryptocurrency trading and exchanges in India has led to many speculative remarks on the Blockchain Technology as a whole.
Reserve Bank of India, in April this year, announced that banks will no longer extend services to any individual or business that deal in cryptocurrencies. The finance minister questioned the intrinsic value of Bitcoin and other cryptocurrencies which led to banks imposing severe limitations on crypto-exchange accounts before eventually shutting it all down.
This fragmented piece of RBI and central ministry’s commentary made to newspaper headlines inflicting speculation on the whole Technology itself.
The Reserve Bank of India (RBI) had also announced that it is looking into issuing its own central bank digital currency (CBDC), after a meeting of the Monetary Policy Committee (MPC), according to a Statement on Developmental and Regulatory Policies released on the 5th of April, 2018.
The statement notes that RBI has established an inter-departmental group to investigate the potential advantages and feasibility of its CBDC.
“Technological innovations, including virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system,” RBI Deputy Governor B P Kanungo told The Times Of India.
Significant positive developments from government standpoints include:
India’s Union Cabinet — an executive decision-making body composed of senior government officials led by Prime Minister Narendra Modi — said it would allow the nation’s Export-Import Bank (Exim Bank) to conduct research on distributed ledger and blockchain technology in partnership with banks in the BRICS economic bloc, of which India is a member, alongside Brazil, Russia, China and South Africa.
India’s Prime Minister Narendra Modi praised the disruptive technology and cited the need for its rapid adoption.
National Institution for Transforming India Aayog (NITI Aayog), the planning commission of India alongside the state government of Telangana co-hosted the International Blockchain Congress, the largest Indian blockchain event which was attended by government officials and industry leaders from across the world to discuss the potential and innovation of Blockchain technology within the country.
Auxesis Group is world’s leading Blockchain Company working towards a mission to take Blockchain in mainstream enterprise adoption. Auxledger, a technology by Auxesis Group, is inspired with the existing capabilities of Blockchain, however, tackles the challenges faced by today’s Blockchain including issues related to performance, customisability and interoperability. As a step-up technology Auxledger has grown up as an enterprise grade choice for Blockchain development.
Leveraging the capabilities of Auxledger, Auxesis gives the most profound solution to cater the business challenges of today. Adding onto the core characteristics of blockchain i.e; transparency and trust-free environment, Auxledger further adds significant features which include Interoperability between different Financial Institutions negating fraudulent activities and Enhanced Transaction Speed compared to existing technologies available.
The progressive developments around blockchain technology will diminish the externalities surrounding blockchain, the revolutionary juggernaut. In order for India to become a Blockchain superpower, it is essential for government officials, entrepreneurs, and institutions to work together to create a trust-free blockchain powered society.
