Blockchain For India? Yes or No, Yes But When?
Blockchain has been around and gaining momentum around the world, but in India, it is only known to the technology people and industry that is going to benefit out of this technology isn’t talking much about Blockchain in India.
Infosys’ EdgeVerve System is already in the initial talks to discuss with the banks to use Blockchain technology.
Are we expecting that a land transaction will be done in hours instead of days or weeks; only time will come, but Blockchain will save a lot of money for the banks and bring higher efficiencies in the system and eventually end customers will benefits.
Currently, in India, there is no law to buy or sell Bitcoin. Indian industry leaders, policy makers, regulators and experts have been meeting over this agenda; but nothing came up as of now.
ZebPay has an application platform for Bitcoin, and Goenka of ZebPay says “This is the internet of money. China does Rs 10,000–20,000 crore worth of bitcoin trade a day. There’s no reason why we (India) should be different,” I am not sure about the user base for this app and how many transactions have been in place.
Cognizant, Wipro, TCS and Infosys all are now working on FinTech and considering Blockchain technology.
In India, the laws are yet to catch up on how to deal with this technology disruption; but the popularity of Bitcoin and Blockchain has certainly increased.
Where to go next? ( for more details on Blockchain)
- Deloitte : Blockchain: Enigma,Paradox, and Opportunity : PDF download link
- Accenture: Blockchain in the Investment Bank PDF download link
- EY : Blockchain technology as a platform for digitization Implications for the insurance industry : PDF download link
- Gov.uk: Distributed Ledger Technology: beyond block chain — Gov.uk: PDF download link
- Barclays : Blockchain: understanding the potential — Barclays : PDF download link
- PwC : What’s next for blockchain in 2016? — PwC : PDF download link
- Sogeti: Blockchain: cryptoplatform for a frictionless economy: PDF download link
Now, what do you think of this statement/prediction given by Blockchain Co-Founder, Nicolas Cary
You Can Be Your Own Bank