Starting the blockchain journey in India

We exist in an exciting time. We exist in the age of blockchain.

Only a fortunate generation gets to witness a revolution right in front of their eyes. About half the world’s people have witnessed the internet revolution first hand, and the rest were just born into it. Everyone who exists in the world today is going to witness a new revolution. It’s called the blockchain.

Blockchain is a revolution

Blockchain is the new internet. It is a revolution capable of changing the world’s economic order, democratic governance, trade, finance, travel, media, law, power distribution, retail, you name it. It is so fundamental, it will change the way people identify each other. Blockchain will be the universal trust protocol.

Blockchain is a distributed, immutable, encrypted, timestamped ledger which records any form of information in a chronologically and publicly available database. Imagine if everyone in this world knows who Satoshi Nakamoto is, Satoshi Nakamoto will not need a government issued ID to prove identity. The extent and reach of blockchain is limited only by the imagination of the humankind.

The first version of the internet (the internet as we know it) established a trust protocol for sending information instantly and securely. Internet applications found limitless use cases, from sending a WhatsApp message to booking a flight ticket, from sharing files on the cloud to watching Silicon Valley online. There’s possibly no practical domain which is not touched by the internet. But is that really so?

Blockchain establishes a new protocol through which you can send and receive physical assets over the internet. You could literally sell your plot of land online through a blockchain platform and receive payments in cryptocurrency (Bitcoin or Ethereum or the like) within seconds. The entire network would be aware of this deal, and the ownership of the plot of land will be transferred as a token from one party to another. In this simple transfer of the physical asset, there is no third-party (or middleman) involved. No certificates, no formalities, no time lag.

Now is the time

Over the last couple of decades, the technological advancement has attempted at reducing the hassle for people of the world. Making everything easier and more accessible, the internet has unlocked opportunities in ways unimaginable. But the same advancement has had little effect on the way people transact, streamline processes, and share trust. Blockchain will change all of that.

India is at the cusp of this revolution. Here’s an interesting case why:

In the US, the credit and debit card market developed much faster compared to the developing world, where a major segment of the population were unbanked since a long time. For over a decade, the population of the US stuck with the plastic cards for their transactions, and the culture continues today. However, since India never reached that level of market maturity, Paytm entered the market with an easier product to use and as a digital wallet outpaced the penetration of credit and debit cards. In other words, India leapfrogged from traditional banking to digital wallets without spending much time with the plastic cards.

At this time in India, we are ready for adopting blockchain in the most obvious use cases, beginning with the acceptance of cryptocurrencies. We are a young, hardworking, smart, and dynamic population who have the wit and the will to become a global technology leader.

Blockchain for India

Blockchain technology is our opportunity to express our true potential and race up to the pole position. From solving the most obvious problems (KYC, settlements, payments) to the most complex ones (trade, agriculture, supply chain, governance), we have a spectrum of applications just sitting right in front of our eyes. Needless to say, India is the fastest growing economy of the world and the biggest market for disruptive innovation.

Blockchain is here to stay. Blockchain is here to transform. Blockchain is here to disrupt. Blockchain is here to revolutionize.

Chasing a vision

Koinex is India’s most advanced digital assets exchange. We believe it’s only the start: giving people a secure access to cryptocurrencies, tokens, and digital assets. That will pave way for more delicate and intricate solutions via blockchain decentralized apps.

We are chasing a vision of grandeur where India stands out of the crowd and establishes a technological supremacy. We are working to bring back the innovation gene to solve our problems, ourselves. We believe times are changing, and for the better. And we invite you to join the effort. Together, let’s take India forward, one step at a time.

Koinex is going live on August 25, 2017. The sweet people of India are showering love and putting their trust in Koinex. We can not be more excited.