INDIAN SCENARIO OF THE BLOCKCHAIN
As the blockchain is spreading its roots deep into the world of decentralization, each and every country is looking for this piece of cake. India is no different. It has a whopping population of more than 1.3 billion. With more population, comes more responsibility and more troubles. Maintaining a transparent environment in each and every aspect is the major one.
Let me explain all this with the help of an example. Suppose you went to a candy show with a buck in your pocket. You got a candy in exchange of a buck. Now you must be wandering that Isn’t this type of process suppose to happen. What’s the problem with this! But the major problem in this is lack of transparency as there is no record of this transaction. Even if the shopkeeper had given you a bill, it doesn’t mean that the transaction becomes transparent as these bills can easily be faked. Even though the case is of one buck but imagine this scenario for a billion of people.
Now you’ll say that solution is simple. Just keep a record of the data and boom! Problem is solved. But It’s hard to maintain the one-year transaction data of 13 people, so imagine the complexity involved while considering 1.3 billion people of India with their trillions of daily transactions. The answer to this problem is Blockchain. That’s why we at Tazer Labs are working on the product that will solve all these problems of this incredible nation. There are many others who are joining hands with blockchain to make decentralized products. There is another example of this happening in India. Recently, an Estonia-based startup Healthureum announced bringing blockchain to Indian healthcare through an Ethereum-based platform that consolidates all medical data and secures it with encrypted codes. Blockchain technology holds great future potential in the healthcare sector, said Healthureum citing recent studies conducted by American giants such as Deloitte and IBM.
The future of cryptocurrency
• While cryptocurrencies may not be directly used as payment methods, some banks might issue their own cryptocurrencies
•There would be high ROIs on Ethereum
•The applications that cryptocurrencies hold today would be much wider in future years
•Cryptocurrency could easily become the base for a plethora of new apps and business models
But while there could be a vast number of other uses for the cryptocurrency, it has, for the time being, been termed illegal tender.
Nevertheless, let’s head ahead to discuss how blockchain technology, which has already taken the world by great storm, could aid in the improvement of India’s digital economy
Blockchain and the digital economy
Smoother Transactions: In all these years of using traditional transaction methods, in most cases, there has been involvement of third-party entities, or middlemen, if you will. That has always led to security questions during the transaction process. Apart from that, the time taken is quite slow, and the process is prolonged as well. With blockchain technology, the transaction process is much simpler. Without any third parties involved, the transaction solely happens between the sender and the receiver. This not just reduces extra time and effort, but with a digital identity for each person, there would be far less breaches of security.
An organized market: The current market scenario is more or less in the trick-or-treat kind of situation, where the trick is when the market reels into recession and the treat is a fairly good market state. When the market hits a low, it affects businesses of all sorts, which in turn, affects the general public. With blockchain, forecasting market changes and trends can become pretty much plausible. When that is done, it gets comparatively easy to make necessary changes and improvements for businesses, which not only saves them when recession rears its ugly face but also acts as a possible savior for the public.
Real-time participation: As already discussed, traditional transaction methods involve a lot of complications. However, blockchain technology is deemed fit for solving all issues. Not only is the transaction history completely transparent and unalterable, but people would be able to carry out real-time operations with blockchain. That means people would be able to track their transaction processes, as well as send and receive money without time barriers and restrictions.
