Blockchain going the Indian way, What is the prospectus for Blockchain in India?
Mar 12, 2018 Posted / 5972 Views
Blockchain is the world's top software platform for the digital currencies which has almost taken the world by a storm. In the existing circumstances when blockchain technologies are gearing up, startups are also trying their best to bring it into play. The blockchain is emerging as a reliable technology at a fast pace; organizations across different parts are discovering the choice of utilizing this in their business operations. On the other hand, there is hold up that lack of blockchain experts. In a survey, the HR experts state that it is typically working professionals who are getting guidance in blockchain technology because they want to improve their expertise plus further develop their career. According to the talks going in the industry, even though blockchain is observed as an urbane technology requiring superior ability along with the talent to master it, even freshers with some relations to basic science and maths can be better placed in the job market.
A few days ago, the government of India announced that they would see the sights for the use of blockchain in their endeavors to digitize India, in the budget. It is significant to mention that Niti Aayog is working on a plan paper for application of blockchain in India, which will delineate the use cases as well as will also map out the plans of GoI that stand to profit from the utilization of the technology. Niti Aayog is in its discovery of the means in which blockchain can change governance in India, had also conducted an international hackathon on the blockchain. The purpose of the hackathon was to seek working models on social application of blockchain.
It is also working on a platform which is named 'India Chain', which will be a shared India-specific blockchain infrastructure. The platform is envisioned to make use of the power of Trinity i.e. Aadhaar, mobile, and Jan Dhan Yojana to facilitate blockchain developers to make social applications.
Numerous unviable blockchain projects have raised a considerable amount of funds through ICOs using its hype. We can consider the penny stocks and market manipulation in the early nineties. By making strong compliance and regulatory requirements around listed companies, a robust equities market was created. Similarly, ICOs can be dealt. In a few ways, the concern around cryptocurrencies could splendidly be the drive to make a truly global and unified framework of regulations and laws around the KYC, fund management, cross-border taxation, plus assets. Following in the path of Andhra Pradesh, Telangana, and Karnataka, Maharashtra government will shortly roll out a few blockchain pilot projects related to the state’s e-governance. According to a report, these projects will be in the sector of land records, farm insurance, financial inclusion, supply-chain financing, goods and motor vehicle registration.
It is not all sunshine in the crypto world. Being a typically unregulated field, the public has compromised the security of keys, lost millions of dollars in hacks, wallets. Decentralized markets are the definitive assurance of blockchain, which will have the strikingly great impact on society along with the economy. To brighten up the current processes, eradicate intermediaries, plus build marketplaces where two parties can trade value between each other without a glitch, as well as securely devoid of having to depend on any centralized entity.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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