Blockchain Technology: Still A Long Way to Go
Oct 17, 2017 Posted / 17612 Views
Blockchain Technology: Still A Long Way to Go?
In the recent times, Cryptocurrencies are creating a lot of buzz in the market. With, a large section of people backing it to revolutionised today’s digital society once for all, while some still wonder, will businesses and commoners accept them or not? However, the heart of every virtual currency, such the Bitcoin, is Blockchain, an invention you promise a lot for safe and secure online transactions. But, before moving any further, let’s understand a brief about Blockchain:
What is Blockchain Technology?
Blockchain Technology is an electronic, transparent ledger, which keeps a record of every digital transaction, in simple words, a kind of decentralised datable. Hence the backbone of cryptocurrency. And, if we quote the CEO of IBM, Ginni Rometty, ‘What the Internet is for communication, the same is Blockchain for online transactions.’ It’s fair to say, that the Blockchain technology is transforming our economic and social models for the betterment.
This real-time database is foolproof to defy any sort of security threat to manipulate or hack it. It records anything to everything, from contracts, financial transactions, supply chain information, to physical assets, and, since there is no human interference, safety is an assurance.
Positive Facts About Blockchain
Bitcoin, the most popular crypto money is powered by the Blockchain technology, and as per the latest report, there are approx 8 million accounts, and ever since its unveiling in the year 2009, it has soared at the rate 100%
Blockchains are both private and public, as per the safety requirements.
As per a recent survey, only 0.5% of the world populations are utilising Blockchain.
IBM and Microsoft, two tech giants are heavily investing on Blockchain technology projects. IBM devoted $200 million or the same.
In the last one decade or so, VCs have dedicated more than $1 billion for Blockchain powered projects.
By the year 2024, the global market of Blockchain will be worth $20 billion.
It is a highly transparent system, since just about anyone can access, take a glance at the entire chain.
Just like the Google doc file, the number of participants within a network can view all the recent changes made to the ledge. Each time an update is made in the ledger, the participant can check it out through his or her own copy.
When it comes to online, Blockchain is least vulnerable to data breaches and scams.
Blockchain in India
Post demonetization era has open doors of possibilities for the blockchain technology to make a big foray into the country’s economy. A month back, the co-founder and president of Blockchain reported since the banning of 500 and 1000 Rs hard cash on November the 9th, 2016, there has been an enormous surge in the use of electronic wallets to make day-to-day transactions, which indeed is a positive sign for the worldwide cryptocurrency investors. For the month of May, this year, India accounted for 10% of the global cryptocurrency trade
Recently, it was reported that Bitindia, a revolutionary wallet and a exchange platform, will take blockchain technology to 20% of Indian homes, in the next couple of years.
In September, Blockchain CEO unveiled a joint venture with Unicorn for increasing cryptocurrency trade in India. The latter one is a cryptocurrency, you have a share of 600Rs million transactions every month in India, with just over four-lakh registered customers.
What the Figures Read
In India, around 2,500 Indians are trading Bitcoin daily, making this world’s largest democracy one of the top investment spots for global cryptocurrencies.
The Government Policies Are Favorable
Ever since, Narendra Modi has stepped into the shoes of India’s Prime Minister, Governments, its policies and norms are favouring Cryptocurrency investment in India. Prime Minister’s always supported and promoted people to use more of digital currency since it is safe and easy.
Reserve Bank of India, Acknowledged the Use of Blockchain Technology
The Reserve Bank of India has successfully tested the implication of Blockchain system for online trading. This was done in association with MonetaGo, and domestic and financial institutions of the nation.
In the white paper, published some time back, the Central Bank of India declared Blockchain is indeed a pioneering innovation that has an uncanny potential to revolutionise the financial structure of the nation, by curbing on the menace of fake currency and money laundering. This statement was released by an in-depth research and analysis conducted practically, to unearth every ins and outs of this technology.
Private Banks Are Also Taking Part
After the successful testing of Blockchain, Reserve Bank of India announced a partnership with India’s eminent private bank ICICI, and financial institution stellar to develop a stellar-based Blockchain platform for electronic transactions. In this venture, many other domestic banks of India such as Yes and Axis bank were involved, in partnership in Ripple to present people with the luxury to carry out cross-border transactions.
The Bottom Line
India as a digital nation has made a big progress in the regime of BJP, towards becoming an ocean of opportunities for global investors dealing with Blockchain technology. However, there are still many miles to go for Blockchain to reach every nook and corner of India.
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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