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India Ready To Espouse Blockchain Technology

Feb 04, 2018 Posted /  2587 Views

India Ready To Espouse Blockchain Technology

On the occasion of the announcement of Union Budget 2018, the Finance Minister of India, M. Arun Jaitley described the very function of Blockchain tech that how it allows the recording of transactions of various organizations in the absence of any intermediate.

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“The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore the use of blockchain technology proactively for ushering in digital economy.”  -Arun Jaitley, The finance minister of India.

The Distributed ledger system is believed to be more secure and enables the outreach of data as it is decentralized. This feature of Blockchain makes it less risky and more efficient. This technology can be used further for Financial Purpose by government officials.

The technology is gathering appreciation from government officials so much that the FM on his Union Budget speech mentioned about further plans to opt for Blockchain Technology.

“The government will explore use of blockchain technology proactively for ushering in the digital economy,”  -Arun Jaitley, The finance minister of India.

Waves of Blockchain in India:

The usage of Distributive ledger technology has been seen in Andhra Pradesh where the government had a tie-up with a Switzerland based startup company, chromaway. The technology is used for the land registry system. On completion of the process, people would be able to track ownership and avoid land-related disputes and frauds. The technology allows access to everyone but ownership to no one.

Along with Andhra Pradesh, its neighboring state Telangana is also getting its land records registered through digitization.

The progress story of Andhra Pradesh doesn’t end here. The government is not only working on the digitization of land rather it has signed another amalgamation with cybersecurity firm, WISekey with the objective of securing citizens data as well.

As per the sources,  the chief minister of Maharashtra Devendra Fadnavis called up a meeting with Industrialists and Researchers to find out a way to incorporate the blockchain technology in E-governance activities. As the government is the one creating data and also consuming it the most, with the help of recent technology the operation will become more efficient, more transparent and even more accessible.

Even the apex bank of India, the Reserve bank also believes that the distributive ledger technology is ready to opt.  With the help of it the banks will be able to do overseas transactions and other operations with ease and in a speedy way.

Not only the public sector, rather private sector will also get benefited with the spreading of the blockchain. As the industries like insurance, healthcare and manufacturing would be able to decrease their burden.

Other benefits:

As mentioned above, through blockchain system the data will be easily available and could be tracked as well through Collection of data from a cloud-based network.

At Bajaj Finserv, the blockchain technology is used with the motive of simplification of travel insurance claim which means if a flight gets delayed or canceled, the claim amount is paid automatically through tracking of information. The customer doesn’t need to spend his time on claim reimbursement.

Blockchain is a new technology and will bring new types of attacks that the researchers still need to understand. Once the necessary measures are taken the benefits of the new technology would be relished.

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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Tags: blockchain technology

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