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The Age of Blockchain [Infographic]
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This is a guest story from bitfortune.net. The views, opinions and positions expressed within this guest post are those of the author alone and do not represent those of Crypto-News India. The accuracy, completeness and validity of any statements made within this article are subject to inspection by the readers. Crypto-News India accepts no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them. Crypto-News India urges readers to conduct their own research with due diligence into the company, product or service mentioned in the article.

Great innovations change the world. Be it the wheel, the light bulb or internet- each of these ushered the world into a new era, changing how we do things. Joining this legion of the greatest, we have blockchain- a technology which first saw light in 2008 but has only recently started grabbing attention. Every major country in the world has got its sights on the blockchain revolution. How is India, the seventh largest economy in the world and a global powerhouse, closing in on the situation?


First off, let’s acquaint ourselves with the mechanics of blockchain. Blockchain may sound like a complex bit of tech wizardry. The concept, though, is simple enough. The blocks in question here are basically records of transaction data. Shared across a wide peer to peer network, the transactions are time-stamped, secured and are essentially, immutable. This is a system which cannot be beaten. With tremendous potential across diverse sectors, it is gradually being adopted in many industries, particularly, banking and finance.

Since 2016, blockchain firms have been booming in India. Indian banks have already started taking baby steps towards harnessing the technology – which is ultimately a good thing, asbitfortune.net states that blockchain tech can enhance the banking industry in a number of ways.. There are many blockchain startups in the country, attracting tech-savvy investors. Primechain Technologies, for instance, is one of many such successful startups, which are helping banks address burning issues such as money laundering and cross-border payments. Crypto-currency, however, has been having a rough ride. 

Buying intention of crypto-currency is the highest in India. 7% of the Indian population owns some type of crypto-currency. Bitcoin, in particular, has been thriving. But so has the crime rate. Numerous scams have unravelled in the country, revolving around cryptocurrency and these scams are only getting more ingenious. For example, GainBitcoin, a crypto-currency firm, turned out to be an elaborate ploy as it swindled more than $300 million from unsuspecting investors.  With countless such fraudulent schemes cropping in the country, the government decided it’s time to tighten their reins.

After months of teetering, in April 2018, Reserve Bank of India (RBI) finally announced that entities regulated by them will “not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”. Besides crypto-currency itself, this rule will raise repercussions for the technology too. Blockchain projects usually use virtual tokens and while the RBI policy doesn’t restrict tokens being exchanged, it implies that there will be no legal ways to convert these into Indian currency which will, in turn, make received tokens essentially worthless. Blockchain startups and developers in India face a lot of uncertainty right now which does not make this industry very attractive.

The future of blockchain in India does not look all bleak though. For starters, the announcement does not outright ban crypto-currency.  It is just that, after the RBI deadline on 6th July, Indian crypto-exchanges can resume operations from countries with friendlier cryptocurrency laws. Besides, the government is also making headway on the national project, IndiaChain, a blockchain infrastructure which will transform educational certification, health records, land titles and more. If allowed to bloom, blockchain will definitely usher in a new digital future of India

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