The highly anticipated blockchain technology companies are being eyed by developers and investors at the worldwide level. There has been lot information coming in from various world leading companies about the acceptance of blockchain at a primary level for understanding its potential in their respective domains. According to the latest survey done by global consultancy, PwC India is said to be the next hub of the encryption based technology in the upcoming years.
According to Economic Times, it is stated that the current scenario for blockchain technology companies in India doesn’t seem smooth ahead as the government has maintained a cautionary approach towards that. Indeed the government is interested in implementing blockchain in their domains but does not want to include cryptocurrency in their payment system.
The encryption-based technology can definitely bring in groundbreaking change and there is a high potential of its survival sans considering the crypto trade. The universal ledger cloud difficult to hack as it is monitored throughout the network and adding any information block on the network as to be authenticated by all participants.
Some Cases For Blockchain Technology Companies
The Companies are targeting private sector banks to expand their market capture in India. This technology is very useful in maintaining financial apps and it can also prepare a smart contract which can easily replace the conventional ones. Banks and other financial institutions are using this technology for approving customer KYC in a secure way so that there is no need to confirming the same information again and again. In addition to this, KYCs executed by a bank can also be used by other banks as well through a common blockchain network. (Via News Arch Yuk)
Another important application of this technology is seen in other sectors like automobile, infrastructure, healthcare, telecommunication, retail and many more. Several companies have started running programs for budding developers and engineers to create a skilled blockchain team. It is believed that the experts are figuring out how to update through the integration of conventional legacy systems.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]