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IBC 2018 Updates: Blockchain Readily Accepted In Indian Ecosystem

India’s first International Blockchain Congress was a major success which was attended by eminent guests and over 3000 participants. The event was held on August 3, 2018, in Hyderabad in collaboration with Indian state governments of Telangana and Goa. This technology has already started taking baby steps in the Indian market but there was a gap in its know-how and the possibilities of its potential in other domains. However, with the grand success of this event, blockchain is expected to take over other commercial sectors in the upcoming time.

According to First Post, it is mentioned that NITI Aayog CEO Amitabh Kant, IT Minister of Telangana KT Rama Rao and about 80 other guests were invited to speak at the event. In the keynote speech given by NITI Aayog CEO, he stated that blockchain is not visible in the Indian market as of now, unlike other technologies. Therefore, it becomes important to understand and explore the possibilities related to it. It is required to understand the significant use of blockchain and not force fit into different applications.

The main objective of International Blockchain Congress is to make attempts in bringing the entire community and stakeholders together at one platform.

What Is Blockchain?

Blockchain technology came into light when Bitcoin was trending high in the market last year. Although, it has been prevailing since the 90’s, the actual development has come into effect now.

This technology is a digital public ledger which is decentralized and has a high capacity to store information. It can create a permanent record of all digital transactions made and it is visible to the entire channel which cannot be altered in future. Even if there are any changes done in, it will be visible to everyone in the network. This particular feature makes it secure and better from the prevailing system.

 

[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. ]
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Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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