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Indian Blockchain Market Update This Week

Indian organizations are readily accepting blockchain technology in their respective domains. There is a huge acceleration in the adoption of the encryption based technology as it provides a variety of features with advanced security. This technology addresses security concerns for the system in a systematic way and there is almost zero possibility of security and data breach from its network.

As per the figures unveiled by India Data Threat Report 2018, it is clear that the security and data breach incidents are pretty high in India in terms of the global average. In addition, there is a further emphasis on the need of the hour to change. This is the time to make significant upgrades in the Indian security systems. The reports were published by defense grade technology firm Thales eSecurity.

Thales eSecurity Sales Director of South Asia, James Cook stated that this survey was conducted on senior IT security managers. There were around 1200 participants in which 100 were Indians during October and November last year. The figures revealed that approximately 52 percent of reports were filed for the data breach in India; however, the global average was around only 3 percent. (Via INC 42)

Other Major Blockchain Based Developments In India

Apart from this, the Indian government is planning to launch a blockchain based infrastructure in Uttar Pradesh. This has been done in order to shift the entire data of the land registry and records to this new system. This is going to be done within the timeline of 6 months. Indian Institute of Technology, Kanpur will provide guidance and support to the government officials in setting up the platform.  There is another major project of blockchain setting up in Uttar Pradesh by the global retail firm Walmart. Their main objective is to get hold of agricultural and farm products within the state.

In another update recently it was announced that The Telecom Regulatory Authority of India is going to use blockchain platform for registering telemarketers along with a better complaint redressal 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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