New blockchain technology is turning tables in the field of finance, automobile, education, infrastructure, healthcare and many more domains. It is no more restricted to cryptocurrency and has now become the most trending topic of technology. Indeed it came into existence as the operating platform of cryptocurrency but is now thriving independently. The Reserve Bank of India has mandated banks to refrain crypto trade however on the contrary the banks are readily accepting blockchain within their systems.
According to Indian Express, it is stated that about 80 percent of the Indian population relays on the formal contract which can be replaced by new blockchain technology that offers smart contracts. It is pretty useful in keeping records unviolated in the educational sectors. This can also be used in verifying the interpersonal information; one such implementation has already been done in few Municipal Corporations of India. Some startups have begun demonstrating how the encryption-based technology can also be used in database and rights management.
Indeed this isn’t the actual solution to the issues as it is still evolving but it could certainly curb the problem to a great extent. The encryption-based system does bring in more efficiency and securing operating system as compared to the existing ones.
Future Of Blockchain Technology In India
Nabyl Charania CEO and Chairman of Rokk3r (a platform where entrepreneurs make an alliance with engineers, strategists and creative’s to launch exponential companies) stated that new blockchain technology has a favorable future in India. He further added that as all component falls into one place with continued innovation and successful implementation there will be a globally-recognized blockchain system operated through India.
The maiden event of International Blockchain Congress opened the way for companies, developers and blockchain experts to share the future prospects of the technology in India. The event was a huge success following which the companies are foreseeing India as the future hub of the blockchain.[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. ]