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Blockchain Use Cases In India

Budget 2018: Bitcoin In India Is Dead. Long Live Blockchain

Budget 2018: Bitcoin In India Is Dead. Long Live Blockchain

Budget 2018: Bitcoin in India is Dead. Long Live Blockchain By categorically reiterating that cryptocurrencies could not be part of the payment process, India buries the economic possibilities of crypto as a currency.However, the positive focus on blockchain technology is redeeming. The government has declared the use of bitcoins and virtual money illegal. Credit: Reuters/Files In the Union Budget, finance minister Arun Jaitley made only one, sub-30-second mention of cryptocurrencies. Heres an extract: The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The implications are clear. India has decided to forego the classical financial applications of cryptocurrencies. At the very least, the spending of cryptocurrency, of which there are quite a few examples , is now likely illegal. To declare this in the same year that taxes on long-term capital gains are introduced, is heavily ironic. Many countries, including most recently the US, have decided to treat crypto as property and impose capital gain regulations. Nearly every use case of crypto is taxable in the US, from mining to trading to airdrops, etc. But every use case is still allowed. The Indian cryptocurrency ecosystem will continue to survive, but with a sword hanging over it. India seems to have nipped growth in the bud. With about 50 lakh registered users in 24 exchanges, cryptocurrency trading volumes are in the range of 1,500 bitcoins a day, which is about Rs 100 crore on a good day. Unlike large exchanges like Bitfinex or Coinbase, there is no effective tracking of trade volumes in India. The stats are not verified. These are sourced from the Blockchain an Continue reading >>

Blockchain Use Cases Are Real, But Companies Are Yet To Understand It

Blockchain Use Cases Are Real, But Companies Are Yet To Understand It

Blockchain use cases are real, but companies are yet to understand it Settlement and payments are going to go peer to peer in a blockchain ecosystem. Blockchain is nothing but a distributed ledger where each party is in sync while executing a transaction and thereby the narrative that everything will be transparent in the nature of executing contracts. According to PWC, $10 trillion of the global GDP will be on Blockchain by 2030 and that makes it 10 percent of the global GDP. Think about it, India is a $2 trillion economy and $20 billion is lost on tracking land titles each year. The panel at the on-going Bengaluru Tech Summit, 'Blockchain Technology: Trends and Security,' said that Blockchain, the underlying technology, can make transactions being processed faster and identities will be managed and vetted on a real-time basis. The speakers included Sanjiv Kovil, CTO Wipro, Sreeram Ananthasayanam, Partner, PwC, Arif Khan, Partner, Etherum, Krupesh Bhat, Founder LegalDesk, Rajesh Dhuddu, SVP, Quattro& Nasscom SIG Blockchain Chair, Sudin Baraokar, Head of Innovation, SBI. At the panel, it was revealed that the State Bank of India is the biggest user of Blockchain in India. The banks core banking transacts $2 billion a day and has over 27 banks as part of a pilot to work on eight Blockchain applications. Over the next month, it will select two use cases to be applied on a commercial basis. Sudhin Baraokar, Head of Innovation SBI, says, I just hear a lot of stories around digital technologies disrupting banks. But, we at SBI got 27 banks together and work in an ecosystem already. Our stakeholders need outcomes and that's when Blockchain becomes mainstream. You need to be able to show them that Blockchain can handle a scale of transactions in new business lines such as cro Continue reading >>

Ibm Blockchain - Blockchain Applications - India

Ibm Blockchain - Blockchain Applications - India

Build new revenue streams to interact with clients. Competitors and collaborators in a business network need to share reference data (for example, bank routing codes), however each member maintains their own ledger and must forward to a central authority for collection and reconciliation. Blockchain provides a secure, shared record of the contract status which is automatically updated as the purchase and delivery progresses. It is available to all parties in the agreement, including their banks and partners. The distributed ledger creates a common view of the entire data set. Consolidated, consistent data set reduces errors Adds transparency amongst participants in the network Tracing the origin and movement of parts through a complex supply chain (for example, manufacturer and components and original sources of the components that make up a vehicle) is challenging and error prone. Blockchain allows all members of the supply chain to track movement in a common, transparent and accessible record, enabling much quicker forensics in case of a recall. Increased trust through tamper-proof records Audit and compliance requires a record of all transactions over a reporting period, even though financial data in a large organisation is dispersed throughout many divisions and countries. Blockchain records transactions from diverse set of financial systems and sources with tamper-proof qualities that create a common, trusted financial audit trail that becomes the single source of truth. Privacy features ensure authorised user access. Lowers cost of audit and regulatory compliance Simplifies process shortens timeline for auditors and/or regulators Continue reading >>

Blockchain Business Models & Use Cases In India

Blockchain Business Models & Use Cases In India

Blockchain Business models & use cases in India If you want to go fast, go alone. If you want to go far, go together. Just like HTTP is the foundation for sharing data (Text, Voice & Video) on the world wide web, Blockchain can be the foundation for sharing value. It is a ledger system to track transactions and transfer value. If you look at the technology it really is a group of individuals/nodes who are trusting each other to build common infrastructure and capabilities. Its a community with common goals, bound by common rules where participants devote time, resources, and capital to the network, making it more valuable. It can be a community of banks, hospitals, enterprises, manufactures or even taxi drivers who can utilize the common infrastructure which enables them to remove the third party platform providers and directly serve the customer. R3 is aconsortiumof more than 70 of the world's biggest financial institutions in research and development ofblockchain databaseusage in thefinancial system. It is building the new operating system for financial markets with distributed ledger platform CORDA. Hyperledgeris a cross-industry project led by the non-profit Linux Foundation to advance blockchain technology by coming up with common standards. Currently, 40 odd startups are exploring blockchain use cases in India, few have established a working model and many still are toying with the idea. Activity in India is slowing picking up and is able to get attention from big Banks & enterprises who are exploring different use cases around this. [Fintech] BankChain is a community of banks for exploring, building and implementing blockchain solutions(Permissioned Private Ledger). Formed in February 2017 with State Bank of India (one of the largest banks in the world) being th Continue reading >>

'disruptive' Blockchain Tech Requires Rapid Adaptation: Indias Prime Minister

'disruptive' Blockchain Tech Requires Rapid Adaptation: Indias Prime Minister

Disruptive Blockchain Tech Requires Rapid Adaptation: Indias Prime Minister The most powerful public official from the worlds largest democracy has bullishly labeled disruptive blockchain technology to bring seismic changes to Indias society. Speaking at the World Congress on Information Technology (WCIT) 2018 today, Indian prime minister Narendra Modi stated : Disruptive technologies such as Blockchain and the IoT (Internet of Things), will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces. The countrys foremost politician was speaking at the event attended by representatives of over 80 countries IT industry associations, altogether representing over 90% of the worlds information and communications technology (ICT) industry as the WITSA consortium. During the conference, NASSCOM, Indias primary IT trade association, launched a platform to develop skills in eight varied technologies including blockchain. NASSCOM previously established a special interest group to explore use cases for blockchain technology in both financial and non-financial industries while educating and informing the public about the innovative decentralized technology. In adding to prime minister Modis approach to embrace blockchain technology, Indias minister of law and justice and electronics and IT Ravi Shankar Prasad stated today: Digital empowerment can only happen if there is digital inclusion. With the advent of new technologies like AI, Blockchain and IoT, reskilling of young professionals is critical. The remarks come within weeks of Indias foremost policy-making institute and think tank revealing its endeavor to explore blockchain applications in a number of industries including education, agriculture and healthcare. Last month, the Nat Continue reading >>

Indian Banks Launch Blockchain Solution To Map Corporate Borrowers

Indian Banks Launch Blockchain Solution To Map Corporate Borrowers

Also Read: Blockchain for noobs: A definitive guide The code for Bankchains permissioned blockchain solution, called Clearchain, thats being developed by Pune blockchain solutions provider Primechain Technologies will be available for banks to customise. Members of the Bankchain consortium include ICICI Bank, Bank of Baroda, Axis Bank, Kotak Mahindra Bank, YES Bank, among others; NBFCs such as Riviera Investors; government agencies Clearing Corporation of India Ltd and Export-Import Bank of India; and technology companies such as Intel. Sudin Baraokar, Head of Innovation at State Bank of India Baraokar said deployments will be initially non-financial in nature because the consortium wants to test the platform thoroughly before moving to financial use cases. If we go into something like a home loan agreement and then try to smart contract that, it obviously has a legal impact as well as a financial impact to the bank. So, we are right now avoiding such use cases, said Baraokar. Once we have the system established, then we will also go to the regulators and authorities with our implementations and work with them for further implementing this on use cases that might have a financial or regulatory impact. The Bankchain consortium is studying various data privacy laws for the banks to be able to share data, added Baraokar. YES Bank is also testing some of blockchain-based solutions, its chief information officer said. We are testing KYC and Secured Documents Approval workflow as a part of the Project ClearChain that aims at sharing information of customers between banks for better fraud detection and to avoid process delays, so better service is provided to the end consumer, said the banks CIO Anup Purohit. The focus of the blockchain-based solutions will be on corporate cu Continue reading >>

Block Chain Business Models & Use Cases Inindia

Block Chain Business Models & Use Cases Inindia

Part of the worlds largest Startup Program, my world revolves around startups, founders and startup programs Block chain Business models & use cases inIndia If you want to go fast, go alone. If you want to go far, go together. Just like HTTP is the foundation for sharing data (Text, Voice & Video) on the world wide web, Blockchain can be the foundation for sharing value. It is a ledger system to track transactions and transfer value. If you look at the technology it really is a group of individuals/nodes who are trusting each other to build common infrastructure and capabilities. Its a community with common goals, bound by common rules where participants devote time, resources, and capital to the network, making it more valuable. It can be a community of banks, hospitals, enterprises, manufactures or even taxi drivers who can utilize the common infrastructure which enables them to remove the third party platform providers and directly serve the customer. R3 is a consortium of more than 70 of the worlds biggest financial institutions in research and development of blockchain database usage in the financial system. It is building the new operating system for financial markets with distributed ledger platform CORDA. Hyperledger is a cross-industry project led by the non-profit Linux Foundation to advance blockchain technology by coming up with common standards. Currently, 40 odd startups are exploring blockchain use cases in India, few have established a working model and many still are toying with the idea. Activity in India is slowing picking up and is able to get attention from big Banks & enterprises who are exploring different use cases around this. [Fintech] BankChain is a community of banks for exploring, building and implementing blockchain solutions(Permissioned Continue reading >>

Indias Maharashtra To Test Blockchain For Various Use Cases

Indias Maharashtra To Test Blockchain For Various Use Cases

Indias Maharashtra to Test Blockchain for Various Use Cases The Indian state of Maharashtra, whose center is Mumbai, plans to test blockchain technology for different use cases, according to a top official. The government of Indian state Maharashtra plans to conduct five or six pilots to assess blockchain technology, with several startups involved in the coming months, a senior official told the Economic Times. They will evaluate the technology for use in land registry, supply chain financing, financial inclusion, car registration, and insurance. SVR Srinivas, head secretary of the governments IT department, said: We are looking to work with startups to implement blockchain use cases. It will cut down manual processes and duplicate paperwork. It will save us cost, time and bring in transparency. Blockchain is viewed by many as an innovative technology for operations with databases and transactions. Last year, Russia announced it would implement it to register data from the Unified State Register of Real Estate, with a focus on the city of Moscow. Andhra Pradesh is currently testing blockchain for land records as well, being the first Indian state to experiment with the technology. Telangana, Karnataka, and Gujarat are also running pilots involving distributed ledger technology (DLT). Srinivas expects blockchain to simplify processes. He said: We can use blockchain technology in all the processes where one needs to go through past transactions. It will bring down redundant labour, Maharashtra will conduct a study to determine the quantum of investments. The savings will be much more than the investments. Indian finance minister Arun Jaitley revealed in Budget 2018 that the government was assessing DLT as a path to building a digital economy. Interestingly, the Indian go Continue reading >>

Five Uses Of Blockchain Beyond Bitcoin [computerworld]

Five Uses Of Blockchain Beyond Bitcoin [computerworld]

Five uses of blockchain beyond Bitcoin [ComputerWorld] Even though the legality of Bitcoin in India is debatable, blockchain technology, which was primarily developed for transferring digital currencies, has found application in various other sectors. Here are some of the areas where it is making its presence felt as a major disruptive player. Developed by an anonymous group of coders, Bitcoin became one of the major disruptors in the digital payments space. But before it is finally accepted across the world as a legal mode for payments, its backbone technology, the blockchain, is reaching out to various other spheres. Blockchain is a technology that stores all the information in a public ledger. A single change in information will change the code or the hash of the information, making it highly impossible to let any foul play go unnoticed. This is what makes blockchain special. Technologists have understood this and are trying to use this technology elsewhere. Here are some of the use cases of blockchain in areas other than digital payments: Supply chain:Supply chain management has a lot data collected at various stagesright from the collection of raw products to manufacturing to distribution. A technology like blockchain has the ability to ensure transparency at all levels of the supply chain management. There are several organizations that use blockchain to this effect in supply chain. Provenance uses it to trace the entire journey of the product you buy to ensure transparency, whereas Everledger tracks various stages of diamond production and distribution. Public notary:One of the highlights of blockchain technology is that it is highly impossible to change the information entered in the database. With such an advantage, it is easier for governments to register bir Continue reading >>

Budget 2018: India's Government Wants To Kill Bitcoin, But It Loves Blockchain Quartz

Budget 2018: India's Government Wants To Kill Bitcoin, But It Loves Blockchain Quartz

Andhra Pradeshs neighbour, Telangana, too, is digitising its property documentation system . Beyond land registries, blockchain can also put an end to other fraud like identity theft. To reduce the chances of getting hacked, a growing concern in India, the web-based platform can manage digital IDs. Currently, if you sign up or pay for something on the internet, you turn over unencrypted personal info that gets stored all over internetcreating a honeypot that attracts attackers to breach that service, Cary said. With blockchain, only encrypted, relevant information will be released whenever necessary. A step ahead of other states in implementing the technology for land registries, Andhra Pradesh also entered into a partnership with cybersecurity firm WISekey , making it a frontrunner in securing citizens data as well. Recently, the Maharashtra government called upon industry leaders, researchers, and others to devise ways of incorporating blockchain in e-governance operations. The government is one of the biggest data creators and data consumers. Blockchain will bring in more efficiency, transparency, accountability, and accessibility in data flows, the states chief minister, Devendra Fadnavis, said at the Maharashtra Technology Summit (MTech) on Jan. 17. Amid all the talks of curbing cryptocurrencies, Indias central bank, the Reserve Bank of India, still believes that blockchain technology is ripe for adoption . Banks in India are already relying on blockchain to enable overseas transactions, international remittances, and other processes. The spread of blockchain use in the private sector use of in industries like insurance, healthcare, manufacturing, among others, could also lessen significant burdens that befall the government. Capitalising on the block chain techno Continue reading >>

Is There Any Activity Happening Around Blockchain Technology In India: Any Startups Working On Blockchain Applications That Are Out There?

Is There Any Activity Happening Around Blockchain Technology In India: Any Startups Working On Blockchain Applications That Are Out There?

I have been in the blockchain industry for around 2 years. I didnt come across many startups working in blockchain space in India. Most of these startups are just bitcoin wallets and I dont know of much who are working on blockchain development. I am aware of few teams that are currently working in stealth mode. Apart from these, NSE [1] and few other organisations are also promoting blockchain. Raghuram Rajan also reacted positively [2] to it in an interview. RBI [3] is also exploring Blockchain and these are positive signs for Blockchain ecosystem in India. Trestor (Update: Not operational anymore. They had to shut down because of lack of funds.) A Chandigarh/India based startup and building its own Proof-of-Stake based blockchain. Consensus is achieved by Voting instead of Mining. More details can be found in their white-paper where it is compared with other blockchain protocols as well. will update this list as the other Indian Blockchain Startups Launch Few startups in the space. People are not much aware about blockchain technology and its use cases in india. With the mission of spreading awareness about blockchain tech I have started Home | Its Blockchain and Itsblockchain network. To make Itsblockchainnetwork the pioneer in a hybrid alliance and one of the largest and fastest-growing Blockchain network across multiple sectors, with over 75 Members, enterprise users, and application developers as members, and an average of 300 new members showing interest of joining weekly. The ITsBC brings a new approach it will increase deployments of Blockchain technology solutions by proving the business case of the technology to those that would adopter it and also with a Blockchain framework backbone. It will stand for connectivity as its own global distributed framework, Continue reading >>

This Indian City Is Embracing Blockchain Technology -- Here's Why

This Indian City Is Embracing Blockchain Technology -- Here's Why

This Indian City Is Embracing BlockChain Technology -- Here's Why Opinions expressed by Forbes Contributors are their own. Sharanya is a digital media expert who works with leading U.S. and Indian companies and brands, modernizing theirdigital strategy. Vishakhapatnam, or Vizag, is home to one of India's largest container porst. (INDRANIL MUKHERJEE/AFP/Getty Images) Indian Prime Minister Narendra Modi recentlyhailed blockchains transformative potential and emphasized the need for "rapid adaptation," a rare instance of a head of state publicly praising the technology. Blockchains grand promise is to do for transparency what the Internet did for communication. It increases trust between two parties -- a particularly big deal in economies with low counterparty trust. More than 80% of Indians work in the informal economy , which relies more on interpersonal trust than formal contracts, leaving them vulnerable to fraud. The country has a 69% bribery rate and was ranked the most corrupt nation in Asia in 2017. Loan frauds average almost $2 billion a year , and to hedge against this, interest rates on business loans routinely run high, up to 20%, denoting low trust. Modi's comments were not in isolation. For a while now India has been bullish on blockchain -- and a port city, nicknamed the city of destiny and relatively unknown on the world stage, is emerging as the country's blockchain hub. In 2016, the government of the southeastern state of Andhra Pradesh launched the ambitious FinTech Valley Vizag initiative with the aim of building Visakhapatnam, or Vizag, into a world-class fintech ecosystem bringing together government, academia, corporates, investors and entrepreneurs. FinTech Valley Vizags chief architect, Andhra Pradesh Chief Minister Chandrababu Naidu, has done thi Continue reading >>

Exploring The Applications And Use Cases Of Blockchain Technology In India

Exploring The Applications And Use Cases Of Blockchain Technology In India

Home Popular News Technology Exploring the Applications and Use Cases of Blockchain Technology in India Exploring the Applications and Use Cases of Blockchain Technology in India Posted By : TechNews Editor|29 days ago |661 Views A revolution is quietly brewing within the technology landscape all over the world and has the potential to impact India in a positive way. In this article, we are going to discuss the use cases of Blockchain in India and how various industries are set to benefit from this fintech revolution. Before we do that, it is important to dive deep into blockchain technology to understand what is blockchain, how is blockchain different from bitcoin, the different types of blockchains and the application areas of blockchain in India. Blockchain is nothing but a digital distributed ledger of cryptocurrencies like Bitcoins which can effectively trace the origin of ownership of every transaction right from issuance to that of the current owner. It is available in the form of a list of records which is securely encrypted using cryptography. Leading Proponents of Blockchain Technology We are extremely excited about the potential of blockchain to change how the Internet is governed, said Naspers CEO Bob van Dijk, in a recent interview to ET Tech . "What the internet did for communications, I think Blockchain will do for trusted transactions." - IBM CEO Ginny Rometty. Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you dont have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient. Microsoft Founder Bill Gates Barring the well-informed TechGig readers, the terms blockchain and bitcoin get used interchangeably a lot. It is important to understand that bi Continue reading >>

Can Blockchain Be The Beachhead For India's Public Sector Profitability?

Can Blockchain Be The Beachhead For India's Public Sector Profitability?

Can Blockchain be the beachhead for India's public sector profitability? A final challenge is the need for Government to switch to 'mission mode' for BharatChain to become a reality. With today's world revolving around data, trust in that information is critical. As key custodians of the public records on individuals, organizations, assets, and activities, governments have a herculean task ahead. It is no small feat, especially as the requirement goes beyond just protecting its detail and ensuring its veracity, to making it openly available. This will enable citizens to make better informed decisions in their daily lives and drive both social and business innovation from the creation of new applications and services for fellow citizens. For a start, the amount of data being dealt with is skyrocketing. For governments, split into federated systems with their siloed departments, contending with often outdated IT systems and processes adds to the challenge. Data sharing between departments is largely absent, even as the need to digitize and transform is immense. Additionally, there is little transparency, with citizens having no option but to accept the word of the Government as the 'ultimate truth'. This despite the fact that governments across the world handle trillions of dollars every year - collecting taxes, investing in infrastructure, procuring items ranging from a coffee machine to fighter jets. Building Blocks for a Country Level Blockchain But there is a way for governments to navigate some of the above mentioned challenges - blockchain. Given its emerging technology status, what are the essential characteristics? There are a number of choices that need making, starting with selecting a specific blockchain fabric - or framework for implementation. This is determ Continue reading >>

Top 10 Blockchain Startups From India Coinsutra Picks

Top 10 Blockchain Startups From India Coinsutra Picks

When everyone is talking about Bitcoin and the blockchain , then how could India, a country of a large number of techies and IT people, be left behind? India is a land of budding entrepreneurs and startups that are getting encouragement from Modis initiatives like Make In India and Digital India. Recently, Indias largest government-backedbank, SBI, partnered with BankChain and Intel to develop blockchain solutions. And when the government sector is so keen on looking at blockchain tech, then how could the Indian private sector (i.e. blockchain-based companies and startups) not join the party? Well, we were able to sense this enthusiasm of the private sector at India Blockchain Week So thats why today I thought I would covera few of the interesting blockchain startups of India. Signzyaims to couple artificial intelligence with the blockchain to make secure, compliant, and user-friendly products. Improved user experience with multi-device support. RealKYCBank-grade digital KYC in real-time Digital Contracts Secured digital contracts enabled by Aadhaar and Biometrics Primechain is a young Indian startup that aims at building blockchains for a better world. They provide blockchain solutions to industries such as banking, capital markets, government, healthcare & pharmaceuticals, insurance, manufacturing, aviation, shipping & logistics, telecommunications, anddefense & military. They have quite a few blockchain-powered products: Founders: Ravi Jagannathan , Karthik Balasubramanian KrypC makes it possible for various businesses to implement blockchain tech while providing a platform for these businesses to quickly do so. They have developed a proprietary framework for developers, clients, and IT companies to implement blockchain tech effectively in less time and with less co Continue reading >>

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