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Tamper-proof Degree Certificates To Be India Governments First Blockchain Project

Tamper-proof Degree Certificates To Be India Governments First Blockchain Project

Read: IndiaChain: Niti Aayog starts on IndiaStack-linked, large-scale Blockchain projects At its simplest, blockchain is a decentralised distributed digital ledger collectively maintained by a network of computers, called nodes. Think of it as a large record book shared among many people. No data can be modified by one person without everyone else who maintains the records agreeing to the change this makes it secure. Also, the record book is not stored in one place but instead is distributed among the bookkeepers ensuring that there is no single point as in the case of a centralised database using which records can be tampered with. Fake certificates are a big problem in India, which graduates over five million every year. Just a week back, the Delhi police arrested three men, including a Delhi University graduate, who were allegedly involved in running a pan-India fake degree racket. Getting fake educational certificates in India is not that difficult a paper certificate that looks exactly like the original can come for as less as Rs 2,000 and the University Grants Commission (UGC) frequently releases lists of universities blacklisted for issuing them. So rampant is the problem that companies hiring freshers by the thousands, typically software service or back office service providers, have to spend crores of rupees to verify the certificates and transcripts of applicants. A digital certificate based on blockchain technology could address this problem. In the case of digital certificates issued on a blockchain, verification can be done via an app and authentication/verification can be instantaneous once the certificate holder approves of the access. Another advantage is that records cannot be tampered as changes to individual blocks can be made only with the approval 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 >>

Government Think Tank To Trial Blockchain Verification In India

Government Think Tank To Trial Blockchain Verification In India

Government Think Tank to Trial Blockchain Verification in India Jan 4, 2018 at 12:05 UTC|UpdatedJan 4, 2018 at 12:09 UTC An Indian government policymaking body is eyeing the potential applications of blockchain technology across various sectors. As part of that process, theNational Institution for Transforming India, known asNITI Aayog, is developing a proof-of-concept to explore blockchain in key sectors includingeducation, health and agriculture,the Economic Times says. An anonymous senior government official reportedly said that blockchain's promise in secure document verification is the primary reason for potential adoption of the tech. The move comes after the think tankconducted a hackathon in November 2017 on the use of blockchain technology - an event jointly organised with Harvard-based blockchain startup Proffer. While India's government has been largely skeptical on cryptocurrencies, it has looked on blockchain technology more favorably. In June 2017,several regional governments in India, including Andhra Pradesh, revealed they were looking into applications of blockchain technology in land registries - systems used to keep track of who owns which properties. Further, in September of last year, India'scentral bank research group announced plansto launch a new blockchain platform tobuild and support a range of banking-related services. Indian government building image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Continue reading >>

India Rejects Cryptocurrency, But It Isn't Giving Up On Blockchain

India Rejects Cryptocurrency, But It Isn't Giving Up On Blockchain

India rejects cryptocurrency, but it isn't giving up on blockchain Its government no longer considers bitcoin legal tender. India officially will not treat cryptocurrencies as legal tender and will try to stop their use in payments, according to a Bloomberg report. This isn't unexpected, given how the country sent tens of thousands of tax notices out after realizing virtual currencies are making $315 million worth of trade per month. While India has finally come out against cryptocurrencies, after repeated warnings that they were "Ponzi schemes," the government will continue exploring the blockchain's potential for the future digital economy. This comes a day after South Korea ultimately decided to regulate , not ban cryptocurrencies, despite its government sharing India's concern about tax evasion and the subsequent disruption of global trade. Beyond skirting state revenue collection, both countries have logical worries about the safety of cryptocurrency, given how a hacker stole over $500 million from the Tokyo-based exchange Coincheck last week. Continue reading >>

Fintech Valley - Vizag Aims To Be Indias Blockchain Hub - Bitcoinist.com

Fintech Valley - Vizag Aims To Be Indias Blockchain Hub - Bitcoinist.com

Visakhapatnam, also known as Vizag, may be a picturesque little coastal city but if all goes according to plan, it could become Indias FinTech hub. Chief Minister of the Indian state of Andhra Pradesh, Chandrababu Naidu, is no stranger to transforming cities into veritable tech hubs. First Hyderabad, which houses the countrys Google and Facebook headquarters, and now Vizag. According to Forbes , Naidu, as the chief architect of the FinTech Valley Vizag initiative, hopes to turn the city into a first-rate FinTech ecosystem luring entrepreneurs, businesses, investors, academic organizations and of course, government. It seems as if the countrys Prime Minister, Narendra Modi, agrees. He has previously said: Disruptive technologies such as blockchain and the Internet of Things (IoT) will have a deep impact in the way we live and work. FinTech Valley Vizag has collaborated with Covalent Fund to develop Velugu Core, an Indian-focused blockchain stack. Thanks to this, government data would be easily accessible through APIs. Interested developers could then create a range of apps based on this information. To increase efficiency even further, KPMG will also be involved in this initiative by developing a repository program to solve common problems in the Banking, Financial Services and Insurance (BFSI) sector through blockchain- and technology-based solutions. Having gained at least $900 million in investment contributions, Vizag has big plans to lure innovators to the hub. In addition to developing innovation labs and centers for excellence, Vizag will also offer monetary, regulatory and infrastructural support to attract exceptional talent in a bid to grow the city. As the somewhat smaller city of Vizag continues to build itself into a blockchain boss, it shows that tech inno 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 >>

India Signals Ban On Cryptocurrencies, Embraces Blockchain

India Signals Ban On Cryptocurrencies, Embraces Blockchain

Updated India has vowed to ban the use of cryptocurrencies within its borders, it appears. News of the clampdown was delivered by finance minister Arun Jaitley in his annual budget speech (PDF) delivered on Thursday. The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system, Jaitley said at paragraph 112 of the speech. So, er, is that a crackdown on cryptoassets used for illegal purposes, or a crackdown on cryptoassets used for illegal purposes and legal payment systems? And what about not considering it legal tender? The ambiguous statement has been widely interpreted as an upcoming blanket ban on digital cash, although crypto-coin investors and exchanges are holding on dear to the interpretation that India will only be going after cryptoassets used in unlawful activities. In his speech, Jaitley added the government will explore use of block chain technology proactively for ushering in digital economy. The minister also announced more money for the digital economy: itll get double the funding this year at 3,073 crore (about US$500m). All three positions are consistent with government policy. India to launch moon mission in March 2018 In recent years India has made two big reforms. 2016s effort was demonetisastion and saw large banknotes invalidated. In 2017 India introduced a single sales tax covering the nation, replacing state-based sales taxes that saw charges levied at borders between states. Both were efforts to crimp the cash economy and broadening Indias tax base. Refusing to allow cryptocurrency transactions will probably achieve the same goals, given the anonymity such instruments afford. India is also digitisin 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 >>

Canada: India Could Lead 'blockchain Revolution' - Feb. 21, 2018

Canada: India Could Lead 'blockchain Revolution' - Feb. 21, 2018

Related: Cryptocurrency regulation is 'inevitable,' says IMF chief The Indian government has repeatedly warned that virtual currencies have no official backing, even likening them to "Ponzi schemes" earlier this year. Experts believe India could be preparing tough regulations , following recent moves in this direction by China and South Korea . But India is also gung-ho about the underlying technology. Finance Minister Arun Jaitley said recently that the country would "explore use of blockchain technology proactively," even as he was denouncing cryptocurrencies in his annual budget speech. Related: India could be a buzzkill for bitcoin Canada's BRI, whose stated goal is to "build blockchain-based economies around the world," also touted India as the next big frontier for the technology. "We see our coalition with Nasscom as a delightful opportunity to nurture the blockchain community in India," Don Tapscott, the institute's founder and executive chairman, said in a statement. "We strongly believe that India has the potential to lead the blockchain revolution," he added. Canada has become an attractive destination for bitcoin "miners," who use computer algorithms to unearth the virtual currency by solving math problems, as big markets like China crack down on the activity. CNNMoney (New Delhi) First published February 21, 2018: 8:04 AM ET Continue reading >>

Blockchain To Help India Go Digital, Says Industry In Chorus

Blockchain To Help India Go Digital, Says Industry In Chorus

Blockchain To Help India Go Digital, Says Industry In Chorus Blockchain technology has benefits across the BFSI sector, retail, Internet of Things (IoT) and Cloud and the government should promote it towards realising its goal of digitally transforming the country Budget 2018 | Indo-Asian News Service | Updated: February 02, 2018 18:17 IST New Delhi: Blockchain technology has benefits across the Banking, Financial Services and Insurance (BFSI) sector, retail, Internet of Things (IoT) and Cloud and the government should promote it towards realising its goal of digitally transforming the country, top industry leaders said on Friday. Blockchain is a distributed digital technology -- that supports crypto currencies -- and is adept for businesses where large amounts of data is transferred, updated and filtered by multiple users. "Microsoft Azure Cloud has been powering the exponential and disruptive growth of Blockchain and believes the convergence of public and private Blockchains to an ecosystem. It can already be seen that its potential to reach across non-financial sectors is staggering in India," Microsoft India said in a statement. "Looking ahead, Microsoft is working with customers, partners, and the developer community to accelerate Blockchain's enterprise readiness," the company added. For Sunil Sharma, managing director, Sales for Sophos India and Saarc, it was no wonder that Blockchain technology got a special emphasis in the Union Budget. "With the rise in Bitcoin's popularity and a strong warning to act with 'extreme caution', the significant risks of choosing to invest in crypto currencies is apparent," Sharma said. Raja Raman, Vice President at Sapient Consulting, said that with an emphasis to bring technologies like Artificial Intelligence (AI), data analyti 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 >>

India Turns Against Bitcoin But Embraces Blockchain

India Turns Against Bitcoin But Embraces Blockchain

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. India Turns Against Bitcoin But Embraces Blockchain Govt doesnt consider cryptocurrencies legal tender: minister People are getting scared: cryptocurrency exchange official Indias government said it doesnt consider cryptocurrencies as legal tender and will take all measures to eliminate payments using them. The government does not consider cryptocurrencies 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, Finance Minister Arun Jaitley told lawmakers in New Delhi on Thursday. The government will explore use of blockchain technology proactively for ushering in digital economy. reaching a peak of almost $20,000 in early December after the introduction of futures contracts on regulated exchanges in the U.S., a series of negative news has buffeted Bitcoin and rival cryptocurrencies, with losses intensifying since the start of 2018. Bitcoins January slide knocked $44.2 billion off the $200 billion in market value generated in all of 2017, the biggest one-month loss in dollar terms in the short history of digital assets. The cryptocurrency fell by 30% to start the year, erasing $44 billion in market value The South Asian nations income tax officials had started in Continue reading >>

Blockchain Foundation Of India

Blockchain Foundation Of India

The Blockchain Foundation of India is a community effort to promote the growth of blockchain-based initiatives in India. Even though Blockchain Technology has been around for a while globally, the technology has not quite caught up in India. One of the goal of BFI is to dispense information about the Blockchain Technology in a more Indian context. At Present, the Blockchain Community in India is divided into motley groups with no uniformity. By bringing the community together, BFI aims to advocate for improved Blockchain reception in India. Blockchain, as a technology, is still in its nascent stage in India. There is a remarkable leeway to make innovations in the Blockchain sphere; by promoting promising startups, BFI shall help accelerate the growth of the technology. The Blockchain Foundation of India (TBFI) aims to connect all blockchain-based startups and their CXOs, government bodies, blockchain enthusiasts at one single platform to inspire, participate and collaborate in each others success in this growing industry. The mission of BFI India is to promote the growth of Blockchain in India by holding regular events, accelerator growth programs, meetups through members of the foundation, and spreading awareness about the Blockchain Technology. TBF India will aggregate, interpret and disseminate the latest information available on the Blockchain protocol, how the technology has manifested, and the potential impact on businesses in India and globally. The vision of BFI is to oversee comprehensive Blockchain implementation in every sector within India, whether governmental, non-governmental, or for-profit businesses. Blockchain Technology will revolutionize the way we handle information and bring control back to the people of India over how their personal data and mone 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 >>

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 >>

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