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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 >>

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 >>

Blockchain Company In Bangalore | Best Blockchain Companies In India | Blockchain Development Company | Blockchain Solutions Consulting - Appiness Interactive

Blockchain Company In Bangalore | Best Blockchain Companies In India | Blockchain Development Company | Blockchain Solutions Consulting - Appiness Interactive

Crypto-currency, Bitcoin, distributed ledgers, block mining, nonce, zero-fee online transactions- Blockchain is changing the computing world, for better. Satoshi Nakamoto, acronym, probably, while solving the problem of double-spend in online transactions, would have never thought, that the simple invention is going to change the way the world looks at digital transactions, forever. The concept they built - Bitcoin - and the technology they built it on, an ever growing chain of blocks, Blockchain, has now grown into something that is changing technology for good. I think the internet is going to be one of the major forces for reducing the role of the Government. The one thing thats missing, but that will soon be developed, is a reliable e-cash. Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential. Blockchain democratised creation of currency, with Bitcoin (BTC). Another similar platform, Ethereum, gave us an even more advanced concept, called smart contracts. Smart contracts gave us truly decentralised, human-independent systems like Distributed Autonomous Organisations(DAO). Multiple crypto-currencies with inter-operation/transaction capabilities are built with Initial Coin Offerings(ICOs), to raise funding for blockchain based startups. Blockchain is changing the way technology is solving problems across domains. On domains ranging from banking and FinTech, to government systems and education, blockchain is creating systems that have the potential to disrupt the current way of business. This is the biggest thing that hit the world, since internet itself. And Appiness is right at the center of it. We are building the future with Blockchain now. A revolutionary product that may change the way we look at banking transactions. A h 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 >>

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 >>

India Ready To Explore Blockchain Tech, But No Change In Stance On Cryptocurrency

India Ready To Explore Blockchain Tech, But No Change In Stance On Cryptocurrency

The Government does not consider crypto-currencies legal tender: Arun Jaitely (REUTERS) The Indian government is getting more serious about using blockchain technology into the growing digital economy of the country. But this does not mean it is going soft on cryptocurrencies. Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries, said finance minister Arun Jaitely while presenting the Union Budget 2018-19 in Parliament on Thursday. 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 government will explore use of block chain technology proactively for ushering in digital economy. Blockchain is a digital ledger wherein peer-to-peer transactions made using bitcoins or any other cryptocurrency are recorded and are available publicly and chronologically. The technology is believed to more efficient and more secure. One of the key benefits of using block chain technology is that the data is decentralised which reduces the risks from cyber exploits. Some of the popular cryptocurrencies that use block chain technology are bitcoin and ether. The challenge with block chain technology is that its expensive and requires high-end resources to process the data. Its mainly because in a block chain network each node performs the same tasks as every other node on its own copy of the data. Despite bitcoins valuations hit an all-time high and spike in interest in cryptocurrencies , the Indian government has been reluctant to proceed with bitcoins and others. The government has reportedly set up a committee to formulate a law on reg 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 >>

Future Skills: Indian Pm Announces Education Platform For Blockchain Technology

Future Skills: Indian Pm Announces Education Platform For Blockchain Technology

The Prime Minister of India, Narendra Modi, announced today the formation of a platform aiming to provide education on various cutting-edge technologies.The initiative will be known as Future Skills. Future Skills Platform to Focus on Blockchain Technology The platform was announced today at the World Congress on Information Technology 2018 (WCIT). The event was attended by ICT associations from over 80 different nations. NASSCOM (National Association of Software and Services Companies), Indias main information technology group, are behind the platform. They are hoping to provide the 18 to 35-year-olds of the nation with a better grounding in cutting-edge technologies. A total of eight areas were mentioned. These included blockchain technology. The association have previously held workshop sessions on blockchain technology and readily acknowledge its potential. In a post on their website, they write: While we have witnessed how the Internet of Information has changed our society over the past two decades, we are now entering a phase where Blockchain may do the same by ushering in a new paradigm comprising Internet of Trust and Internet of Value. NASSCOM is also amongst those behind Indias first blockchain special interest group . The goal of this is to explore how blockchain technology can impact various industries, both financial and otherwise. Also today, Narendra Modi Tweeted part of the address he gave to WCIT: Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi PMO India (@PMOIndia) February 19, 2018 This was shortly followed by a post from Law & Justice, and Information Technology Minister of India, Ravi Shankar Prasa Continue reading >>

Rupee Blockchain

Rupee Blockchain

Rupee is a cryptocurrency that was started in November 2016. Rupee is based on the source code of Litecoin. Please refer to the Whitepaper for further details. Rupees mission is to be the go-to cryptocurrency for the people of South Asia. Rupee aims to facilitate money remittances for the people of South Asia across the world without hefty fees and delays. Rupee will also enable merchants to accept a fast cryptocurrency for goods and services with much lower fees than traditional payment facilitators (Visa, Mastercard etc.). Rupee will enable the people of South Asia to cut out traditional middleman such as banks. Why create Rupee? Why cant I just use Bitcoin, Litecoin etc.? Rupee as a brand is recognized by almost 2 billion people in South Asia. Rupees focus is the South Asian region with products and services geared towards servicing people from the region specifically. For example, a merchant is free to accept BTC, LTC or any other currency, but we think local merchants would want to go for a coin with name recognition, level of comfort and focus on the region. What is the difference between Rupee, Rupaya, & Digital Rupee coins? Rupee ($RUP) has NO relation with Rupaya or Digital Rupee coins. Rupee is a separate blockchain project, and has its own team. What is the total and current supply of Rupee? Rupees total supply is capped at 84 million. Current circulating supply is 23 million coins. What is PoW and PoS? Is Rupee Coin PoW or PoS? Proof of Work (PoW) and Proof of Stake (PoS) algorithms are different methods of achieving consensus on which block will be added next to the blockchain. PoW requires proof that some kind of work occurred, e.g. Bitcoin miners use computing power and energy before any blocks are accepted. PoS requires users that have a high stake in t 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 >>

What Is The Scene Of Blockchain Development In India?

What Is The Scene Of Blockchain Development In India?

What is the scene of blockchain development in india? Over $20,000 in your IRA or 401k? Here's how to move to Bitcoin. Open a Bitcoin IRA now for massive growth potential on a tax-deferred basis. Get a free info guide now. If we talk globally in surveys, out of hundred only 5-10 are using cryptocurrencies and around 30-45 have just heard about them. Now when we come to India negligible number of people know about cryptocurrencies and trade though the awareness rate is increasing as many startups related to blockchain and cryptocurrencies have jumped into the market. The awareness level is much-much low. So let us put up few promising projects and cryptocurrencies in front of you specifically in India. Weve few promising projects like Indicoin, Drivezy, Zebpay, Hashcove, Unocoin, Prime Chain, Coinwolf, Coinsecure, Community Tech Labs. The names mentioned contains maximum of exchanges and many more not listed like EthexIndia and smaller ones which are struggling to evolve in India. Indicoin : It is the only indigenous cryptocurrency in India. Indicoin ( India's Own Cryptocurrency ) has been developed on the Ethereum blockchain and founded by Mr. Varad Shambhava, a bitcoin early adopter from india. The Dapp developed by the Indicoin is going to provide a platform for the social workers to upload their proof of work and get it verified/upvoted/downvoted by the community of members. When the decision is made, accordingly the Indicoins are rewarded. The proof of work idea, and the reward system for the social work done is germinating interest in the investors and the common people as well. Being the first cryptocurrency, it is going to be interesting how the crowd accepts it. Their concluded Indias first ICO with a successful sale , Indicoin has created a huge buzz in the ma Continue reading >>

Blockchain Forum India

Blockchain Forum India

India is one of the fastest growing & likely to become a global crypto leader and hopes to create a distributed platform which will connect its citizens to public transportation, reduce energy consumption, create online libraries and resources for students, and allow businesses to openly share their resources. The country has 330+ million online users and occupying the second place in the world. Blockchain Technology is clearly one of the most significant emerging technologies of the 21st century. The Forum will help attendees understand this innovative concept, and to bring projects in this space to mainstream. Moreover, there will also be a strong focus on educating organizations on the value the blockchain can bring to the table. With this in mind, we are extremely pleased to announce that we are hosting the Blockchain forum to be held in Mumbai India on 27-28 Feb 2018, bringing together the greatest world-class Blockchain Technology pioneers, providers of solutions which will resonate with everyone that attends in order to allow everyone to explore first-hand the many potential uses of Blockchain technology. Please Do not miss this historic opportunity to listen and learn from the most knowledgeable individuals and most advanced Tech Start-Ups of our time along with their network of Global Blockchain Experts with some of the smartest blockchain industry experts who will be sharing their experience and what they personally endured over the last 9 years based on dedication and a core belief that this technology was to become the greatest advancement of our time and the many ways that it is going to empower all people that are free and just and usher in a new era of societal advances that for these individuals became clear to from day one and share most importantly th 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 >>

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 >>

13 Indian Blockchain Startups To Watch Out For In 2018 [startup Watchlist]

13 Indian Blockchain Startups To Watch Out For In 2018 [startup Watchlist]

Mail Google Pinterest Reddit Pocket Hackernews This article is part of Inc42s Startup Watchlist annual series where we list the top startups to watch for 2018 from industries like AI, Logistics, Blockchain etc. Explore all the stories from Startup Watchlist series here . For every Google user, Wikipedia and Google Docs, to a lesser extent, are active participants in their daily lives consumed on the Internet. Both Wikipedia and Google Docs (shared) are accessible to anyone and can be edited by multiple users across the world simultaneously, a technology very similar to the blockchain. However, unlike blockchain which is a distributed ledger concept, both Wikipedia and Google Docs have a centralised database and are controlled by their corresponding authorities which can shut it down anytime they want. Banks, on the other hand, while enabling payment transfers remain the controlling authority, even if they have nothing to do with a payer/payees money. Author Jessica Guziks in her story Blockchain: A Love Story says, Its convenient to trust a bank, or any third party, to control the ledger, but that convenience comes at a price. As you know, your transactions are subject to the banks fees, terms, and timelines. During the great financial crisis of 2007-2008, when one of the largest investment banks, Lehman Brothers broke down, and other leading banks Merrill Lynch, AIG, HBOS, Royal Bank of Scotland, Bradford & Bingley, Fortis, Hypo Real Estate, and Alliance & Leicester were set to follow (Until the US government made a $7.7 Tn bailout ); this made the users clear that even after paying all the fees and service charges, their money is neither safe nor guaranteed. A perfect stage set for developers to come up with an alternate solution where nobody would dictate or control Continue reading >>

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