16 April 2021
It's shocking to see a few years back; Bitcoin traded for $1 each and now is being traded for $57,796. Many of us may not be interested in purchasing Bitcoins or any other cryptocurrency as a part of an investment. But you indeed have to appreciate the underlying technology that makes Bitcoin possible - the Blockchain.
In 2008, Satoshi Nakamoto invented Blockchain Technology for use in Bitcoin as its public transaction ledger. His motto was to create a decentralised Bitcoin ledger and a technology that will enable users to control their own money, and no third party, not even the government, would be able to access or monitor it.
Blockchain is a distributed, public ledger that uses a data structure to simplify the way we transact. It records everything securely and transparently. All the data is interlinked in a network of computers, owned and run by the users only. Without any third-party intervention, users can also securely manipulate the ledger and protect their identities too.
Initially, when population and commerce were small in size, communities maintained a physical ledger compromising all financial transactions, open to public scrutiny. Anything mentioned in the ledger acquired the status of truth. Gradually, these records became voluminous and tedious to maintain. It was no longer available to the public even. This problem was greatly solved by none other than Blockchain Technology.
Blockchain is a world where it is not mandatory to validate any sale or purchase with bank receipts, registration, or a need to comply with rigid government guidelines. Blockchain technology solves the problem of "Trust". Apart from this, none of the transactions will be missed, and human or machine errors will be minimised etc.
Today, innovators of various fields are exploring ways to use Blockchain to disrupt and transform traditional business models. Blockchain technology will lead to new opportunities and benefit businesses through its unique qualities like greater transparency, enhanced security, easier traceability, increased efficiency and speed of transactions, and reduced costs.
Without any further ado, here are some major Blockchain Developments in India.
- Blockchain in Telecommunications
Indian Telecom Regulatory Authority has extensively adopted Blockchain and made it mandatory for all telecommunication companies to comply by December 2021. This will enable only the registered users to engage in telemarketing activities. However, there will be no complete elimination of the phone 'spamming' problem but will see that people/organisations responsible are held accountable. Agencies will also be able to locate the perpetrators. Telcos are thrilled with the blockchain developments, and they believe that AI coupled with Blockchain will rectify all the flaws in telecommunications.
2. Kerala- the Blockchain Hub
Kerala was the only state representing India in GITEX Technology Week, held in Dubai World Trade Centre with its 18 start-ups. Out of the 18, Travelspoc, Embright, Globtec made significant progress in their respective competitions, with Travelspoc reaching the finals. All the start-ups were IT based, dealing with Blockchain, robotics, AI, etc.
Companies across the world are outsourcing blockchain-related activities to India. Kerala has also established a Kerala Blockchain Academy providing students with the necessary knowledge and training in blockchain operations.
Firms like Alliance Global and Tata Consultancy Services have established development centres in Thiruvananthapuram. Giant companies like Ernst and Young and DLT ledger are also looking to grow and expand. This means many blockchains and other IT related job opportunities are on their way to India, in Kerala specifically.
Also Read: 5 Universities Offering Blockchain Courses
3. Tech Mahindra Collaborated with Quantoz
Tech Mahindra and Netherland-based blockchain company Quantoz have entered into a partnership to provide Blockchain-as-a-Service (BaaS), facilitating easy and secure payments. Quasar, another platform that runs on blockchain application, will oversee transactions and monitor various operations like conversion of foreign currency and legacy systems. It will enable a one-way flow of cash among different agencies, instant transfers, etc. Similar to P2P, Blockchain will connect the cars with the manufacturers and other service providers. There will be clear communication between all channels, instant payments even to third-party service providers. Tech Mahindra has been developing its Blockchain with Quantoz for almost 2 years now.
4. Binance Acquired WazirX
On 21st November 2019, Binance acquired Mumbai-based crypto exchange platform – WazirX for $10-15 million. By 25th November 2019, people were able to perform crypto transactions. Amid the RBI imposing bans/sanctions on cryptocurrency, Binance's involvement in the Indian crypto space came like a whiff of fresh air. WazirX mainly trades in Tether. It will make purchasing Tether against INR easier. Apart from India, Binance is also established in China, Japan, United States, Singapore, Taiwan and Uganda. Binance acquiring WazirX has greatly affected the Indian blockchain community.
5. Blockchain for Secure Voting
Students Of Malla Reddy Engineering College, with the help of Blockchain technology, made voting secure, efficient and easy by eliminating hurdles like long queues to cast a vote, tampering of votes and other restraining factors. This system is implemented in gated communities and residential streets as it is still in an experimental phase. The newly developed system made tampering with votes almost impossible and provided the highest security level to users.
Also Read: Blockchain as an anti-corruption tool
6. Blockchain in Tea Industry
The quality of tea has deteriorated due to adulteration, making it difficult to distinguish between sound quality and bad quality tea leaves. Therefore, the Indian Tea Board of India decided to adopt the end-to-end technology for promoting transparency and improving traceability of products and trade operations. Blockchain technology will record all the details regarding procurement, manufacturing and delivery of the end product. The Tea Board of India is also planning the digitisation of the tea trade. Blockchain will help customers to trace the origin of tea back to the plantation and record any adulteration cases.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.