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Blockchain based Technologies

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Introduction

Blockchain has been heralded as the most significant innovation since the Internet itself. It initially emerged as the backbone of bitcoin and is an incorruptible digital public ledger of transactions. Blockchain technology is a novel data structure that is secure, cryptography-based, and stores transactional records (known as the block) in databases (known as chains) distributed across a network through peer-to-peer nodes, allowing the transfer of digital goods. It works on the principles of transparency, decentralisation, accountability, and immutability. They find wide applications in Smart contracts, Supply chain management, Asset protection through an indisputable record of real-time ownership, Personal data management and  Identification, Payment processing, Crowdfunding through cryptocurrencies, tracking drugs in pharmaceutical supply chains, verification of land records and certificates, etc. The potential of blockchain technology to enable remote voting is also being explored by the election commission. It is estimated that blockchain will generate $3.1 trillion worldwide in new business by 2030. India aims to become a digital economy powerhouse and embracing emerging technologies like cryptocurrency and blockchain is a necessity. The digital economy currently comprises 14-15% of India’s total economy, which is targeted to reach 20% by 2024.

Globally India is among the fastest-growing FinTech markets. It is expected that 60% of retail and SME credit will be digitally disbursed by 2029. In 2019, fintech investments nearly doubled to $3.7 billion from the previous year’s $1.9 billion. The Indian fintech ecosystem is the third-largest in the world and attracted investments of nearly $6 billion since 2014. Digital payments are expected to touch $500 billion by 2020, about 15% of the GDP. The International Financial Services Centres Authority (IFSCA) introduced a framework of “Regulatory Sandbox” for entities operating in the capital market, banking, insurance, and financial services to experiment with innovative FinTech solutions and operates within the IFSC located at GIFT City (Gandhinagar). The Centre of Excellence (CoE) in Blockchain Technology was launched in Bengaluru for identifying and sharing suitable data and rendering world-class blockchain services to government departments. It is set up by the National Informatics Centre (NIC) to provide Blockchain-as-a-Service (BaaS) as a third-party cloud-based infrastructure and management. Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI), is working on a model platform for blockchain technology.

  • worth Blockchain ecosystem in India

  • of the states in India are involved in Blockchain-related initiatives

  • Blockchain initiatives are being executed by the public sector in India

  • Demand for blockchain talent is growing every quarter

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India is among the 44 participating member countries for standardization of blockchain technologies and distributed ledger technologies in the International Organization for Standardization.

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Evolving a National Strategy

2020

NITI Aayog prepared Blockchain the India Strategy: Towards enabling ease of business, ease of living and ease of governance. 

Advancing Blockchain Technologies

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Govt.of Telangana

Blockchain district, anchored by the Government of Telangana, brings together different facets of the Blockchain technology realm in the city of Hyderabad. 

Blockchain based Technologies News & Updates from India

blockchain in India
Blockchain-based Technology
The subdued rise of blockchain in India
by The Hindu
Dec 31 2020
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solar power power
Blockchain-based Technology
Abjayon partners with ISGF on pilot project into solar power power using blockchain technology
by Times of India
Dec 22 2020
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Blockchain smart phone
Blockchain-based Technology
Blockchain smart phone launched in the country
by United News of India
Dec 22 2020
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Blockchain based Technologies News & Updates from across the world

Colombian Financial Watchdog

Colombian Financial Watchdog Says Local Firms Can Use Capital to Buy Bitcoin

Singapore tightens rules

Singapore tightens rules for virtual payment service providers offering crypto

The UK's ban

The UK's ban on crypto derivatives is set to go into effect on Wednesday

Chilean Court Orders

Chilean Court Orders Two Major Banks to Keep Open Checking Accounts of Crypto Exchange Buda

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Kyrgyzstan Central Bank Is Set to Introduce Bills to Monitor Crypto Exchanges Activities and Forcing Them to Apply for Permits

Blockchain Platform

Story from Tech Blockchain Platform Telos Launches Crypto Tokens That Act Like Treasurys

Colombian Financial Watchdog

Colombian Financial Watchdog Says Local Firms Can Use Capital to Buy Bitcoin

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Lead Agencies

Top Organisations / Institutions In India

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