India Is Waking Up To Blockchain

Blockchain, a distributed ledger for digital information, is one of the most disruptive technologies that defined the last decade. The technology powers digital currencies, NFTs and can radically change multiple sectors, including healthcare, cybersecurity and payments.

According to Research and Markets, 55% of Indian businesses have adopted Blockchain Technology.

In recent years, India has emerged as a startup hub. One of the startup categories is Blockchain startups.

India is the land of several innovative entrepreneurs that have come up with their unique startup ideas based on blockchain solutions.

Besides, the government sector too has been seen taking interest in the blockchain. India’s largest government-backed bank, State Bank of India, partnered with BankChain and Intel to create blockchain solutions for its prospects.

RBI Takes A Dig Into Banks’ Restriction To Crypto Transactions

In a relief for the crypto community, the Reserve Bank of India has come forward with a circular warning Indian Banks against quoting the “2018 circular” to restrict users from crypto trading.

The clarification came on Monday, where RBI, in its newly released circulation, stated that banks couldn’t quote its now-invalid April 2018 crypto banking ban to deny services to customers involved in digital assets dealings. Check out the circular below.

Industry Experts Favoring Blockchain Technology

Satya Nadella – Microsoft CEO

“Today, there is a lot of time delay between a [financial] transaction and when the money flows, and there’s a lot of cost. And using this distributed ledger technology and blockchain, you can change the landscape of the financial industry. And it’s not limited, in fact, just to financial tasks. It can reshape the public sector, health care, manufacturing and supply chain. So many industries can be reshaped and we’re very, very excited about this new partnership with R3.”

C. P. Gurnani – MD & CEO of Tech Mahindra

Recently, IIT-Madras researchers developed a blockchain-based healthcare information system, which is a unique initiative by India.

The Tech Mahindra CEO, C. P. Gurnani, has applauded this initiative by the Indian Institute of Technology, Madras, via his Twitter handle.

“IIT-Madras develops ‘first-of-its-kind’ Blockchain based Healthcare Data Management to digitize healthcare records… A significant milestone that reinforces the role blockchain can play in strengthening India’s healthcare systems!”

Mark Cuban – Billionaire Investor of Shark Tank

The billionaire investor of Shark Tank has reportedly invested in India’s blockchain startup Polygon (Previously Matic).

Founded by 3 Indians, Polygon breached $11.5 billion in market capitalization last week and is among the Top 15 crypto tokens globally, according to the data provided by CoinMarketCap.

Sumit Gupta – Co-Founder & CEO at CoinDCX

The CoinDCX CEO has always been in the limelight for favoring blockchain in India. The recent news about Mark Cuban investing in Polygon has stimulated conversations across India that even Sumit Gupta took to Twitter to share his thoughts on the matter.

Subramanian Swamy – India’s Economist & MP in Rajya Sabha

In a recent webinar, Subramanian Swamy called cryptocurrencies the “subject of the future” and noted that digital currencies are the latest development with regards to paying for the exchange of goods.

“Government of India is resisting its coming but then in many countries, it is now becoming an integral part,” noted Swamy concerning digital currencies before opening the questions to the panellists. He also said that it is “unstoppable” and therefore, called for its greater understanding. 

Check out the recorded session here.

Wrap Up

The things mentioned above are just the tip of the iceberg. There have been numerous cases proving that India is one of the fastest emerging nations with blockchain startups.

There’s a recent example of two brothers who put their blockchain startup, Instadapp, on the world map in their 20s.

With so much happening around, it’s evident that India is waking up to Blockchain.

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