The blockchain is the technology behind bitcoins. Though, people are divided on the opinion about the future of bitcoin, the technology behind it can have applications in many areas and have profound implications for commerce. Blockchain can be used to record and verify transactions, ownership etc without the involvement of any intermediary. (Read: Bitcoin & Blockchain- What & How- All Your Questions Answered)
Blockchain India
A lot of work is going on to test the application of Blockchain technology in various sectors of the economy. Some of them have been delineated below:
- In October 2016, the ICICI Bank executed India’s first international trade transaction using blockchain. Since then other banks like YES Bank, Kotak Mahindra Bank and Axis Bank have also started exploring this technology (1)
- In September 2017, the Institute for Development and Research in Banking Technology (IDRBT), the research arm of RBI, released a white paper on the ‘Applications of Blockchain Technology to Banking and Financial Sector in India.’ It also announced plans to launch a Blockchain platform. The platform will be suitable for different applications relevant to banking. (2)
- The IDRBT has also announced that India could use Blockchain to digitize rupee. (2)
- The Andhra Pradesh Government is planning to use blockchain to record land titles and resolve disputes between the owners. (3)
- Blockchain has applications in healthcare as well. It will enable hospitals to share a patient’s history with each other without raising privacy issues. The data will be accessed only with the patient’s digital consent.(4)
According to audit and consultancy firm PwC., more than 32 blockchain start-ups were founded in India in 2016. They were established for the purpose of designing and creating end-to-end blockchain solutions in India that can be used by the banking sector.(4)
As the RBI concluded in the white paper on the blockchain, it is a disruptive technology that can potentially revolutionise the financial industry.
References:
- //www.forbes.com/sites/suparnadutt/2017/09/01/blockchain-is-slowly-changing-digital-banking-in-india-thanks-to-these-startups/#516e12404a17
- //www.moneycontrol.com/news/business/economy/rbi-bullishblockchain-embracesideadigital-rupee-940737.html
- //www.livemint.com/Opinion/TmHYZfI1pW4rHFegzOu0KJ/Turning-the-poors-assets-into-capital.html
- //gadgets.ndtv.com/internet/features/what-is-blockchain-technology-uses-beyond-bitcoin-cryptocurrency-1753399
- //www.forbes.com/sites/suparnadutt/2017/09/01/blockchain-is-slowly-changing-digital-banking-in-india-thanks-to-these-startups/#516e12404a17