The future of blockchain and cryptocurrencies in India ", a Blockchain community India (BCI) explained why a blockchain cannot exist without cryptocurrencies. Again, government officials, including the Prime Minister and the Minister of Finance, have expressed their desire where the Indian government and the private enterprise can implement a blockchain A quality that makes a blockchain an excellent distributed database is its immutability after a blockchain is exploited - the records in that blockchain cannot be changed by nobody., is corruption and centralization of power within the government institution.Implementation of blockchain technology can eliminate corruption (because it eliminates the need for managers) .Each centralized system / process can be decentralized.Any transaction (not limited to money transfer) between two people / entities that do not trust each other can be done in an insecure environment in which blockchain technology could bring some substantial benefits. Although there are many cases of using blockchain technology, I will focus more on those that are closely related to the Indian context.
1.Banking and Financial Services:
The Indian government is unwilling to
recognize cryptocurrencies as a legal resource, at least for now. This limits
the use of technology at least in the financial sector for cross-border credit
transfers and wire transfers. Therefore the use case "Value transfer"
is currently excluded. Enabling cryptocurrency payments would help India become
a "digital India" more quickly. However, some Indian banks know they
are trying out the technology, even the RBI (Reserve Bank of India) has
announced its intentions to have its own blockchain / cryptocurrency. Hence, it
is possible for the RBI to create a licensed / private blockchain and cooperate
with all Indian banks. If anyone were to believe the domestic news, the
government would want to recognize cryptocurrencies as assets. This will of course
open the door for banks and BNFCs (non-bank financial companies) to invent
financial instruments such as loans against cryptocurrencies, cryptocurrency
based bonds, etc. including the future and the possibilities. Many bulls about
cryptocurrencies refer to Bitcoin Gold 2.0 or digital gold, which means that it
could replace the use of gold as a "Stock Store".
2. Governance:
There are many use cases that can help
the government simplify many complex manual processes that require record
keeping. Government agencies are responsible for registering properties and
providing related legal documentation. In a large country like India,
corruption is severe and citizens sometimes have to bribe civil servants to
receive such basic services. Moreover, a lot of fraud and falsification happens
with this data. Legal proceedings take years to find a solution. By putting the
land / property registration process in a blockchain, corruption / fraud /
forgery is eliminated. Several states have already implemented this use case.
The same can be implemented for documents such as birth / death certificates.
This would also eliminate the need for the authority to issue paper documents,
and citizens are concerned about keeping them safe. Another value-added use
case is voting. In the recent past, we have witnessed the collapse of mud
between political parties accusing each other of sabotaging EVM (Electronic
Voting Machine) and so on. Bringing the voting process to the blockchain
community in India would eliminate such opportunities and would give the
process trust and transparency. It would also lower the cost of the election
process.
3. Education:
India faces a major problem of leaking
examination documents. Recently we have had cases of leakage of documents from
CBSE (Central Board of Secondary Education) leading to unnecessary stress for
students and additional costs to retake exams. Another big problem is that of
fraudulent and fake diplomas. Both problems can be solved by implementing Blockchain community india in Education, generating real-time online exams and awarding / storing
educational diplomas and certificates on blockchain, respectively. It would
also make life easier for employers / embassies and other authorities who need
to verify such accreditations by accessing this data directly from the
blockchain.
4. Healthcare :-
Blockchain
technology is one of the most important and disruptive technologies in the
world. Multiple industries are adopting the blockchain technology to innovate
the way they function. One of the industries that are looking to adopt the
blockchain community india healthcare industry.
In this guide, we are going to acquaint ourselves with the blockchain, specifically with the features that are going to help disrupt this space. Also, we are going to look into what the future of the healthcare industry will look like.
5. Identity verification:
An important task for any employer,
whether in a business or even in an unorganized sector, how to hire an
assistant / supervisor is to verify identity and verify history. We have had
many crimes against employers, especially the elderly. When an employee leaves
work and moves to another company, the new employer spends money to perform all
background checks. The cost to employers for this work could be significantly
reduced if all audit records were available on a blockchain and only additional
deltas (since the last confirmation) would need to be added and audited. This
would also make the process more efficient with shorter delivery times and help
control crime.
6. Supply Chain:
Implementing blockchain technology in any supply chain
can bring great benefits by eliminating intermediaries and enabling direct
trade between producers and consumers. As India is an agricultural economy,
this sector can benefit. Likewise, the technology can be used in the energy
sector, where consumers buy directly from producers and remove intermediaries.
Blockchain technology enables such direct business transactions through
security-based smart contracts / multi-sig banknote transactions.
