Blockchain Technology Use Cases for India - Blockchaincommunity.in

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.