India warming up to blockchain; From banking to agriculture, its influence felt everywhere
Jan 4, 2019, 9:43 AM IST
Have you heard of the word 'blockchain'?
No? Let us tell you all about it.
Recently, one-month-old Divit Biyani from Bengal became the first in India to get a birth certificate secured in blockchain.
Initially, in India, the term 'blockchain' was seen as negative given the controversy surrounding cryptocurrencies like bitcoin, ethereum, ripple and so on. But these cryptocurrencies are just an application of blockchain technology.
According to experts, the blockchain technology can be used in various fields like education, banking, data storage and government schemes and even in agriculture.
Hyderabad has been declared as the Blockchain District of India.
The Telangana government and IT firm Tech Mahindra collaborated to boost blockchain ecosystem in the state.
Banks such as SBI, ICICI Bank and Axis Bank are working towards blockchain solutions.
In addition, many blockchain startups have emerged in India, offering blockchain solutions on IT, banking, telecom, healthcare, digital wallet and so on.
Blockchain claims to be the next internet and internet of value and trust.
Experts believe that blockchain will be for businesses what the internet has been for communication.
This video explains to you how blockchain technology functions and the scope of its application in India.