What is the scope of Blockchain Technology in India Cryptocurrencies are banned in India, so is there any scope of Cryptocurrencies and Blockchain Technology in India. The Indian Government is not supporting Blockchain Technology and cryptocurrencies. is there any institution in India teaching about Blockchain Technology?
Cryptocurrencies are banned in India, but there are big IT organizations in India which are supporting blockchain technology. Companies like Infosys and TCS are developing the ecosystem for banking institutions and supply chain management solution.
Infosys Blockchain –
Using smart contract and open ledger system, Infosys is providing adoption, integration, and realization of blockchain networks.
Infosys is providing Blockchain based services as Technology Advice, Consulting service, developing services, integration services, and testing services.
Infosys is trying to bring the transparent business in India by using smart contracts. It will provide Blockchain-as-a-service: plugin and play of blockchain.
Types of Blockchains offered by infosys
- Bilateral blockchains are extremely useful in competitive scenarios such as in financial markets or when trading where complete transparency is impractical.
- Multi-party System – used as a co-operation paradigms, these types of blockchains are useful to share information with each other.
- Public Blockchains – The Blockchains which are visible to everyone – either all participants in the outer world or all participants within a specific network. Public Blockchains are visible to notarized documents, land/property records, collateral data, etc.
- Re-engineering the supply chain management with Blockchain Technology.
- Integrating Blockchain with ERP for the transparency.
- Disrupting Business world with Blockchain Technology.
Benefits to the Banking System
BaaS are agility, reduced risks, better operational efficiency, and higher speeds in areas such as payments, loyalty, loans, asset management, and more. ICICI Bank has tested Blockchain Technology for its banking system and in coming years Indian Banks will support and use Blockchain for transactions.
There are many great minds in Indian Institute of Technology who are researching for a strong integration of Blockchain to change this world.
So, it doesn’t matter government support Cryptocurrencies or not, it is up to your potential and vision for Blockchain Technology. Registration can be done in the country where blockchain technology is given importance such as Singapore.
Read Also, Explain the Ethereum Blockchain Briefly?