What is the future of blockchain development in India?

If we talk about world in surveys, out of 100 only 5 -7% are using crypto currencies and around 25–45 have just heard about them. Now when we come to India negligible number of people know about crypto currencies and trade though the awareness rate is increasing as many startups related to block-chain and crypto currencies have jumped into the market. The awareness level is much-much low. So let us put up few promising projects and crypto currencies in front of you specifically in India.

The technology is mostly known for its connection with Bitcoin, Etherium , and lots more, the popular cryptocurrency which has seen a meteoric rise in valuation in the recent months. But block-chain is not just about Bitcoin. Its applications are beyond the crypto-currencies, ranging from governance to preventing financial frauds.

“The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of block chain technology proactively for ushering in digital economy,” he said.

What is blockchain technology?

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central record-keeping. Each node (a computer connected to the network) gets a copy of the block-chain, which is downloaded automatically.

Future of Blockchain :

The future of finance could be dominated by blockchain technologies. A traceable global currency complete with an efficient infrastructure will not only result in massive cost reduction for all market participants, it will change global banking. Bitcoin will do for payments what email did for communication.

How it will be usefull for us ?

Control

• New technologies such as blockchain have the potential to reduce cyber risks by offering identity authentication through a visible ledger.
• There is no reason why requirements for numbering, maintaining and indexing records and communicating information provided in records could not be met through an electronic ledger system.
• Car rental agencies could use smart contracts that automatically allow rentals when payment’s received and insurance information is confirmed through a blockchain record.
• A refrigerator equipped with sensors and connected to the Internet could use blockchain to manage automated interactions with the external world-anything from ordering and paying for food to arranging for its own software upgrades and tracking its warranty.
• Small businesses could use blockchain to create trusted trading platforms among themselves.

Banks

• Blockchain will be adopted by central banks and cryptographically secured currencies will become widely used.
• Blockchain could replace central banks.
• Real risks remain for banks that choose to get involved with cryptocurrency firms.
• Blockchain technology could reduce the UBS’s infrastructure costs in cross-border payments, securities trading and regulatory compliance by as much as $20 billion a year by 2022.
• The number of applications within and outside the banks could be reduced as the Blockchain transaction contains all relevant information for the successful transfer of assets and/or related contracts.
• Deutsche bank’s economist sees blockchain as a threat because of the lack of the IT infrastructure to support the technology involved.
• Ethereum is much more general purpose than bitcoin and could be useful for banks.
• The future of finance in many nations could be dominated by Bitcoin and cryptocurrencies.
  A private blockchain run by banks could end up as just “another cartel” and function as poorly as the payments consortium.
• Banks could become the “custodians of cryptographic keys”.
• The blockchain could save lenders up to $20 billion annually in settlement.

Governments

• The future of finance in many nations could be dominated by Bitcoin and cryptocurrencies.
• Blockchain technology could be used to distribute social welfare in developing nations.
• Elections are currently an expensive and arduous. Thanks to blockchain tech they will soon be instantaneous.

Industries

• Time and education will need to play a role as other industries are just realizing one of the core innovations of the blockchain is its ability to reduce or eliminate trusted counterparties in the transaction process.
• Blockchain has the potential to create new industry opportunities and disrupt existing technologies and processes.
• Blockchain technology will make the world even smaller as it increases the speed and efficiency of transactional activity.

Wappnet Systems Provides Blockchain Technology. Blockchain is making every enterprise racing to adopt Blockchain as the technology of choice for secure transactional computing. Adoption of Blockchain is certainly not some kind of futuristic technology babble; it is already happening. Large enterprises around the world are taking the lead in adopting this breakthrough technology, considering it as a key step to improve their performance through innovative methods.