A Look into India's Increasing Interest in Blockchain
For India, which is the second biggest economy in Asia, there is still a lot of space for the expansion of the technology of Blockchain.
Despite being between the stages of infancy and near maturity, Blockchain has managed to make its way too many different sectors around the world as well as India, where it has the ability to make a significant change in the industries of banking and financial services; thus gaining a lot of attention.
Anup Purohit, YES BANK’s Chief Information Officer, recently said that attention in Blockchain has added the number of users and this could make the efficiency of operations and the users experience better. He then added that there were many tests being done on the technology of distributed ledgers which include smart contracts. This is aimed at reducing the process of trading finance all without altering the KYC process and the intervention of intermediaries.
YES BANK is one of the banks that have embraced and are using the Blockchain technology because of its security, reliability, speed and transparency to enhance the experience of ordinary banking.
Purohit added that YES BANK was the industries first bank to use a Blockchain based transaction to completely digitize financing for one of their corporate customers. He later explained that YES BANK is creating an immediate answer for transactions that would be great progress in comparison to the process that is currently in use.
Purohit then said that Indian banks were ready to accept Blockchain solutions to banking and all that needed to be done was to tweak the technology to be more accommodating to corporate, trading and ordinary consumers.
YES BANK has also collaborated with Ripple and apart from this partnership, it has got two launches; the first one being their accelerator program YES FINTECH which supports startups and the second launch is still unknown.
Auxesis Group’s Chief Executive Officer, Akash Gaurav, said that the Blockchain technology has created a new light for a new era in which humanity has the potential to be redesigned. He also added that Blockchain is leading the research in computer science history.
Akash went on to add that in his mind, India is making its mark with Blockchain thanks to the combined help and participation of the government. Auxesis Group’ AuxLedger is the biggest Blockchain project on the planet and, as of now, has over 53 million IDs. An initiative started by the State Bank of India called BankChain is a grouping of banks made to push the technology forward because it believes that for the wellbeing and advancement of India’s financial sector, it is paramount for bank to work together. Banks that have taken a liking to this idea include YES, HDFC, Axis and others.
Originating from IIT Bombay and having a foot in San Francisco, the US and London, the UK, Auxesis Group is one of the top 100 most influential companies in Blockchain worldwide.
Cxihub is a company that is creating the first Bitcoin exchange in India that uses the P2P (peer-to-peer) technology and its co-founder Abhishek Bourai said that the company wants to use enter the Blockchain marketplace by exchanging Bitcoins after finding out that the digital currency has the potential to make big waves; and they wouldn’t let India get left behind in the rush.
Bourai then added that despite the fact that India has always been reluctant to accept new technologies, the Blockchain rush is their opportunity to get involved. Cxihub is also developing a community for Blockchain aficionados in India to have a place to get assistance from the group and supply aid to the development of Blockchain and Bitcoin in the Indian economy.