The popularity of digitalization in India, the blockchain technology, the fire of the stars will become the trend of the original
With the popularity of digitalization in India, blockchain technology has been loved by many people. Blockchain technology continues to receive continued support from Indian banks, and state governments and private companies are increasingly exploring blockchains to help improve governance, improve business process efficiency and ensure transparency.
After the emergence of Bitcoin, blockchain technology began to emerge in the country. Although the legitimacy and authenticity of cryptocurrencies are experiencing fierce debate in the country, technology companies have begun to shift the focus to the practicality of blockchain technology. Specifically, banks in India have begun to develop in-house proof of concept projects to try blockchain technology. According to the PricewaterhouseCoopers report, 56% of Indian companies tend to use blockchain as part of their core business, and the three key areas that the technology will impact are: payment and money transfer infrastructure, digital identity management and Settle after the transaction.
Not only for the bank
However, the attractiveness of distributed ledger systems far exceeds the financial services sector. Specifically, the implementation of blockchains in real estate transactions in India will have a revolutionary impact. Indian land ownership does not guarantee the full rights of the owner. In addition, real estate transactions are completed in writing, but information updates are not frequent enough, which has led to numerous property rights disputes. According to a paper published by PRS LegislaTIve Research, the speed of networking land records has been slow and a defined land ownership initiative has been proposed, which involves a chronological record of changes in land property rights in India. Efficient, or a digital approach.
Legal experts believe that this is where the blockchain technology can play a decisive role. Rahul Matthan, a partner at Trilegal, one of India's largest law firms serving a wide range of industries, including banking and real estate, believes that:
“Land records, like any other registry in India, are centralized and maintained in the sub-registrar’s office. The contents of these documents may be altered or tampered with. If the land documents are stored on a distributed ledger It is impossible to tamper with them."
Although the Indian government has repeatedly emphasized its interest in digitizing land records through the Indian Land Record Modernization Program (DILRMP), the implementation of distributed ledgers first digitizes existing land records and sets precedents for future transactions. To ensure that transaction records are legal and approved by the government.
Matthan said:
“The opportunity to build a technology layer on top of existing registries is unlimited. This allows people to perform tasks such as auditing quickly and easily. Since personal data can be encrypted, the identity of the buyer or seller can also be kept secret. The future of real estate transactions lies in Smart contracts that are automated and do not require the involvement of intermediaries."
The use of blockchains for land transactions is a bigger task for Indian e-governance. Although many state governments are exploring the use of this technology, Andhra Pradesh has already tested in its department, leading the way. The state is working with startups such as Snapper Technologies and SimplyFy to implement a blockchain throughout the management process. At the beginning of the year, Swiss startup WISEKey worked with the Andhra Pradesh government to study blockchain proof of concept (PoC). The state has launched a blockchain pilot project in the land record and transportation sector. JA Chaudhry, Information Technology Consultant from Andhra Pradesh, said:
“Network security is a top priority, especially as the government is rapidly adopting a digital platform. Blockchain technology is the only trust agreement that guarantees the security of all digital and financial assets. Throughout the government chain implementation blockchain, we can ensure that the Prime Minister Di's digital India initiative is complete."
Chaudhry added that the Andhra Pradesh government is working hard to integrate its own e-governance plan and ensure that all assets are transferred to the blockchain by the end of 2019.
Wildfire
At the same time, blockchain vulnerabilities have also severely affected major Indian private companies that are testing to replace obsolete business processes with PoC, saving time and operating costs.
The Indian business group Mahindra Group and IBM developed a blockchain Solution in 2016 that revolutionized supply chain financing for the Ma Hengda chain in India. Sankarson Banerjee, chief technology officer of the NaTIonal Stock Exchange, said at a conference that the agency saw great value in using distributed ledger technology to reduce operating costs. YES Bank, one of India's largest private banks, said they have implemented a multi-node blockchain transaction to digitize supplier financing for Bajaj Electricals based on smart contracts written by Citeina Technologies, a financial technology startup. Shekhar Bajaj, Chairman and Executive Director of Bajaj Electricals, said, “YES BANK's blockchain solution enables us to process supplier payments in a timely manner through bank supplier financing, without the need for cumbersome paper documents and manual intervention. It also enables us and suppliers to track the status of transactions in real time."
Karthik Iyer, founder of Blockchain Monk, which provides solutions and training for blockchain executives and developers, said that one of the biggest obstacles in the development of the blockchain is scalability.
“The blockchain has changed from a technical concept that has been hyped to the added value of the company. Moreover, the blockchain can also help India attract foreign investment. The technology is still in its infancy in India, but it can adapt to large enterprises and governments. The needs of the process."
The recently established Indian Blockchain Foundation (BFI) reaffirmed the belief that the blockchain will definitely gain a foothold in India. BFI aims to promote blockchain initiatives in India, build communities, and enable start-ups to expand their technology for different businesses.
The country’s strong tendency to the digital revolution has penetrated the core of the economy. As the government uses its influence to support this experimental technology, it provides an opportunity for the technology to rapidly become mainstream.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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