TronWeekly

Crypto World News

You are here: Home / Archives for blockchain technology in india

blockchain technology in india

India’s SEBI is betting big on blockchain technology

by

The narrative of “blockchain, not Bitcoin‘ across the world is slowly reversing. But not in India. The country’s regulatory entity, Securities and Exchange Board [SEBI] has once again restated its interest in distributed ledger technology for the purpose of monitoring and recording financial instruments.

According to a recently released circular, SEBI revealed its intentions to launch a system for “security and covenant monitoring” for non-convertible debentures [NCDs] beginning April 1, 2022. The entity’s decision to adopt blockchain technology signifies yet another important breakthrough for the emerging technology with respect to adoption within the financial system in India. SEBI also said that the integration of distributed ledger technology [DLT] into the country’s financial instruments is likely to enhance system efficiency multifold.

The market regulatory in a statement also stated that blockchain technology offers better protection against different types of cyberattacks because of its distributed nature, which removes the single point of attack possibility.

The document read,

“The system using Distributed Ledger Technology [DLT] shall be used for recording of the process of creation and monitoring of security [viz. due diligence, charge creation etc.], continuous monitoring of covenants by Debenture Trustees [as applicable], credit rating of the non-convertible securities by the Credit Rating Agencies, etc.”

India’s lagging blockchain ecosystem

India is one of the fastest-growing nations in the world and even plans to have its own space station someday. But when it comes to technological advancement and financial inclusivity, the country has struggled to come up with a solution. According to the World Economic Forum [WEF], over 10% of global GDP could be stored on blockchain systems by the year 2025. And yet, a country where the government has embraced the technology, India is far behind the US, China, Australia, and Japan.

According to reports, blockchain technology is one of the most sought-after skill sets in India. But the lack of manpower with a relevant skill set has led to a magnificent salary boom. Despite India’s young demography, the country has been quite late in the game.

Indian IT Giant Tech Mahindra To Deploy Various Blockchain Solutions

by

Blockchain technology has gained colossal popularity amongst prominent companies as well as governments. Several platforms across the globe have been trying to incorporate blockchain technology into various industries. With almost every country exploring the prospects of blockchain tech, India decided to jump onto the bandwagon. The country’s prominent IT company recently revealed the onboarding of blockchain tech.

Tech Mahindra Partners With Amazon Web Services

On Monday, Tech Mahindra revealed that the IT company was collaborating with Amazon Web Services [AWS] to roll out blockchain technology-based solutions. The platform will reportedly utilize the potential blockchain solutions specifically in healthcare, telecom as well as aviation sectors. However, the Indian multinational tech company intends to deploy blockchain solutions for other services including finance, banking, manufacturing, oil, and gas along with retail.

As reported by The Economic Times, Tech Mahindra is said to look into the aforementioned projects in the next 12 to 18 months. Elaborating on the firm’s latest move, Rajesh Dhuddu, the Blockchain and Cybersecurity Practise Leader at Tech Mahindra pointed out the importance of the inclusion of blockchain tech particularly during the time of the ongoing pandemic. He detailed,

“Global businesses are facing sustained headwinds and struggling to collectively navigate and strategize in this new, unchartered territory and facilitate business continuity in the current COVID world. Ensuring supply chain continuity is paramount and needs more attention in the coming times.”

For the aviation sector, the IT firm plans on utilizing blockchain tech during the delivery procedure to track and trace kits. Furthermore, for the medical industry, blockchain solutions would mainly be used to track and verify deceitful medical materials like face masks, gloves, PPE kits as well as sanitizers.

Additionally, Rajesh Dhuddu highlighted the need for platforms to tackle the issues they face via blockchain tech. He added,

“Our collaboration with AWS will support future pandemic preparedness and accelerate an economic rebound post COVID-19 for organizations operating global supply chains and eliminate siloes.”

Tech Mahindra is not new to blockchain tech as back in July, the Indian IT giant rolled out a platform dedicated to the entertainment industry with blockchain-based digital contracts and rights, developed by IBM’s blockchain platform.

Telangana, An Indian State to Explore the Blockchain-Based E-voting Platform

by

The Telangana State Government has shown an interest in creating a blockchain-based e-voting platform to be used by local and national governments, enabling voters to cast their votes remotely and privately. In his webinar speech dubbed ‘Exploring Blockchain for Remote Voting,’ the  Principal Secretary of Information Technology  Jayesh Ranjan said that e-voting would first be attempted on a small scale and then extended to the national government. The Webinar was hosted by the Tamil Nadu E-Governance Agency and the Election Commission of India. 

Mr Ranjan calls for state governments to team up and improve the technology

In attendance were India’s public engagement site MyGov, Ministry of Electronics and IT, and organizations working in the blockchain sector. Notably, the Deccan Chronicle reported that the meeting aimed to reflect on the likelihood of implementing blockchain technology in rolling out an e-voting platform for Indian states.

In his further statement, Ranjan claimed that state governments could work together with the approval of the Election Commission of India to improve the technology of facial recognition and encryption tools.

He noted that state governments might use their influence to persuade small institutions, such as sports associations, cultural associations, and neighborhoods, to hold elections through a blockchain-based e-voting platform. When there are enough users, they will move on to persuade the national government.

Ranjan indicated that there should be a requirement for this specific type of technology and one needed to illustrate specific shortcomings that can be addressed through a blockchain-based e-voting platform. Besides, he said an example of Telangana state government T-chits that use blockchain to control chit funds across the state.

Tamil Nadu e-Governance Agency, CEO, and E-Commerce Commissioner Santosh K Misra approved e-voting to be started on a small scale and extended over time.  He noted that there was a need to develop faith among the public in the light of e-voting systems by emphasizing user engagement.

Indian Prime Minister Endorses Blockchain Technology Publicly as an Investment Opportunity

by

The Prime Minister of India, Narendra Modi, has backed blockchain technology as an ‘opportunity in frontier technology’ reviving the desires of the crypto community for the country to be warming up for virtual assets. Like many other countries worldwide, India has seen a surge in the use of crypto assets. However, the conditions are not favorable for cryptocurrencies to thrive; the government is not supportive of crypto.

The Indian Prime Minister ‘s latest sentiments while speaking at the India Idea Summit, which was hosted by the U.S Indian business council on July 24, touched on five different technologies, including blockchain technology. The PM classified Big Data Analytics, 5 G, Quantum Computing, Internet of Things ( IoT), and Blockchain technology as frontier technologies.

Indian Prime Minister urges investors to take advantage of COVID-19

Outwardly, the Indian PM has smudged on an investment opportunity for emerging technologies and is encouraging entrepreneurs, especially from the US, to invest in them. The COVID-19 crisis has badly impacted the economy of India. In particular, the Indian Prime Minister aims to rejuvenate the economy through foreign investment collaborations from developed and promising countries, notably the United States.

The PM urged investors to take advantage of coronavirus damage in India and deploy tech-related investments that will benefit the people of India and the investors. Moreover, the Indian Prime Minister implied a long-term partnership that could flourish even post COVID-19.He noted that:

“American investors often lookout for the perfect timing to enter a sector or a country. To them, I would like to say — there has never been a better time to invest in India.”

Regulatory uncertainty still looms in the Indian cryptocurrency industry

While the future of cryptocurrencies is indistinct, the country is very supportive when it comes to blockchain technology. Skepticism about crypto is very high in India.   Even after the Reserve Bank of India removed the crypto banking ban, some Indian banks are still reluctant to offer their services to crypto-related entities.

In spite of that, the sentiments of the Indian Prime Minister have instilled faith in the cryptocurrencies community, obtaining full green light to operate in the country.