Interesting guest post from the BitIndia guys, and you never know, it might just be true? If it is, then you heard it here first. There is so much going on in India that could align to make it exactly the right sort of place for mass adoption. India is always consistently one of our top 4 countries for views too, so it’s clear there is a keen interest in cutting edge tech developments. See more on their site here.

The new wave of Blockchain will come from India

Knowing about blockchain

We all have been hearing and getting accustomed to this blockchain name, more before, because it has been trending in top the upcoming technologies. The blockchain technology, for people new to the technology is basically, it is the driving force, the foundation behind many cryptocurrencies like Bitcoins, Ethereum and many more in the market. What makes them special is the transparency it provides when used for tracking records, mainly is a kind of Ledger. This ledger helps in maintaining, auditing records, thus, providing a platform which ensures data integrity. The blockchain uses tricky mathematical problems which are needed to be solved, to acquire the clear set of records.

This blockchain technology can be used in various of platforms. It gives a big platform to corporation, businesses and organizations to maintain the records and data. The Ethereum blockchain technology has a shared record of the transaction history. Every node of the blockchain has a copy of the history of the number of transactions made. The Ethereum blockchain is slightly different from others because it stores the recent, updated records of the smart contracts. For each of record, the network keeps updating the current state of the user’s recent information.

Will it serve a purpose?

This technique can be implemented in various firms or for the business purpose. It has become a more efficient platform for the work related to transactions, record maintaining in industries. It has emereged as a better option than the traditional one’s existing in the market. The Blockchain technology helps for keeping the records and maintaining the accounts for business by using the techniques like smart contracts. Smart contracts came into existence after the annoncement of the Ethereum project. The smart contracts are the self automated programs in the computer that can carry on with the terms of contracts. It will help to avoid the regulations in the business.The challenges are to be solved first, before adopting the bitcoins or even implementing the blockchain. The consumers are hesistant because it is the initial period of the technology, and there are inhibitions about the risks, safety issues, and privacy concerns amongst the people regarding the wallet.India is emerging as a global IT competitor and it should start looking at make the most of its efforts to take the most benefits of Blockchain technology,by covering the voids and talk into the users to adopt Bitcoins by providing improved experience for the users.

Going the blockchain way

Adoption of Bitcoin and blockchain has ofcourse achievable to allow better transactions and give great financial solutions for a smooth process. But in this space, scalability is, in the same way, important.Investments should be the foremost priority in crypto-currency mining and then altering it into an dynamic investment. It is the high time for the Indian government to move forward in reforming and keep up with the sentiments high. Blockchain and cryptocurrency can be associated with each other, but that is not the limit of blockchain. Blockchain is a network, which can be implemented like many other existing networks. It can implemented for any purpose in any field, where there is a need to decentralize the network and have a transparent network. India, is the world’s biggest democratic country, having a large number of youth in the total population. The growing IT sector needs to hav such kind of technology where things can be accessible on a decentralized level. The new wave of blockchain will surely come from India, since India has a lot of intellectual power with the combination of IT skills. Time and again, it has been proved by India, that it is capable of adapting any new technology with full enthusiasm and skilled efforts, and it has always set an example to other developing nations.

Bitindia – The CEO, the Team and their Vision

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

You May Also Like:

Pin It on Pinterest

Share This