Securing trust through crypto and Blockchain technology : The use cases for India - updatesbit

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Securing trust through crypto and Blockchain technology : The use cases for India

              Is it difficult to imagine our world without intermediaries. Well, currently it is and solely for the purpose of making information and other assets reliable to facilitate transactions, they thrive. Isn't it ironical that with diminishing barriers to information interchange, we continue to be waylaid by lack of trust?

           The most basic and simplistic definition of Blockchain technology takes off right here. It's a distributed ledger technology that stores information across multiple systems in a secured manner to enable peer-to-peer transactions based on a trustworthy source. It may sound stretched right now but 
              once blockchain takes off like the way it is envisioned, the influence of intermediaries will diminish to the point of redundancy, someday.

In truth, the road isn't as smooth as tech geeks would have wanted. Policy wonks obviously see things a bit differently right now. For instance, the RBI has maintained a cautionary approach dating back to December 2013 and through its more recent ban (April '18 Circular) on "virtual currency" they have maintained status quo. For the propagation of blockchain technology per se, it's hardly a crippling blow but it can be, if adopters aren't able to distinguish the said technology from cryptocurrency.
                 It is of critical importance we get the message across, that despite the ban - we hope it's a temporary one - blockchain technology can still be used to bring about disruptive change which is no less than the second coming of the internet even. Sure, the underlying technology that fires Bitcoin is Blockchain but we must realize, the canvas is way bigger than cryptocurrency applications.

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