Globally, Policy may be dithering over cryptocurrencies, but governments and corporate entities have not shied away from incorporating the technology—blockchain—behind these.
Globally, Policy may be dithering over cryptocurrencies, but governments and corporate entities have not shied away from incorporating the technology—blockchain—behind these. Last year, banks lapped up the digital ledger technology, with the likes of SBI, ICICI and Axis announcing blockchain-based applications. This year, Andhra Pradesh which is building its new capital, Amaravati, has announced that it will use blockchain to track land-records in the new capital. According to a Hindu Business Line report, a fintech start-up will put existing land records into digital ledgers.
Not only will this ensure transparency, it will also establish a trust-system between entities and reduce the number of litigation by making titles more clear. Blockchain is useful as a system that can build trust—being a digital ledger, it works as a digital spreadsheet, in which one can only make changes if all parties to the ledger agree. India lags far behind in blockchain adoption. RBI had come out with a paper on the technology only last year, while some governments and companies worldwide are already experimenting with the technology for shareholder voting, distribution of necessities, and stock market operations. The Andhra Pradesh example should bring hope, more because of the process that it followed for blockchain adoption.
Last year, the state organised a blockchain conference in Vizag, one of its main cities, inviting companies to get smart solutions in the field for the state. Andhra Pradesh, thus, has not only paved the way for adoption of technology by other states but has also charted the path for other uses of the technology by holding such conferences and hackathons. India cannot cohesively assume the mantle for blockchain adoption, but by conducting discussions in every corner of the nation, it can undoubtedly discover new ways to benefit from the technology.