Conglomerates In India Conduct Pilot Trials For Blockchain Applications
Some large Indian firms such as Hindustan Unilever, ABG Shipyard, HDFC Bank, and Reliance Industries are carrying out trials involving the use of blockchain technology for recording keeping, CCN reported.
According to CCN, the India Times reported that the results from the pilot tests are encouraging so far, and the corporations will scale up the implementation of the blockchain applications to cover a wider scope of work if the final results are favourable.
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The problem with India (speaking as an Indian) is that the govt is allowing companies to harness the power of distributed ledgers like Blockchain but not letting individuals utilize it in the form of cryptocurrency. Their closed mindedness and cartel like behaviour towards big industry will be a critical reason if India gets left behind in the next technological revolution.
Thanks for the suggestion @devann.
The black economy in India in considered to be huge compared to most other countries. During my last visit to India about two years ago, I stayed in a boutique hotel in Delhi. They insisted that I pay cash. Your guess is good as mine as to why they do so. This was just a week before the banning of 500 and 1000 rupees notes. It is estimated that $1500 billions is parked in Swiss and other offshore banks by Indian nationals. Do you think this could be one of the reasons or the main reason why they are so conservative?
Yes, to be fair to them, individuals here love to find ways to hide money from the government. But at the same time, corporations are arguably worse. So in light of that, is it fair to allow these corporations to leverage blockchain and not individuals? It is in fact easier for them to hide their money/assets is various offshore avenues than it is for someone like me and you.
ICICI Bank in India uses the Stellar (XLM) protocol to make international transfer easier for them. When I want to do that, I'll be flagged by my bank or the tax department for buying into a cryptocurrency.
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If you don't mind me adding, most individuals in India prefer to hoard their black assets as gold or real estate (fairly easy to do as well). Most of these offshore accounts are companies and very wealthy individuals who run the companies and governments
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I guess the Indian government will have to revolutionise its current mindset in order to spur the mass adoption of cryptocurrencies in the country.
That's exactly what they don't want. The more people using crypto, the more people selling the Indian rupee and creating more weakness.
Their goal is to have an economy dependent on them. Efficiency, effectivness, and making life easier isn't their concern right now. And this goes for every government
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That's exactly what they don't want. The more people using crypto, the more people selling the Indian rupee and creating more weakness.
Their goal is to have an economy dependent on them. Efficiency, effectivness, and making life easier isn't their concern right now. And this goes for every governmen
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Thank you for sharing @investprosper, great post, upvoted~
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