INDIA Planning To launch Online Currency Via Its Own Blockchain
On the lines of Bitcoin, online currency can also be introduced in India. For this Block Chain Technology will be developed in IIT Kanpur. National Cyber Coordination Center (NCCC) has given a project of 33.40 Crore Rupees (Approximately 5 million USD) to the specialists of Computer Science Department of the institute to work on this technique.
Experts on Block Chain Technology at the Institute will work for three to five years. They will also work to secure online banking system across the country. This technique will be developed here, so that online transactions and data related to it can be secured.
Experts of IIT Kanpur are considered to be experts in developing the technology for cyber security and security software. Prof. Manindra Agrawal, Prof. Sandeep Shukla and IIT Madras Shweta Agarwal will work on this project.
Block-chain technology has become one of the major projects of IIT. In the competition to get this, IIT was also an institution like Delhi, Bombay and Madras. However, the NCCC gave special attention to the specialists of IIT Kanpur.
Block Chain Technology is a technology that is designed to record financial transactions. The block chain has the ability to deliver digitally to the database. That means it works like a distributed network. Not all records of the database are stored in a computer, but rather in millions of computers. This not only protects all records through block-chain technology, but rather records it encrypted and secretly. Online currency bit queen is based on this technique. So people are unable to locate its operato
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