How India can use Blockchain Technology to improve its finance sector? - letsdiskuss
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Rohan Chauhan

Financial analyst (Mudra finance company) | Posted on | Share-Market-Finance

How India can use Blockchain Technology to improve its finance sector?


Entrepreneur | Posted on

In his 2018 Union Budget speech, Finance Minister Arun Jaitley said that Indian government will go head to see if they can use Blockchain technology in different sectors to improve the operational end. The comment was very positive, hinting that we can see more of this technology that’s revolutionize by Cryptocurrencies; Bitcoin, in particular.

The very evident benefit of blockchain technology is the transparency it brings in recording. This has the potential to literally zero down the corruption level if embraced on a mass scale. Blockchain is basically a digital ledger that just cannot be tampered around. While, primarily, it is programmed to record financial transactions, it can be used to record anything and everything—from school and college attendance to hospital patient record. Isn’t that incredible?

No wonder, State Bank of India has already announced that it will start using blockchain for smart contracts and KYC. Financial institutions around the world are planning to use this revolutionary technology in their operations.

In India, this could impact not just the finance but nearly every possible sector. Like for example, imagine all the bribes we have to pay to get things done. Now with our every transaction getting recorded on a live ledger, it would be so easy to catch people who take bribe. Of course, this is just one way how Blockchain can positively impact the socio-economy state of the country. There are many many benefits—even more if implemented on the micro level as well.