India expects financial spread of blockchain technology

 

India expects financial 

spread of blockchain technology

With India's willingness to adopt Blockchain technology

 and the federal government's assurance of its benefits

The Web3 sector expects banks and financial institutions to increase

 the use of technology in many different use cases in 2024.

in 2023

India's finance minister, Nirmala Sitharaman, confirmed that 

the government is not against technology.

India's technology use is also expected to increase by an estimated 46% 

in the next few years.

Last year

state governments in India piloted Blockchain technology in land

 registration and certification, and provided

 an online portal to file police complaints.

Regarding current uses, Rohan Charan, founder and CEO of Timechain Labs

 which uses Blockchain BSV in its applications

 explained that integrated data solutions are the most used.

Charan noted that the financial spread of Blockchain will increase as

 cryptocurrencies associated with central banks (CBDC) emerge

Because of the possibility of programming these currencies, and also because of 

the power of uncontrolled financial solutions such as financing

 supply chains that use Blockchain technology.

Charan added that he expected challenges related to the Central Bank's

 digital currency (CBDC) programming and legal regulation.

"The current Central Bank Digital Currency (CBDC) 

is not programmable by default.

What we have provided in the industry is the creation of 

a bridge connecting the CBDC symbol with Blockchain technology. "

Charan stated that banks in India use blockchain technology heavily

There were 15 banks cooperating in using the technique to 

make settlements between them.

He also noted that

 the Central Bank of India had not issued appropriate guidance

 on the acceptance or promotion of

the Central Bank's digital currency (CBDC) bridge codes.

With regard to digital rupee (CBDC)

India's central bank has made significant progress

 with 1 million daily transactions.

The central bank began trials for digital rupees in the wholesale and retail

 sector in November and December 2022 respectively.

Menon, Vice President of WazirX

India's largest digital asset trading platform confirmed

Banks in India use technology extensively 

and interbank transactions are settled using blockchain.

Regulation was currently the only missing component

and the sector was expected to be regulated in 2024-2025.

Repeat blockchain use cases

According to the President of Web 3 Society of India, Dilip Chinoy

it is expected that provincial governments in India will cooperate

 this year to replicate some cases of blockchain technology that 

have already succeeded at different levels.

Reports indicate that the state of Maharashtra in western India uses blockchain

 technology to store all electronic registration data of newly constructed properties.

In another case in eastern India, the New Kolkata City Development 

Authority in West Bengal announced a partnership with Airchains

It is an intermediate

 software platform based on Web 3

to convert land ownership into non-replaceable codes (NFT) and manage 

land records. The blockchain model allows partial ownership of real estate.

Chennoy believes that in 2024, it will see an increase in the use of 

blockchain technology in different states

This is easy to implement, and it is expected to see

 an improvement in use cases in this regard.