Various reports and the number of Blockchain use cases implemented suggest that the financial sector stands to gain the most from Blockchain-based service implementations. Some of the many use cases discussed below are to highlight only the most obvious use cases. Trade Finance In trade finance Stock and Share sale and purchase transactions that can sometimes take two to three day are made through brokers and exchanges for clearing and settlement it requires tedious processing through paper and electronic media. Each party including middlemen maintain their record of transactions or…
xpressmoney.com January 4, 2019 On 1st February, in his 2018 Union Budget speech, Finance Minister Arun Jaitley declared that the government of India would not recognize cryptocurrency as legal tender. However, he added that India will explore the potential of blockchain in governance. And so, it did. Niti Aayog, the government’s think tank, was put to the task of studying the use-cases of blockchain technology and developing viable prototypes. It is currently working on what could be the world’s largest implementation of blockchain in governance- IndiaChain. Before we dive into…
India is known for its demographic dividend which can propel it to become the next China-like story or even better. For those of you who don’t know, demographic dividend as defined by the United Nations Population Fund means, “the economic growth potential that can result from shifts in a population’s age structure, mainly when the share of the working-age population is larger than the non-working-age share of the population.” India sits at the helm of this demographic dividend because half of India’s current population of over 1.2 billion is under…
Market Research Future (MRFR)’s study has shown that the global Blockchain technology is anticipated to exhibit a compound annual growth rate (CAGR) of 66.4% during the forecast period 2018 to 2023. MRFR is a research group that bridges the gap between clients by identifying and decoding the target group, while generating leads with accuracy. The assessment indicates that the global market is poised to scale a valuation of USD 7,128 Mn towards the end of 2023, observing an upsurge in the adoption of Blockchain for smart contracting, digital payments, and…
Learn common blockchain technology terminology. Our blockchain technology glossary is a complete blockchain 101 guide to help you understand this new technology by explaining commonly used terms and their meanings. Scroll down to learn more 51% AttackAn attack on the blockchain that results in a group of miners controlling over 50% of the network’s mining hashrate, a term used mostly in reference to Bitcoin. Accidental Fork An Accidental Fork happens when two or more miners find a block almost simultaneously. One chain then becomes longer than the other and the…
Telangana govt, ChitMonks partner to launch blockchain-based chitfund system ‘T-Chits’ The government of Telangana, through its Registration & Stamps Department has collaborated with T-Hub startup ChitMonks to launch T-Chits, a blockchain-based chit fund administration As the chit fund business in India got corporatized, regulations to administer the business and protect the interest of all subscribers involved also evolved. The Central act of Chit funds, which came into effect from 1982 has since been the guiding book for all the regulators across India. At the state level, governments are responsible to…
Stamps and Registration Department partners with ChitMonks In a first, the traditional chit fund administration is powered by the secure blockchain technology as the Stamps and Registration Department partners with ChitMonks, a start-up, to launch T-Chits. At a time when all record-keeping is manual, the initiative is aimed at bringing trust among subscribers and ensure that there is no manipulation of numbers. ChitMonks on Thursday said T-Chits intends to bring assistant registrars of chits and registered chit funds on the blockchain network. This would bring about ease in business. “The…
Article By Toufi Saliba & Forbes Technology Council Blockchain has yet to go mainstream, which isn’t at all surprising. However, maybe this can be changed because the promises of the blockchain are too good to pass on.There are thousands of blockchain projects in the world today, and while it can be difficult to tell which ones are capable of long-term success, it is possible because you can assess whether they are missing necessary elements in their current design (and many are).In security, there is a saying: “You are as strong as your weakest link.”…
As blockchain transitions from hype to reality, various issues are coming to light. Further, it is also becoming clear that the technology requires more detail in terms of enabling better understanding, hence better implementation. Notably, blockchain implementation challenges simply imply that there is more to work on before the technology can fulfil its promise. Interestingly, getting to the bottom of the challenges requires a good understanding of the technology and what it entails. Further, blockchain is quite undefined as it is today. As such, one might not be clear on…
Bitcoins have rapidly gained popularity, but what is the currency’s legal status? This week Germany revealed that it sees the virtual payment method as “private money,” but its tax status remains unclear. The value of bitcoins has become widely accepted. The virtual, Internet-based currency can currently be traded in for about $120 each, according to Mt. Gox, a popular bitcoin exchange. But now they are also gaining a legal footing — at least in Germany, where the Finance Ministry has declared bitcoins to be a “unit of account.” The designation…
Credits: Published by J.P. Morgan There is a growing realization that distributed ledger technology — popularly known as blockchain — will bring a radical shift in the way we think about financial assets and the way the financial industry will operate in the future. The blockchain journey is likely to be long and the outcome is uncertain, but a consensus is forming that it is the real deal. Disregarding it is a risk. In this joint report with management consultant Oliver Wyman, we argue that asset managers need to get…
Part Two: In part two we will cover some more fundamental aspects of the Ethereum blockchain such as wallets, transactions and gas. While giving you a brief overview of the similarities and differences of centralised applications vs decentralised applications, and what kind of development environment should be used along with some key tools for smart contract and decentralised application development. If you have just joined the series please see part one to start from the begininng https://medium.com/bitfwd/ethereum-development-crash-course-part-one-327dee16878b More Ethereum 🐰🕳 Article one covered some of the main key points behind Ethereum’s…
Part One: In Part One of this series, we will cover the basic fundamental knowledge of Ethereum, what is it, how does it work, what are the primitives of Ethereum and its structure. What is Ethereum 🌎 Ethereum is an open source distributed ledger that was originally proposed in late 2013 and then released to the public in 2015 by a Canadian called Vitalik Buterin. He was originally born in Russia and then he migrated as a child to North America. With an IQ of 150+ and a strong technical mind,…
