Blockchain technology is being implemented by businesses and governments in the long run.
What was once only a blip is now steadily gathering attention. Finally, blockchain is being used in company strategies across many industries. Today, it is anticipated that many banks and corporate giants would try it. Tushar Gandotra, founder and CEO of FiEx, a cryptocurrency-based firm, discusses how blockchain may support business development and has the ability to influence the Indian financial industry in an interview with FE Digital Currency. (Excerpts with Edits)
I think the Indian government is in favor of blockchain development and does not forbid it. In the long term, businesses and government agencies should aim to use blockchain technology. The industry can adopt Distributed Ledger Technology (DLT) solutions, which are supported by the Telecom Regulatory Authority of India (TRAI) and relate to a digital system for tracking asset transactions. Blockchain’s financial component, which includes cryptocurrencies like bitcoin and Ethereum, should be controlled.
Governments have a difficult time categorizing cryptocurrencies since fiat money still exists and is widely utilized by the general public. Due to a lack of information, I believe it is still unclear how cryptocurrencies will operate in the current system. Governments can track fiat currency, but digital currencies are supported by a decentralized system. It should be handled as a virtual asset for the time being.
I think blockchain technology can be used to address the issues that still face the Indian IT sector. The establishment of enterprises and the production of income, it has the ability to increase a nation’s gross domestic product (GDP). There are use cases for using blockchain in every sector.
I believe that the Indian banking sector can grow thanks to blockchain. According to reports, decentralization’s incentivization has aided in the monetization of ambitious developers. Through resources like decentralized autonomous organizations, the decentralized system has eliminated reliance on a centralized authority (DAOs).
While institutionalizing blockchain might have benefits, doing so for cryptocurrencies may be more difficult. This is where governments can help. Corporate blockchain development, which refers to a permissioned blockchain network that can be integrated and utilized for enterprise purposes, has the potential to produce significant financial gains. Technology-based businesses should begin utilizing blockchain networks to create enterprise-focused solutions.
