Across the world, Policy might be indecisive over cryptocurrencies, however corporate entities and governments have not held back from integrating the technology behind these—blockchain. Banks, in the previous year, gave a green light to the digital ledger tools, with the likes of ICICI, Axis, and SBI declaring blockchain-based apps.
This year, Andhra Pradesh that is housing its new capital, Amaravati, has declared that it will make use of blockchain to trail the land-records in Amaravati. As per the report of Hindu Business Line, a fintech start-up will place the prevailing land logs into the digital registries.
Not only will this ascertain clarity, it will also set up a trust-system among entities and decrease the figure of legal action by making labels more obvious. The blockchain is helpful as a method that can put up trust—being a digital registry, it functions as a digital spreadsheet, wherein one can only do modifications if all parties to the registry give consent.
India is lagging far behind in the implementation of the blockchain. The Reserve Bank of India had surfaced with a document on the technology only in the previous year, whereas some companies and governments across the globe are already conducting tests with the technology for distribution of necessities, stock market operations, and shareholder voting. The Andhra Pradesh instance should bring expectation, more owing to the course that it pursued for implementation of the blockchain.
In the previous year, a blockchain symposium was organized by the state in Vizag, inviting firms to find smart solutions for the state in the field. Thus, Andhra Pradesh has not only made the means for implementation of technology by other states but has also mapped the route for other applications of the technology by organizing such hackathons and conferences.
India cannot cohesively pick up the pieces for blockchain implementation, but by carrying out conversations in each corner of the country, it can certainly find out new means to gain from the technology.