DMPQ- . Discuss the status of Block Chain Technology in India.

. A Blockchain is a digital, immutable, distributed ledger that chronologically records transactions in near real time. The prerequisite for each subsequent transaction to be added to the ledger is the respective consensus of the network participants (called nodes), thereby creating a continuous mechanism of control regarding manipulation, errors, and data quality.”  Simply put, Blockchain is a protocol for exchanging value over the internet without an intermediary.

Indian Government and the Bitcoin saga

The government is pushing for the implementation of blockchain technology. However, there have been concerns that the stored data is subject to hacking or wrongful duplication from external sources as the government policies are looking to centralise data. Ever since the RBI put a ban on Bitcoin transactions, it has almost gone into a (metaphorical) war with various agencies who are advocating for free Bitcoin usage. During the winter session, the government was set to introduce its Crypto Bill but recent developments indicate that no such agendas have been agreed upon.

 

Kerala as the blockchain hub of India

The Kerala Start-Up Mission (KSUM) entered the GITEX Technology Week, held in Dubai World Trade Centre with 18 start-ups. It was the only state representing India. Out of the 18, few like Travelspoc, Embright, Globtec made great advances in their respective competitions with Travelspoc making it to the finals. Most of the start-ups were IT based, dealing with blockchain, robotics, AI, etc. According to a LinkedIn report, India is expected to have the biggest market for blockchain in 2020; Kerala is already gearing up for the challenge. Companies throughout the world are outsourcing blockchain-related activities to India.

Tea Board of India to use blockchain

Tea Board of India, through an expression of interest (EoI), made clear its intention of adopting end-to-end technology to promote transparency and improve traceability of products and trade operations. The quality of tea has been on the decline due to adulteration, therefore, making it difficult to distinguish between good quality tea leaves against bad quality ones.

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