India Launches Blockchain Foundation To Accelerate Growth

by CXOtoday News Desk    Dec 14, 2017

bitcoin

Blockchain technology that was developed to reinforce digital currency bitcoin,  is picking up pace in India. A recent effort in this area is the setting up of The Blockchain Foundation of India (BFI) is a community effort to promote the growth of blockchain-based initiatives in India.

While relatively nascent in India, it is considered the most efficient technology against cyber fraud that allows financial transactions to be verified electronically over a network of computers.

BFI was launched formally on Wednesday, December 6, 2017 in New Delhi, India. The aim of BFI is to connect all blockchain-based startups and their CXOs, government bodies, blockchain enthusiasts at one single platform to inspire, participate and collaborate in each other’s success in this growing industry.

The executive members of BFI are Velix.ID, a blockchain startup working with the mission to build a global platform for frictionless identity verification, CoinSecure, a leading Bitcoin exchange in Indiaand OneCo.Work, a startup working to promote startup culture in India by solving basic startup problems.

Manav Singhal from Velix.ID  said, “Blockchain is the future of technology itself. We have a lot of talent working with blockchain in India; what we truly needed was a platform to collaborate and encourage. Through the BFI platform, we will be able to accelerate the growth of blockchain technology in India remarkably.”

Already several banks in India have started experimenting with the new tech. ICICI Bank, Axis Bank, YES Bank, and Kotak Mahindra Bank are using it in areas such as international trade finance and vendor financing. In India, 56 percent of companies surveyed by research firm PwC said blockchain is part of innovation strategy, though not many may have implemented it. The PwC Survey counts the most common uses as those for fund transfers, digital identity and payments infrastructure.

The Mission of BFI is to spread awareness in the technology and related practices. Even though blockchain technology has been around for a while globally, the technology has not quite caught up in India. One of the goals of BFI is to dispense information about the blockchain technology in a more Indian context.

Secondly, this can help in building a Community: At present, the Blockchain Community in India is divided into motley groups with no uniformity. By bringing the community together, BFI aims to advocate for improved blockchain reception in India.

BFI is also expected to accelerate Blockchain Growth. Blockchain, as a technology, is still in its nascent stage in India. There is a remarkable leeway to make innovations in the blockchain sphere; by promoting promising startups, BFI shall help accelerate the growth of the technology.