These words by our first Prime Minister are etched into the memory of every Indian. Since historic times, we have been a nation of initiators and the world has seen our inherent potential for extensive paradigm shifts. But our superior heritage was rejected and ruined, initially by the dominant colonial powers and thereafter it was seized by illicit and corrupt activities that have hindered our progress to becoming the world’s biggest superpower.
On November 8, 2016, an extraordinary and much-debated decision was taken by the Indian government in consensus with the Reserve Bank of India, to remove Rs 1,000 and Rs 500 notes from circulation. At the time, these denominations accounted for about 86 percent of the total currency circulated in the country. The objective was to suppress the shadow economy which indulged in unlawful acts like money laundering, hoarding and using it for terror activities.
The idea of demonetisation was exposed as an economic crisis leading to outrage nationwide. But it enlightened the 1.3 billion population that cash is an unreliable method of transaction. Moreover, the move spurred the usage of digital transaction methods. Digital wallets like Paytm, Mobikwik and many others became highly popular across the country.
The cash crunch also led to the growth of e-commerce platforms like Flipkart, Amazon, Myntra and others as people preferred shopping online more. You can monitor the surveys after demonetisation and see a significant difference in online buying behaviour.
“A momentous disruption happened during the early stages of demonetisation. Many small and large scales industries which were already in favour of Bitcoin and cryptocurrencies got support from younger entrepreneurs. All of them collaboratively started altering their path towards blockchain technology,” says Sahil Kohli, CEO of Bitindia.
Enter blockchain
Blockchain can be defined as the technology underpinning Bitcoin. This technology utilises a peer-to-peer network of computer systems to authenticate and objectify the transactions. The blockchain is primarily a data structure which can be imagined as a digital distributed ledger of transactions. The sharing of information and data is done through a network of computers.
Blockchain technology allows for several benefits. In fact, users of this technology will tell you that this is one of the most effective technologies to have appeared in the world after the Internet. The benefits of this technology are immense, but let us discuss a few to begin with.
Security: Data on the blockchain is distributed, which means that all users share the exact same information. As such, any manipulation or unauthorised intervention is not possible at all because the data is complete, accurate and consistent across the users of this technology.
Timely: If you are making digital transactions operating within banking regulations, you will find that much time is wasted in formalities and documentation. Blockchain technology is advantageous in this respect. The transactions which take place using this technology take just a few seconds to a couple of minutes to process, which largely reduces your payment transaction time. Moreover, the transactions can take place day and night, without worrying about global time differences and banking holidays.
Bitindia wallet
Bitindia is working towards creating awareness regarding the potential assistance that Blockchain technology can provide to small and large businesses alike.
Bitindia, a blockchain wallet for digital money, will be introduced along with an exchange platform in 2018. The enhanced and reliable security on this network is meant to build trust amongst Indian citizens in relation to cryptocurrencies, with the help of blockchain.
The Indian cryptocurrency market is currently largely unexplored, with consumers waiting for a better foreground and faithful domicile. Bitindia’s competitors include companies such as Zebpay and Unocoin in the cryptocurrency space, and other conventional wallets like Mobikwik and Paytm.
Explaining his vision, Bitindia CEO Sahil Kohli explains says,
“Blockchain technology, once amalgamated with the users, will find extensive potential in the business scenario. People around the world are moving towards mass adoption and soon Bitindia will be the future.”
Bitindia is all set to challenge its competitors and hopes to become a buzzword among masses very soon.
DISCLAIMER: The views expressed in this article are those of the authors and Bitindia and do not necessarily reflect the views of YourStory Media Pvt Ltd. Readers are advised that the contents do not constitute guidelines, recommendations or professional advice, and are encouraged to seek independent assistance before making any investment decisions.