Evolution of Cryptocurrency & Blockchain technologies in India

The year 2017 has been particularly interesting for the growth of cryptocurrencies in India. The people of India and the Indian market for cryptocurrencies appear to love them all the more. Now lets see how the cryptocurrencies and blockchain technology will emerge in near future in India.

JIO Coin :

Reliance JIO Planning to launch their own cryptocurrency because of Present trend Across World wide. The name for this cryptocurrency is Jio Coin, and this will help the customers to make digital payments very more comfortable.

According to latest News, JIO Launching JIO Coin very soon. For this jio coin ico project Mukesh Ambani’s elder son Akash Ambani taking leading for the Reliance Jio Coin project officially, Reliance Jio planning to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.

What Will Be The Jio Coin Price In India ?

There are many rumors on the context of Jio Coin Price in India but still there is no any official announcement of jio coin. But as per the popularity of Jio, the expected price of the JIO coin is 1$ which equals to Rs 64 approximately in Indian currency.

How To Buy JIO Coins Online In India With INR & USD ?

As per the reports, Reliance Jio may launch their cryptocurrency on JioMoney app in which you will be able to buy Jio Coins Online using your wallet balance. But after few days, it might become available for purchase on popular exchanges like Bittrex, Binance, Koinex.

Blockchain in Banks:

As of 2017, 60% of financial organizations plan on using blockchain for international money transfers, security clearing and settlement and anti-money laundering services.

Two primary reasons that blockchain technology is going to revolutionize the banking industry in the next decade.

  • It’s far less expensive.
  • Transactions are significantly faster.

Blockchain would enable higher security and lower costs for banks to process payment between organizations and their clients and even between banks themselves. In the current reality, there are a lot of intermediaries in the payment processing system, but blockchain would eliminate the need for a lot of them. By using the proof of concept, blockchain was able to complete the transactions in just 10 to 20 seconds.

There’s a lot of paying fees and waiting for money transfers. Fees for Money transactions average around 10%, and the money transfer takes about one to two business days. Financial institutions spend a large amount just to keep up with KYC regulations.

For instance, blockchain technology would potentially remove any overhead costs for customer identification.  In a distributed ledger system, the customer identification is effectively performed by everyone on the network, simultaneously.

Most banking systems around the world are built on a centralized database that is more vulnerable to cyber-attack because it has one point of failure rather than many—once hackers breach the one system they have full access.

The blockchain is essentially a distributed ledger where each block contains a timestamp and holds batches of individual transactions with a link to a previous block. This technology would eliminate Fraud transactions.

Blockchain in SBI :

State Bank of India (SBI) will go in for full-fledged deployment of blockchain in its reconciliation, remittances and trade finance operations in FY19.

In February 2017, Bankchain, a consortium of banks led by SBI, was set up to work on developing blockchain-based solutions for banking in India. BankChain is a community of 27 banks from India and the Middle East. BankChain aims to reduce fraud and maximize efficiency, security & transparency in the banking systems.

Primechain Technologies operates the BankChain community  will deliver an enterprise blockchain solution that runs on Hyperledger Sawtooth and Intel Software Guard Extensions (Intel SGX).

The solution will help SBI to increase the efficiency of financial transactions without having to compromise on data confidentiality and transaction security.

Benefits of blockchain technology for banks :

The key benefits of blockchain technology for banks :

  • Less Expensive
  • Greatly improved security
  • Reduced infrastructure cost
  • Greater transparency and auditability
  • Real-time automated settlement.