Cryptocurrencies such as Bitcoins have come into the limelight ever since price fluctuation has affected their value of capitalization immensely. Questions are being raised to debate if at all there is a need for cryptocurrencies in our economy. However, it is important to understand the true worth of these and how they are capable of changing the state of the world that we live in today. Emerging technologies in the Finance, Governance and Supply sector, such as Blockchain technology underpins the key facets of bitcoins and many other cryptocurrencies. Let us first understand the concept of a blockchain technology.
A blockchain is a decentralized public ledger which permits the transfer of money between different entities on a network without the need for verification by a central authority. A typical blockchain transaction mandates sending currencies from one entity to another via a set of miners on the network who validate the same and store the blockchain. These miners have access to the public ledger and are responsible for validating and locking transactions with a hash and storing them inside a block inside a blockchain. It is also packaged with great benefits involved in the process of storing and transferring virtual money, such as transparency, decentralization, immutability and security. Needless to say - blockchain technology has evolved as a nouveau horizontal for verticals like smart contracts, supply chain, file storage, IPs, AML, Energy Management, etc., over the years.
Let us now look at the top 10 Indian Blockchain Startups of 2018
1. Primechain Technologies – Founded in 2016 by Rohas Nagpal and Shinam Arora, this Pune-based startup is all set to develop blockchain –based solutions for the banking sector. It has also developed applications relevant to capital markets, governance, healthcare and pharmaceuticals. In such less time, this startup has filed a provisional US patent already, titled ‘Transparent self-managing Know Your Customer (KYC) program using blockchain and smart contracts’. As an integral part of Bankchain – collaboration of 27 banks from India and the Middle East – this 2 year old startup is developing a blockchain oriented tech-platform for authentication, verification and storage of electronic records.
Denne historien er fra July 2018-utgaven av Mad About Money.
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Denne historien er fra July 2018-utgaven av Mad About Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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