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Indian Economy could see a $5 billion upsurge thanks to blockchain says Nasscom

Shahrain KM



Indian Economy could see a $5 billion upsurge thanks to blockchain says Nasscom
Source: Unsplash

In a recent interview with Indo-Asian News Service [IANS], KS Viswanathan, Vice President [Industry Initiative] of Nasscom, the apex body of the $154 billion IT BPM industry in India, remarked about blockchain technology in India. Vishwanathan says that by increasing output and lowering costs, blockchain technology has the capacity to build financial growth of up to $5 billion in the next 5 years.

KS Viswanathan said:

“The Blockchain ecosystem is evolving in India. Creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology can go a long way in helping the country realize its potential.”

Established in 1988, Nasscom [National Association of Software and Services Companies] is a non-profit industry which has made a tremendous contribution to India’s employment, exports, infrastructure, global visibility and essentially its GDP.

Blockchain technology could potentially augment the speed of transactions while increasing its transparency based on the distributed data storage network. The technology is becoming popular because it has the capability of altering various sectors of the economy which comprises of the healthcare, travel and retail services as well as the Banking, Financial Services and Insurance [BFSI].

Although the technology carries such potential, organizations in India are wary of adopting it.

The fundamental reasons for such a reception are the fact that there is a distinct lack of awareness of blockchain technology in general in India. The unavailability of experts with knowledge in the field added to the lack of a computing infrastructure, which is why India is not accepting blockchain, says Viswanathan who also heads the 10000 startup initiative of Nasscom.

From the recent fiasco of RBI’s currency ban, it is evident that even a faction such as the Reserve Bank of India did not do sufficient research on what exactly constitutes blockchain technology and cryptocurrency.

Sethi, a lawyer and the founder of said:

“The RBI specifically mentions that it conducted no research or consultation before the implementation of restriction in April. The RBI also responded that no committee was ever formed for analyzing the concept of blockchain before the decision.”

The IT Industry lobby had also recently organized the biggest blockchain-based hackathon. Vishwanathan remarked:

“The idea is to energize the blockchain community beyond cryptocurrency. The immediate reaction of the ban on crypto had an impact but that is going away now. We hope that this will prove to be a platform for collaboration and co-creation on innovative products for big corporates to work with startups that are emerging in the sector.”

A fair way to boost investment in blockchain technology is to begin investing in startups. At present, there are about 20-30 acceptable blockchain startups in India, said Vishwanathan.

Nasscom in a tie-up initiative with the Blockchain Research Institute [BRI] based in Canada launched various activities in February that comprised of webinars and knowledge sharing in order to build awareness and establish skill sets for blockchain adoption and deployment in the country.

Redditor, Coinstash commented:

“Not with that government they can’t. More indecisive than Russia.”

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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.


XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind




XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.

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