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India, which is home to over 1.2 billion people and the world's fastest growing economy title, has seen a plethora of unclear regulations and restrictions on the emerging blockchain and cryptocurrency industry.
For months, there were rumors that the Indian central bank would issue its own cryptocurrency and lighten its position on digital assets until Reserve Bank of India he wronged the idea.
The Indian central bank has ordered all banks to stop serving cryptographic exchanges last year, but now Indian officials are pushing for creation of a rigid framework for growth digital goods space.
There is clearly a lot of uncertainty in the cryptocurrency and blockchain sectors in India, but despite this uncertainty, large conglomerates and banks in India are still observing the cryptocurrency – or at least blockchain technology – as a viable way to manage their finances.
The major conglomerates of India are exploring the Blockchain technology
According to a report published by the India Times, the best Indian companies are currently experimenting with blockchain technology to reconcile accounts, make payments, keep proper records and manage internal funds.
Speaking of the matter, Sai Venkateshwaran, a partner and director of the CFO in KPMG in India, He said:
Several large companies are evaluating various cases of blockchain use, including in areas such as the management of intragroup transactions and as a logical extension, considering its use as a group treasury management tool for more efficient management. of liquidity and working capital.
These great Indian conglomerates who are experimenting with blockchain technology want to avoid a situation like this Taking IL & FS, where the lack of an adequate preservation of documents contributed to the detection of the financial company by the Indian government.
More and more Indian companies are willing to explore alternatives with blockchain technology ensure that financial records and contracts are properly documented.
Some of the large companies that perform several pilot tests using distributed ledge technology (DLP) as a balancing tool for book balancing include Hindustan Unilever, ABG Shipyard, HDFC Bank and Reliance Industries.
Realize the functionality of DLT and Blockchain technology
These companies realize that the use of blockchain and DLT can potentially eliminate any possibility of discrepancies. For large companies with multiple levels of data flow, this security and transparency feature is extremely useful and attractive.
According to sources quoted by India Times, these companies say the test results on the use of blockchain data retention technology are promising. If the final results of the tests are impressive, the companies involved plan to extend the use of blockchain to other areas.
Such as he has declared from one of the top technology officials working on blockchain pilots:
Many companies have huge cash transactions and keeping track of all these things is difficult, but blcokchain can also be a good source for keeping records.
All in all, if all goes well with corporate tests, we can expect Indian conglomerates to have a great future in the implementation blockchain technology.
If large conglomerates will start implementing blockchain technology, will this have a positive effect on cryptocurrencies like Bitcoin (BTC)? Let us know what you think in the comments section below.
