Mr. Narendera Modi has already expressed his thoughts on trending technologies like Artificial intelligence and Blockchain for enhancing the economic sector growth. Mr. Modi assured the society that these technologies perhaps hinder other employments of people but it will surely make people to the most promising future.
Recently, IT minister Ravi Shankar Prasad insisted on the privileged e-governance arm of the Ministry of Information Technology, National Informatics Centre, to arise with groundbreaking blockchain technology-based solutions for enlightening and accelerating the quality of education in government schools across the country. He also stated that blockchain technology will be sweeping up new paths in the zone of governance, excise operations, etc and he also insisted that he would like to visualize its use in the ground of agriculture, primary education, and health, etc.
Here the top blockchain startups in India:
SOMISH
It was established in 2006, SOMISH is based on a technology and product elaboration company with proficiency in constructing robotics systems deploying cutting-edge technologies. This company headquartered in New Delhi, having more than 50 employees in it. It was founded in the year 2006. Shiv Saran Goel is the chairman and Ish Goel is the CEO and Director of the company.
SOMISH team focuses on working of different variety of blockchain use cases like
- Aviation Maintenance Log
- P2P Insurance
- Tokenized Fund Transfer
- Subsidy Distribution
- Bill Discounting
- Crisis Fund Distribution
SIGNZY:
Signzy is serving banks by resolve the authentication of customers and onboarding complications by the deployment of blockchain-based solutions. It is able to achieve to mitigate the operational expenditure by 75% almost and enhancing the efficiency of the system three times. Its head office is situated in Bengaluru. Ankit Ratan, Arpit Ratan, Ankur Pandey are the founders of Signzy. It is founded in the year 2015.
Blockchain technology and Biometric signatures and is used by onboard clients in a secure and legal manner.
Its API platform aids to perceive the legitimacy of the information and cracks down on digital forgery, which human usually ignores.
EZYREMIT:
This company works on the remittances based on bit based cryptocurrencies made on the aspect of blockchain. EzyRemit’s main motive is to mitigate the rate of allowances(remittances) and make it suitable for society to transfer money. It targets to make it more spontaneous and fast instead of being involved it in a clumsy process. Its head office is situated in Banglore, founded in the year 2015 and founded by Vishal Kanvaty and Abhijeet Jaiswal.
This is a novel company that emphasis resolving some of the difficult issues related to banking and payments via their flagship blockchain-based products.
PRIME CHAIN:
The blockchain environment that possesses the capability to create or we can say to build itself in just 6 minutes (or less) along with a feature of a functional web application as well as mobile Progressive Web App, in addition to API service. It is headquartered in Pune, Maharashtra The founders of Prime chain are Sheenam Arora And Rohas Nagpal.
The servings of Prime Chain are as under:-
- Step up scalability of various applications
- Save development time
- Wonderfully enhanced system security
SOFOCLE TECHNOLOGIES:
Sofocle technologies serve society by offering global development of blockchain and it aids various companies to revolutionize with fore-front blockchain technologies. It is headquartered in Noida, Uttar Pradesh, founded by Ravi Chamria in the year 2016. This basically emphasis emerging Blockchain-based enterprise solutions for Health, Finance and Manufacturing areas. It has industrialized solutions for the following:
· Supply Chain Financing also called as sofoSupplyTrade
· Finance also called as sofoTrade
· Product Supply Chain also called as sofoChain
PSI PHI Blockchain Labs:
This mainly focuses on Building next-generation technology-based products that based on distributed ledger technology It Headquartered in Faridabad, founded by Gaurav Kumar, Harsh Pokharna, Aditya Prasad in the year 2016 They mainly work in three essential firms that are supply chain, Telecom, and Health sector.
Their primary products are:
- CRYPTO LOCKER – It is used to Save and share documents on blockchain deploying a set of APIs
- DIGI RAIL – It is a Multi-party shared database to elevate or enhance supply chain data flow.
Cryptocurrencies Policies in India:
Ban Ban Ban
The latest trends depict that India is becoming the first country which is regulating cryptocurrencies on the globe. The cryptocurrency and blockchain sectors have had not given a very good impact in the year 2019 in India and so due to lack of approving regulations and harsh central banks, Government has stated so many times earlier that bitcoin is not legal.
People were selling bitcoin anyways.Mr. Subash Chandra Garg who is former finance secretary had prior this year suggested building cryptocurrency trading in India unlawful. This panel drafted that using virtual currencies mandates a fine. There were nearby 2116 cryptocurrencies. They impose a ban on them due to the violation of the prices. That Panel was constituted in November 2017. There was a draft bill that relied on the fact of ban of cryptocurrency and regulation of official digital currency bill,2019”. This draft dictates a fine and imprison of around 10 years and in case of recurrence felony there will be custody up to 5 years that can stretch to 10 years along with fine, however, the RBI has initiated makes meetings with other central banks for building on India’s own digital currency.
Mr. Arun Jaitley in the year 2018 stated the deployment of bitcoin illegal. Yet only the central bank’s digital monies are measured as flat or valid money. The Indian Government does not contemplate cryptocurrency as an authorized endowment. Bitcoin using now is not very translucent, anyone can use it for harmful unwanted activities also, so India is not accompanying bitcoins usage.
For deploying or using bitcoin currency firstly we need a crypto wallet. In early 2018 India’s central bank, the Reserve Bank of India (RBI) broadcasted a ban on the sale or purchase of cryptocurrency for objects controlled by RBI. The chairman of the Central Board of Direct Taxation has stated that anyone making profits from Bitcoin will have to compensate levies on them. Some other Income Tax Department areas have recommended that cryptocurrency benefits or profits should be taxed as capital expansions.
The inter-ministerial committee has suggested any commotion associated with simulated or we can say virtual currencies are cogitated as an offence. Nirmala Sitharaman stated a few months back that many countries rushing into cryptocurrencies.
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