Despite the dip in the crypto market, it doesn’t look like blockchain is slowing down. In a recent study, experts in India have exclaimed that the country can become one of the leaders in the industry. Blockchain is finding itself around the world with an Australian university providing online blockchain programming course, Russians developing a blockchain cluster in Chechnya, and UK’s Coinfloor obtaining a DLT license in Gibraltar.
India has been having a hard time with the crypto community with the government regulators issuing bans and penning regulations. This however, hasn’t deterred the country from attempting to take the lead in blockchain technology within five years. This analysis came about after a recent survey was conducted by PwC, a global consultancy firm.
The study was conducted by questioning 600 executives in 15 countries and territories, with 84 percent of the respondent’s organizations claiming to be actively exploring blockchain technology. A quarter of the companies have a blockchain pilot in the works, and the rest are in various stages of development.
Another component of the polling was how the executives perceived which countries were leading in advancement in terms of developed blockchain projects, with The United States, China and Australia taking the lead. Sreeram Ananthasayanam, partner at PwC India, stated that blockchain adoption will need the involved parties to “increase trust amongst themselves on the assets they transact on.”
“The approach for India is no different – and it is indeed possible for India to be in the leadership ranks of blockchain in the next five years, with the right amount of industry and government participation.”
Ananthasayanam believes that the goal is achievable, if industry leaders take the appropriate measures to weigh the investments made and needed, as well as set up an infrastructure that is well regulated.
Many companies, policy makers, and regulators are delving into blockchain technology despite being hyped up with many projects suffering a failure at launch. Representatives from Brazil, Russia, India, China and South Africa (BRICS), leading financial institutions, came together and reached a blockchain development agreement. During the BRICS Summit in Johannesburg back in July, the member states signed the Memorandum of Understanding. The various institutes of the cooperating countries, the Brazilian National Bank for Economic and Social Development, Russia’s State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), the Export-Import Bank of India, the China Development Bank, and the Development Bank of Southern Africa, have made an agreement to combine their collective effort to explore distributed ledger technologies (DLT) such as blockchain.
Russia announced a new project to create and enhance the digital economy of Chechnya in the North Caucasus, as unveiled by the Russian Association of Cryptocurrencies and Blockchain. The goal is the development of a blockchain cluster in Chechnya with a proprietary regulatory body for testing innovative technologies. Elsewhere in Russia, Gazpromneft-Aero, the aviation fuel operator of oil giant Gazprom Neft and S7 Airlines announced it has developed and integrated a method of instant payments for refueling which utilizes blockchain-based smart contracts.
Over in Australia, with the supply of developers not meeting the demand, a new online blockchain programming course has recently been announced. RMIT University, Melbourne will provide the new online courses in order to create new developers to make blockchain applications and increase their qualifications in the field of distributed ledger technologies. In the development of the course syllabus, RMIT concluded that most people have heard of blockchain but not many understood what to make of it. The course sold out within 48 hours.
In western Europe, Coinfloor, UK-based cryptocurrency exchange has been approved for a DLT provider license in Gibraltar for its spot trading platform. Coinfloor’s new license was granted under the Digital Ledger Technology Regulatory Framework which was setup in the British overseas territory back in January 2018. Gibraltar has become one of Europe’s leading crypto haven due to its adoption of DLT regulations.