Blockchain in the Indian economy is evolving at a rapid speed and is being undertaken over by various sectors. Many MNC’s and organizations have started developing their own blockchain-based systems which means that it is accepted quite positively in Indian market despite cryptocurrency being rejected by the government. There lies a global market worth $5 trillion for Indian companies which can be achieved by 2025 if at all there is a right execution of the encryption based technology for international remittance.
According to Live Mint, it is stated that find-transfer from non-resident Indians (NRIs) contributed a huge amount of foreign currency and livelihood to the Indian economy. This remittance is making up a large amount of balance which stimulates the currency system. In addition to this, the average cost of fund transfer to India is about 5.63% of the transaction. Therefore, there is a need for a better and efficient remittance system which becomes even better with a reduced fund transfer charges.
Blockchain in the Indian economy can effectively carry out these operations as it can make the fund transfer instantly at a minimal cost. Otherwise, it usually takes up to 5 business days to make the payment overseas or it might even go missing at times. A conventional method of sending remittances into India is costly, time-consuming, and prone to error. If the money remains stuck in the transfer process for a longer duration it becomes volatile in the forex market. Blockchain technology here plays a vital role in making it a real smoother process which is as easy as sending an email.
Blockchain A Game Changer In Indian economy
The encryption-based technology is making the entire system innovative and streamlined. Blockchain in the Indian economy is indeed the solution for cross-border payment system which will bring a transformation in the near future. The government inst hesitating in the implementation of blockchain within its systems but there definitely is a resistance for cryptocurrency which is not yet accepted in the payment system.
The post Blockchain In Indian Economy Bringing Out Rapid Change appeared first on OWLT Market.
from OWLT Market https://ift.tt/2P5AUPd
via IFTTThttps://ift.tt/2OlCCL9
No comments:
Post a Comment