Understanding bitcoins and blockchain
I was asked by a senior banker last week what bitcoin and blockchain were. The idea behind the GSTPA was to create a technology ‘middleware’ messaging platform that allowed GSTPA’s member banks to settle transactions among themselves faster than existing clearing and settlement processes could. Sovereign governments don’t like allowing companies to issue their own coin and will eventually regulate such systems, much like Victorian England stopped allowing the East India Company to issue its own coinage in India. However, banks are still at threat with blockchain, since more and more firms will build systems that can create and exchange ‘blocks’ with one another completely legally, without ever having to use the banks as a financial intermediary. In their attempt to evolve into software product firms, Indian IT service providers would be well advised to expend significant energy to produce software products that incorporate blockchain technology for a variety of industries.
OPINION: How India Can Emerge As A Crypto And Blockchain Hub, With A Robust Policy
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