How blockchain technology could change our lives

Distributed Ledger Technology or Blockchain is currently being touted as the next big invention following the Internet itself. Blockchain applications are appearing across a vast range of use-cases from alternative currencies to global payments, remittances, securities clearing, settlements, insurance contracts, land record management, tokenization and sharing of physical and digital assets, document storage, document management, Proof of Existence certificates, KYC, identity management etc. Institute for Development and Research in Banking Technology recently conducted a successful Proof of Concept establishing block chain implementations in trade finance settlement bringing together stakeholders from banking, Technology and even start-ups like MonetaGo. We believe Bitcoin related start-ups would continue to struggle while Blockchain technology solution companies would find an early market for their services. Over the years, we expect Indian Blockchain companies to emerge to solve massive specific local problems like Identity, KYC, land records etc.