India has bagged over 638 million dollars from cryptocurrency and blockchain funding in 2021. India has the fourth-largest population globally and is a significant player in the global economy.
India wants to be at the forefront of this industry, considering its potential to transform society and create jobs for millions across the country.
This intention is supported by public statements from leading Indian officials, including Amitabh Kant of NITI Aayog, Srikanth Nadhamuni CEO at Helpdesk, Supriya Rastogi, Member of Rajya Sabha Majority Party Leader Dr Harshvardan Singh Deo Minister of Shipping & Commerce Port Authority Chairman etc.
Most recently, India has shown a commitment to embrace blockchain technology by planning to create a blockchain district in Karnataka. Their government aims to invest approximately $700 million over three years in this venture. This announcement came after New York-based blockchain startup ConsenSys announced plans for “Blockchain Hub” to develop a “blockchain district” in India.
Blockchain Districts will work as Blockchain Innovation Hubs, Blockchain Business Incubators and Blockchain Business Accelerators; and will benefit the citizens by bringing localized economic development within their borders with inbuilt mechanisms for jobs generation, start-up creation and business acceleration.
The Indian government has also formed a consortium of eleven leading technology companies to explore various blockchain projects for the country’s benefit. The members of this consortium are Accenture, Amazon Web Services, BT, Cisco, Ericsson, IBM Corporation, Microsoft (India Offices), Nokia Technologies (M2S group), Paytm Foundation and Swaraj.AI.
Indian cryptocurrency exchanges have also seen exponential growth in recent months, with over 100 new online businesses. In addition to trading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), Indian exchanges offer trading in several other digital currencies such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP).
More than half of the exchanges have started offering margin trading with leverage. In contrast, others have launched their ICO (Initial Coin Offering) and STO (Security Token Offering) platforms in India. The STO platforms offer tokenized assets such as equity, debt, gold and real estate to the Indian populace
Some of the most popular Bitcoin (BTC) trading platforms operating in India are –Coinsecure, Unocoin Bitcoin India and Zebpay.
Cryptocurrency mining is another area where India has registered massive growth. Some estimates suggest that over 50% of all mining activity has moved to Indian soil in the last few months
What Is Blockchain Technology
Since the dawn of time, humans have been trading goods and services with one another. Sometimes, humans would sell their goods for other goods and services due to their preferences (i.e. they liked one product more than the other). Humans used bartering as a way of exchanging goods and services without a third party getting involved in their transactions or goods/services or even an accounting system software (i.e., bills). Bartering started well, but then it became static over time. The same way that the first kings or leaders wanted control over everyone else, those people wanted the same control over trades of goods and services too. Even today, many people still barter for goods and services.
That is because bartering requires a third party to be involved. That third party would be an arbitrator or a mediator who would decide which goods should be exchanged when two parties wanted different things (buyer’s remorse). Bartering also takes time to be performed since the third party has to create lists of which products are available or not available. If one had extra development, they would have to find someone who needed it right away to be able to trade it when they were ready. Bartering can be time-consuming.
Slowly, people started to learn that bartering is ineffective and cumbersome. People wanted a new way of trading goods and services with each other, but they also wanted to protect their interests at the same time. They did not want somebody else to take what they had worked hard for. That’s where currency came in.
Eventually, humans found out that the value of the goods or services they were producing was worth more than what other people were willing to exchange theirs for. They chopped up their products or services into smaller pieces to trade them with smaller amounts of someone else’s products or other types of coins that would be worth less than their products in value.
The article describes the current state of crypto and blockchain funding in 2021, cites its potential use cases, and explains how it will help businesses. The report also discusses its future growth prospects.
Crypto is still considered a highly volatile market with very high returns for investors but little to no regulation or protection for consumers who invest. Investors, as well as the public, is tracking many different cryptocurrencies. Most cryptocurrencies are primarily traded in dollars or euros today, but there is a chance that this could change in 2021 with the increased use of euros and other currencies (yen, pound, etc.
The popularity of cryptocurrencies is expected to grow and increase more as businesses accept them as a form of payment. Currently, many customers are already using it to buy goods and pay for services.
Cryptocurrency, blockchain funding in 2021
Why did businesses decide to use cryptocurrency? It’s simple – the technology behind it, blockchain is the most potent tool for transactions that the Internet has ever seen. It’s better because it’s reliable and cheaper than its counterparts. Blockchain works by creating long chains of blocks that contain a timestamp, transaction information and other data about its creation.
Although blockchain is not as fast as the traditional transaction method, it is nearly impossible to edit the records recorded in the chain. In other words, the technology protects users from false information and makes sure that all data related to a given transaction are accurate and are not altered. In any case, blockchain will significantly change the way business is conducted, and that’s because it can be used for transactions between two parties and between people and organizations. It is nearly impossible to edit the records recorded in the chain.