Legit or Not, Blockchain is here to lay new World Economic Order
The rise in demand for electronic and mobile commerce, contactless payment-enabled devices are driving the adoption of digital payments. As a result, more and more banks and fintech start-ups are collaborating to develop person-to-person (P2P) transactions enabled by blockchain technology. The emergence of crypto-currency economy denotes a tremendous power shift from centralized trust agents to engaging individuals. As the global economy is interconnected, the technology is potentially disrupting the dynamics of foreign relations, international trade, and the impact of economic sanctions. Blockchain technology represents new opportunities for business and government to add value to the growing trust economy. While aligning to these on-going trends, organizations need to revamp their business models based on digital asset network of a decentralized economy built on trust and verification. Moreover, non-financial industries such as retail, travel, healthcare, and other public sector are leveraging distributed ledger technology to drive in new revenue streams with a transparent method for transactions, while maintaining a high level of security.
Despite the issues related to the legality and veracity of cryptocurrencies in India, Blockchain technology is expected to lead fintech revolution and the service providers work to facilitate app-based services such as cross-border payment, digital identity management, clearing & settlement, invoice financing and letter of credit process. A recent Economics Times’ report suggests “As India moves towards a less-cash economy after the remonetizing of high-value currency notes in November 2016, digital payments are estimated to grow 10 times: from USD 50 billion last year to USD 500 billion by 2020. Official figures show that prepaid payment instruments registered a spectacular volume growth of over 162 percent in 2016-17.”