Indian Corporations Are Testing Blockchain, Despite The Regulation Uncertainty

The uncertainty in the sphere of cryptocurrency and blockchain regulation in India continues. But the development and implementation of ideas are not standing still. According to the India Times, a number of Indian corporations are currently testing the blockchain as technology as a record-keeping tool. The experiments were confirmed by Hindustan Unilever, ABG Shipyard, HDFC Bank and Reliance Industries.

The use of blockchain for record keeping eliminates the possibility of discrepancies, and its functionality makes the technology particularly useful for transnational corporations with a multi-level data flow.

While the processes are still in the testing stage, the representatives of corporations claim that at this moment the results are impressive. According to them, the companies already plan to introduce the blockchain to cover broader spheres of business activities. Specific deadlines for summing up were not announced; however, the working groups’ representatives already see a great future for the blockchain as part of corporate space in India. Sai VENKATESHWARAN, a Partner and Head of CFO Advisory at KPMG India, said:

  “Apart from greater efficiency and accuracy, [blockchain technology] has the potential to bring enhanced levels of transparency for group treasury management and also cost savings.”

Indian corporations do not consider the restrictive practice of the Reserve Bank of India as an obstacle since these technologies are currently used only for the internal needs of companies.

Image courtesy of Hindustan Times