Indian banks embraces blockchain | Bitcointalksearch.org

stompix

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Blackjack.fun

Quote from: pawanjain on November 23, 2017, 06:58:52 AM

The popular Indian bank State Bank of India(SBI) is embracing the use of blockchain for it's smart contracts related to KYC.
This is surely a positive move towards cryptocurrency for India since using the blockchain would need a cryptocurrency.
This move will then be followed by 27 other banks which will create a positive impact in Crypto community. Although this is a good news India don't trust on Bitcoin as it is not much secure and stable as said by them and hence they will be creating their own coin for doing the transactions.

Sorry to burst you bubble but it has nothing to do with bitcoin.
They are just going to use the blockchain internally.

Funny thing is that even WU is thinking about using it, and again of course it has nothing to do with bitcoin.

Quote from: iram1011 on November 23, 2017, 08:06:22 AM

India is ranked 2nd with almost 35% of its population as internet user after China. Even if 10% of 1.3 B people get into crypto that gonna boost the demand to very high level.

Irrelevant as all those 35% of the population are not even close to the wealth New York alone has.
Actually the GDP (and that is the annual indicator, not the total wealth amassed by the inhabitants) of California is bigger than that of whole India.

Quote from: ksjdksjd on November 23, 2017, 09:35:15 AM

India is very big country,india have number of bitcoin wallets like zebpay,unocoin .

Ironic has Zebpay has its headquarters in Singapore and not in India.
That pretty much tells the whole story about India and BTC

Britegrafter

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That is a positive thing for the Indians i wished my country would pull something like this but maybe in the future every bank will embrace blockchain maybe this is just the start of a chain we do not know about and that chain can be a long time.

pawanjain

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Quote from: farhaan on November 23, 2017, 09:15:43 AM

Quote from: bitart on November 23, 2017, 09:02:14 AM

Quote from: RoommateAgreement on November 23, 2017, 08:34:22 AM

this will be another private ledger for the banks to do their own business, and it has nothing to do with bitcoin or cryptocurrencies in general they are just using the same technology and the end user will probably never even finds out about it.
for example when you have a bank account or a credit card and use it, you don't care if it is the traditional way of communication or are they using advanced cryptographic method and have a blockchain somewhere!

This is important, people usually don't make difference between blockchain (the technology) and bitcoin (which is only based on that technology). Banks are about to develop blockchain based solutions all over the world, but that doesn't mean that they want to deal with bitcoin. Banks has a centralized system yet, but have branches and ATM country and worldwide. If they want to start a blockchain based solution, the nodes could be in the branches and in the ATMs so they will have a truly decentralized system with high redundancy. But that doesn't mean that it will be compatible with bitcoin (it won't, ever).

Absolutely.Its still surprising to see that people still confuse blockchain adoption with bitcoin.Not only in india,banks all over the world are ready to adopt blockchain system,but not bitcoin.They treat bitcoin as their main rival.More over,india is getting ready to issue its own crypto coin named Lakshmi.So,there is nothing special to celebrate about this news.But if more indians start using bitcoin,definitely it would boost bitcoin progress and it is an entirely different subject from this move of banks adopting blockchain.

I think you people didn't get my point here. I am saying the same thing that they are adopting Blockchain and not the Bitcoin.
My point is, if they start using the blockchain and use their own coin for transactions then people will surely get to know about the technology and it's uses.

Quote from: iram1011 on November 23, 2017, 08:06:22 AM

Quote from: citizenh-ssd on November 23, 2017, 07:12:53 AM

Quote from: pawanjain on November 23, 2017, 06:58:52 AM

The popular Indian bank State Bank of India(SBI) is embracing the use of blockchain for it's smart contracts related to KYC.
This is surely a positive move towards cryptocurrency for India since using the blockchain would need a cryptocurrency.
This move will then be followed by 27 other banks which will create a positive impact in Crypto community. Although this is a good news India don't trust on Bitcoin as it is not much secure and stable as said by them and hence they will be creating their own coin for doing the transactions.

We hope that this will bring them closer to understanding that bitcoin is safe and a very good thing. But knowing what poverty level there is, at most 20% of the population will be engaged in bitcoins and it is still unclear.

India is ranked 2nd with almost 35% of its population as internet user after China. Even if 10% of 1.3 B people get into crypto that gonna boost the demand to very high level. India is an emerging market for cryptocurrencies. This crypto trend has increased a lot recently in India with almost all the local exchanges going through high traffic issues and also Bitcoin is being sold at premium there. If SBI(the largest public sector bank of India) is going to adopt blockchain, then that will definitely raise awareness among Indians regarding cryptos.

As he said even if 10% of the whole population starts using cryptocurrencies whether it is India's own coin or not it will surely create an awareness among them. Once they get to know that there are a whole lot of opportunities in crypto they will start using other coins as well. This will surely increase the size of community and trades overall. I would have surely explored more opportunities in the field if I didnt knew about crypto before.

ksjdksjd

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India is very big country,india have number of bitcoin wallets like zebpay,unocoin etc... and blockchain also may accept after verification.RBI may know the uses of bitcoin.now also indians using the bitcoin for transactions and investments.

farhaan

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Quote from: bitart on November 23, 2017, 09:02:14 AM

Quote from: RoommateAgreement on November 23, 2017, 08:34:22 AM

this will be another private ledger for the banks to do their own business, and it has nothing to do with bitcoin or cryptocurrencies in general they are just using the same technology and the end user will probably never even finds out about it.
for example when you have a bank account or a credit card and use it, you don't care if it is the traditional way of communication or are they using advanced cryptographic method and have a blockchain somewhere!

This is important, people usually don't make difference between blockchain (the technology) and bitcoin (which is only based on that technology). Banks are about to develop blockchain based solutions all over the world, but that doesn't mean that they want to deal with bitcoin. Banks has a centralized system yet, but have branches and ATM country and worldwide. If they want to start a blockchain based solution, the nodes could be in the branches and in the ATMs so they will have a truly decentralized system with high redundancy. But that doesn't mean that it will be compatible with bitcoin (it won't, ever).

Absolutely.Its still surprising to see that people still confuse blockchain adoption with bitcoin.Not only in india,banks all over the world are ready to adopt blockchain system,but not bitcoin.They treat bitcoin as their main rival.More over,india is getting ready to issue its own crypto coin named Lakshmi.So,there is nothing special to celebrate about this news.But if more indians start using bitcoin,definitely it would boost bitcoin progress and it is an entirely different subject from this move of banks adopting blockchain.

equator

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Quote from: pawanjain on November 23, 2017, 06:58:52 AM

The popular Indian bank State Bank of India(SBI) is embracing the use of blockchain for it's smart contracts related to KYC.
This is surely a positive move towards cryptocurrency for India since using the blockchain would need a cryptocurrency.
This move will then be followed by 27 other banks which will create a positive impact in Crypto community. Although this is a good news India don't trust on Bitcoin as it is not much secure and stable as said by them and hence they will be creating their own coin for doing the transactions.

I think using blockchain technology dont means that you want to create a new coin for you, blockchain technology they are using for KYC related and for that why they have to create a coin. They can use blockchain technology for their banking system also same like blockchain is used for crypto currency coins.

Pursuer

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Where is my ring of blades...

there are a lot of different banks around the world that have been embracing the blockchain technology for a couple of years now. some of them are in the process of creating their own centralized network to use and increase their security drastically. this is a good news for banking system more than it is a good news for bitcoin and cryptocurrencies in general.

for example the other day I was reading about a couple of banks that were supporting Ripple and all along they were pretending to want to use XRP but they finally ended up dropping it and moving on to their own version based on ripple!

bitart

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Vires in Numeris

Quote from: RoommateAgreement on November 23, 2017, 08:34:22 AM

this will be another private ledger for the banks to do their own business, and it has nothing to do with bitcoin or cryptocurrencies in general they are just using the same technology and the end user will probably never even finds out about it.
for example when you have a bank account or a credit card and use it, you don't care if it is the traditional way of communication or are they using advanced cryptographic method and have a blockchain somewhere!

This is important, people usually don't make difference between blockchain (the technology) and bitcoin (which is only based on that technology). Banks are about to develop blockchain based solutions all over the world, but that doesn't mean that they want to deal with bitcoin. Banks has a centralized system yet, but have branches and ATM country and worldwide. If they want to start a blockchain based solution, the nodes could be in the branches and in the ATMs so they will have a truly decentralized system with high redundancy. But that doesn't mean that it will be compatible with bitcoin (it won't, ever).

krishnaverma

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It is certainly a good news for Indians who are thinking to invest in BTC in future. In my opinion, there are a lot of people in India capable of investing in BTC who have yet not started investing due to lack of awareness.

RoommateAgreement

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Bazinga!

this will be another private ledger for the banks to do their own business, and it has nothing to do with bitcoin or cryptocurrencies in general they are just using the same technology and the end user will probably never even finds out about it.
for example when you have a bank account or a credit card and use it, you don't care if it is the traditional way of communication or are they using advanced cryptographic method and have a blockchain somewhere!

iram1011

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Quote from: citizenh-ssd on November 23, 2017, 07:12:53 AM

Quote from: pawanjain on November 23, 2017, 06:58:52 AM

The popular Indian bank State Bank of India(SBI) is embracing the use of blockchain for it's smart contracts related to KYC.
This is surely a positive move towards cryptocurrency for India since using the blockchain would need a cryptocurrency.
This move will then be followed by 27 other banks which will create a positive impact in Crypto community. Although this is a good news India don't trust on Bitcoin as it is not much secure and stable as said by them and hence they will be creating their own coin for doing the transactions.

We hope that this will bring them closer to understanding that bitcoin is safe and a very good thing. But knowing what poverty level there is, at most 20% of the population will be engaged in bitcoins and it is still unclear.

India is ranked 2nd with almost 35% of its population as internet user after China. Even if 10% of 1.3 B people get into crypto that gonna boost the demand to very high level. India is an emerging market for cryptocurrencies. This crypto trend has increased a lot recently in India with almost all the local exchanges going through high traffic issues and also Bitcoin is being sold at premium there. If SBI(the largest public sector bank of India) is going to adopt blockchain, then that will definitely raise awareness among Indians regarding cryptos.

citizenh-ssd

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Quote from: pawanjain on November 23, 2017, 06:58:52 AM

The popular Indian bank State Bank of India(SBI) is embracing the use of blockchain for it's smart contracts related to KYC.
This is surely a positive move towards cryptocurrency for India since using the blockchain would need a cryptocurrency.
This move will then be followed by 27 other banks which will create a positive impact in Crypto community. Although this is a good news India don't trust on Bitcoin as it is not much secure and stable as said by them and hence they will be creating their own coin for doing the transactions.

We hope that this will bring them closer to understanding that bitcoin is safe and a very good thing. But knowing what poverty level there is, at most 20% of the population will be engaged in bitcoins and it is still unclear.

partysumo

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Good news. Hopefully the increased use of blockchains will lead to increased popularity for bitcoin and cryptocurrencies in general.

pawanjain

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Nothing lasts forever

The popular Indian bank State Bank of India(SBI) is embracing the use of blockchain for it's smart contracts related to KYC.
This is surely a positive move towards cryptocurrency for India since using the blockchain would need a cryptocurrency.
This move will then be followed by 27 other banks which will create a positive impact in Crypto community. Although this is a good news India don't trust on Bitcoin as it is not much secure and stable as said by them and hence they will be creating their own coin for doing the transactions.

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