With the advent of blockchain technology, where will the financial services-deficient areas in India go?

Rage Comment : Even though the Indian government has not yet invested billions of dollars in infrastructure, the country still has the opportunity to develop areas that lack banking services with blockchain technology. It is certain that blockchain technology is about to change the world. In India, the Reserve Bank of India has clearly expressed its concern about the development of digital currency in the early days, and many people believe that perhaps in areas where financial infrastructure is relatively weaker, it may be easier to develop Internet financial technologies such as blockchain.

Translation: Krystal

Bitcoin, a "digital currency" (cyber slang) that allows funds to be transferred quickly and anonymously without going through a central authority, has become increasingly popular as an "alternative currency". The Reserve Bank of India believes that by adapting this technology, it can bring about a variety of financial transaction markets.

Blockchain (basic technology) is a distributed ledger-secured encryption technology that is connected to a computer network and can be used to record any transaction (including value exchange).

Brock Pierce

In an interview, Brock Pierce and Sanjay Vijayakuma, principal partner at Blockchain Capital and chairman of the Bitcoin Foundation, discussed the use cases of currencies and their applications in markets like India.

Bitcoin has had turbulent times… Most people use price to judge success or failure, but price is the least significant of the data points. Price is easily observable and is often seen as the main barometer. However, we need to look deeper and explore the more substantive nature: Is volume going up or down? Currently, Bitcoin volume is rising month by month. However, there is some bad news recently. Well-known developer Mike Hearn openly called it a failed experiment. He said he admits it is ridiculous and mainly stems from the scalability problem.

Editor's note: The Bitcoin Foundation is a non-profit organization that aims to advocate for the development of digital cryptocurrencies worldwide. Its vision is to regulate, protect and promote Bitcoin, and to lead the development of the international Bitcoin community.