Home / Crypto Currency / Canadian Researchers to Team Up With Indian Tech Industry to Explore Blockchain

Canadian Researchers to Team Up With Indian Tech Industry to Explore Blockchain

Government-backed researchers in Canada are planning to unite with India’s technology industry association NASSCOM to research blockchain. Together, the two hope to create an global epicentre for studying the implications and applications of the innovative tech leading to increased “high-end technology capabilities.”

Blockchain: Beyond Cryptocurrency

The teaming up of Canada’s Blockchain Research Institute (BRI) and NASSCOM (National Association of Software and Services Companies) aims to explore the use of blockchain technology in both government and academia. There are several areas in which India perceive blockchain to be disruptive to current industries, both financial and otherwise. These include land registry, healthcare, and banking.

The announcement of the union between BRI and NASSCOM, combined with the recent news that India are forming a “Future Skills” initiative aimed at educating their youth in cutting edge technology, clearly evidence a nation positioning itself as a hub for innovation in the blockchain industry. The educational platform was announced just days ago by Indian Prime Minister Narendra Modi at the World Congress on Information Technology 2018.

Meanwhile, the BRI’s stated goal is to “build blockchain-based economies around the world”. With their assistance, plus an increasingly blockchain-literate young workforce, India could well rise to the top in the field of research and application of the exciting and potentially disruptive technology. Narendra Modi’s government have even earmarked around US$500 million for developing the digital economy. This represents a doubling of public spending on the sector.

According to CNN, Don Tapscott, the founder and executive chairman of the Canadian institute, stated:

“We see our coalition with NASSCOM as a delightful opportunity to nurture the blockchain community in India… We strongly believe that India has the potential to lead the blockchain revolution.”

Whilst the Indian government are evidently receptive to the innovative potential of the blockchain, they seem somewhat more hesitant when it comes to the first real application of the technology – crytocurrency. Finance Minister Arun Jaitley recently stated in his 2018/19 Budget Speech:

“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payment system.”

This statement has been interpreted in two ways. Firstly, there are those who believe it represents out and out hostility towards digital currency. This wouldn’t be surprising from a nation who have taken extremely misguided measures such as demonetisation policies in the past. However, there are also those who stress the use of the word “illegitimate” in Jaitely’s statement. This could be interpreted as meaning greater efforts to curtail money laundering offences made possible by cryptocurrency whilst not ensuring any form of blanket ban for its legitimate use.

Read more

Check Also

Bitcoin Sinks Below $3,200 as Teenage Bitcoin Millionaire Says Its Dead

It’s yet another dark day for Bitcoin. In fact, it’s the darkest one this year. The currency has once again set a new low for the year. At press time, the currency was trading at $3,230, down 10 percent in just 24 hours. The currency was performing especially poorly on some markets such as BitMEX, Coinbase Pro and Bitstamp where it was trading at $3,180. Since the week began, Bitcoin has lost close to $500. The currency’s immediate future looks bleak, especially given that it’s entering the weekend. Historically, cryptos have performed very poorly during weekends. With the currency sinking further and further for the year, one investor who made millions through Bitcoin has further added fuel to the fire. According to Erik Finman, the currency is dead. Finman made millions by investing in Bitcoin back in 2011 when only a few investors knew of the currency. However, according to him, the currency could have a few more bull runs but in the long term, it’s dead. Bitcoin Could Test the $3,000 Level Bitcoin hasn’t been for the faint hearted this year. It has tested various support levels and come up short. The $6,000 level seemed strong for quite some time, but even that came up short. And now, the currency seems poised to test the $3,000 level. In just the past one month, Bitcoin has halved in value. The assault had seemed to begin a reversal days ago when it hit $3,700 on some markets, but the bears seem to be in control of the market movements. On most markets, the father of crypto was trading just above $3,200. HitBTC continues to be one of the most friendly markets, with the price standing at $3,318. However, on American exchanges, the currency continues to perform dismally with Coinbase, Kraken and Gemini all trading at $3,180. Bitcoin could test the $3,000 level soon, with the current market making many investors frantic and eager to sell. The current sellout is the largest since July when the currency lost $3,000 in weeks causing traders to panic. With the weekend kicking off, it could drop further. Whether the currency can bounce back will largely depend on its ability to stay above the $3,000 support level. Bitcoin Is Dead – Teenage Millionaire As if the current turmoil isn’t enough for investors, a teenage Bitcoin millionaire has some more devastating news. According to Erik Finman, Bitcoin is dead. Finman believes that while it may not be immediate, it will slowly ebb away. He told MarketWatch: Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead. Finman began investing in Bitcoin in 2011 using money gifted to him by his grandmother. The early adopter grabbed the headlines last year after he turned his $1,000 investment into a $4 million fortune. However, he believes that those investors that are out to make millions as he did will lose their investment. And it’s not just Bitcoin. Finman believes that the future is even bleaker for Litecoin, the ‘silver to Bitcoin’s gold’. The currency is currently trading at $23, down 93 percent from its all-time high of $365. Litecoin has been dead for a while. It’s like when the sun is going down and there’s that eight minute period just before it goes dark. Litecoin is in its seventh minute. The post Bitcoin Sinks Below $3,200 as Teenage Bitcoin Millionaire Says Its Dead appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.