India can add 5 Billion Dollars to its Economy with Blockchain in the Next 5 Years
Nasscom’s top official of IT industry have stressed that by cutting costs and adding productivity, India has the potential to add 5 billion US dollars to Indian Economy. Due to the lack of Blockchain talent, inadequate computing infrastructure and lack of awareness about Blockchain, India is stumbling to get hold of the technology. There are only a handful of good Blockchain technology startups in India and the only way to increase talents in Blockchain is to invest in startups, Vice president of Nasscom told in an interview.
To develop skill sets and to create awareness, Nasscom has tied up with BRI (Blockchain Research Institute), Canada, to help Blockchain development and implementation in India.
RMIT Launches Blockchain-enabled Digital Credentials
RMIT (The Royal Melbourne Institute of Technology) in partnership with Credy is launching a Blockchain-enabled digital credential. The deputy vice-chancellor of the university stated that RMIT is an innovator which always enhances students experience by exploring the latest applications of Blockchain technology. She also added that they’re providing real-world benefits for students.
The students of RMIT now can better communicate experiences and industry relevant skills over social media such as LinkedIn with the help of Blockchain technology. By the end of August, RMIT will be able to give the students digital credentials.
Google now offers Blockchain Development in its Cloud-based platform
Financial Services Industry to cherish with Google’s offer of cloud-based platform which they can utilize to develop and run Blockchain applications. The search giant has partnered with BlockApps and Digital Asset, which allows the user to develop distributed ledger technology that runs on the Google Cloud Platform.
Blockchain as a service (Baas) has seen tremendous growth in the previous years with the major tech players showing interest in it, including IBM, Microsoft, HPE, AWS, and SAP. The Blockchain network’s p2p architecture needs many server nodes which will grow in size tremendously as the Blockchain grows bigger with data. The nascent technology has attracted tech giants with its potential to transform the lives of people in near future. The Baas providers now just offer consulting and infrastructure which will be beneficial for the companies who plan to enable Blockchain in their business.
World’s First Blockchain Based Airline Loyalty Program
In a move to be ahead of its competitors, Singapore Airlines have taken a huge step towards Blockchain. Frequent Fliers of Singapore Airlines will be offered a digital wallet which they can use to spend their air miles at retail establishments, petrol pumps, and all partner merchant locations. They have successfully tested the proof of concept trail for this Blockchain application, which is called ‘KrisPay’. This is in partnership with ‘Microsoft’ in which users can spend as little as 0.1 Singapore Dollar either full or partial.
Aviation Industry suffers from problems which Blockchain promises to solve. The errors in airport process such as customs clearance, security, aircrew management, cargo loading and unloading, airport congestion management and many others can be eliminated.
KT Reveals its Own Blockchain Network
South Korea’s state-owned KT Corporation has revealed its own Blockchain for its commercial network. In a first of its’ kind, Blockchain can help address security and transaction issues in telecommunication by making the systems trust worthy and secure. By next year, KT has vowed to reach 100 thousand transactions per second. KT is now able to process 2500 transactions per second. They also plan to protect users’ IP address by adding an ID layer for each address which can help prevent massive hack attacks.
They have also claimed that they have developed their own engine that can process multiple blocks at the same time by using high-performance hardware.
What’s Your Plan with Blockchain?
Companies are racing towards Blockchain technology to overcome challenges caused by the present technologies. Blockchain,which is also omnipresent, seems to be the perfect fit. With industries ranging from the supply chain, manufacturing, logistics, telecommunication, aviation, education, etc, sooner or later Blockchain fever is going to be massive as we are yet to witness the widespread adoption.