Banking consortiums still have such proprietary systems that they use among themselves, and blockchain technology threatens to upend these systems. Indian IT service providers would be well advised to expend energy to produce software products incorporating blockchain technology for a variety of industriesI was asked by a senior banker last week what bitcoin and blockchain were. In their attempt to evolve into software product firms, Indian IT service providers would be well advised to expend significant energy to produce software products that incorporate blockchain technology for a variety of industries. Blockchain is the formalization—through Internet technology—of a process that most Indians intuitively understand—the promissory note—and its dark side, the hawala system. There are applications for blockchain outside financial services as well.

Source: Mint June 13, 2016 19:59 UTC