In this section, we provide a news digest of blockchain related news from India for the week gone by. The news includes investments in startup, new product or platform launches and tie ups with major firms.
You can click on the link against each story, to read it in details. I am sure that you would like this initiative of The Indian Technology Blog.
Blockchain News from India for Week July 8, 2017 – June 14, 2017
Indian insurance major Bajaj Allianz has implemented blockchain technology to speed up its claims process in the travel and motor insurance products.
As per Bajaj Allianz implementation of the technology has led to settlement turnaround time in many cases from days to minutes. This is not only saving man hours, but is also making lives of the customers easier.
Stripe eyes blockchain in India for international remittances
Global payments company Stripe is in discussions with a couple of banks to launch international remittances in India using blockchain technology. NPCI head AP Hota said Stripe is currently discussing blockchain with Axis Bank and ICICI Bank to offer international remittances. The company is also said to be looking at UPI to enter the digital payments space in India, ET had reported last month.
Developed by Indian blockchain company and supported by Blockpool Aurovine has launched in India. The cryptocurrency to be used for the same is called Audiocoin.
The goal is to provide Indian artisits and listeners with a more transparent music sharing environment.
Some of the features of the platform includes –
1. Ability to use Audiocoins via mobile wallets
2. Increase engagement through the use of wallets to earn coins and vote for artists in competitions
3. Take advantage of smart contracts for crowd funding and viral sharing
The Economic Offenses Wing of the Navi Mumbai Police has put together a charge sheet – in which allegations are formally laid out – that includes dozens of promoters connected to OneCoin.
Among those being charged is Ruja Ignatova, who founded OneCoin and has largely been viewed as the public face of the scheme, appearing at events worldwide, including an appearance in May at one in Macau. A group of “nearly 30” people have been charged as a result of the Mumbai police investigation.
The Government is mulling levying GST taxes on bitcoin purchases.
Indian officials have been meeting for months to develop a legal framework for digital currencies, forming a special task force in April to study the issue and develop possible options.
The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).