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 1, 2017 – July 7, 2017
Indian startup Block Armour is using the blockchain to provide unhackable digital IDs. The startup uses code from the open source Hyperledger Project.
The startup is simplifying the certifying process of digital IDs thus cutting out the middlemen associated in the cyber security area.
The current certifying process involves a third party player like Verisign, etc. Block Armour seeks to remove that.
Amit Bhardwaj is accused of running a bitcoin ponzi scheme through his companies Gainbitcoin and GBMiners. According to cryptocurrency news site Coinjournal, Bhardwaj is running a Ponzi scheme through his companies and the details given on the Gainbitcoin website are “absurd and false”.
A petition on change.org requests his arrest for his fraudulent activities. Started by one Zakhil Suresh from Kerala, it is alleged by him that he, along with a couple of friends, after coming to know about Gainbitcoins, flew to Delhi and met up with Bhardwaj and invested in Bitcoins. They later tried to withdraw BTC from the service but were unable to as the transactions were pending and the company was not responding to any of their requests.
Belfrics is coming up with its own blockchain. The company has stated that its token would be named Belrium (BEL).
The Malaysia based startup started its operations in the country in January, 2017. For its domestic operations, it has seen volume of bitcoin transactions increasing 15-20 times since then.
The size of the ICO has not been revealed yet and the blockchain will have an inbuilt KYC system similar to Ethereum.
Read Rajashekara Maiya’s take on securing digital payments and how blockchain fits the role. He also highlights how blockchain is being implemented in Finacle to help global clients.