In spite of the fact of unclear regulations and restriction imposed by Reserve Bank of India[RBI], top companies and banks of India are still implementing cryptocurrency; it is one of the most secure ways to resolve accounts, to make payments, to organize internals funds and stores appropriate records. As per the report of the IndiaTimes lot of Indian companies are using blockchain technology to keep records.
India’s Biggest Conglomerates Explore Blockchain for B2B Payments was first posted on CCN.
Top Organizations in India keeps a track on Blockchain for Payments
The Reserve Bank of India [RBI] had officially issued warnings and cleared its stand against cryptocurrency exchange operations in India, and recent announcements mentioned that it would not introduce the Digital Rupee, despite this cryptocurrency still manages to hold a future in India. Lack of proper records keeping has made Infrastructure Leasing & Financial Services take over; bigger companies are now flexible to use different modes that will secure all financial data and manages all its contract documents appropriately.
Some discrepancies can be reduced if blockchain technology is implemented for record keeping and due to its secured operations large business organizations with multi-level data flow will be benefited. The blockchain technology is still in its initial testing mode, and the results are looking more promising according to the India Times sources. If the final outputs are satisfactory as needed, then the organizations having plans can expand the entire process to cover large areas.
Top companies that are taking steps to implement blockchain technology in India are ABG Shipyard, HDFC Bank, Reliance Industries and Hindustan Unilever Limited. As of now, there are many pilot test functioning that is using DLT tool for keeping records hoping that it will balance books quarterly or yearly. There is no timeline frame for testing and scale-up. Stakeholders are optimistic that the blockchain technology will have a bright future in India and its organization.
Head of CFO Advisory Sai Venkateshwaran at KPMG India spoke to India Times and said that Blockchain technology is great at efficiency and accuracy and can bring a greater level of transparency for treasury management and cost saving.
Cryptocurrency remains strong
Even though the Reserve Bank of India [RBI] has restricted Blockchain, the implementation seems to be a challenge for itself. According to expert opinion, the restriction imposed by RBI can be avoided if companies manage to keeps their transactions within their house. Additional to this high level of frauds related to cryptocurrency are occurring in India, regulatory measures are also falling apart due to difficulties in taxation and accountancy approval.
In spite of all the reports business, stakeholders believe that if regulators are bought on their side, then the Indian economy may exceed the US economy by 2030 and it is only a matter of time.