The scope of blockchain technology is pacing up globally, which is quite evident from a recent report published by PwC. The study focused at the adoption of blockchain technology around the world found that approximately 84% of the companies are using blockchain technology to augment their business.
The study titled ‘PwC’s 2018 Global Blockchain Survey’ covered 15 territories to survey 600 executives from different sectors of business, among which 45% stated that ‘trust’ is the most significant antagonistic factor keeping blockchain technology from mass adoption.
In present times, some of the most noted tech behemoths that have incorporated blockchain technology in their mainstream systems are IBM, Bank of America, World Bank, Amazon, and Alibaba. On top of that, Microsoft Azure, a cloud-computing platform, even offers Ethereum Blockchain as a Service (ESaaS) with an aim to provide a readily-deployable blockchain solution for enterprises.
While the atmosphere for blockchain technology and cryptocurrency is fairly feasible in the West, India; on the other hand, sits among the regions that are suspended between the zeal to apply blockchain in various spheres, and governmental interference. Subsequently, a large number of blockchain-based startups are wrapping up their business in India, and settling overseas or basing their headquarters in regions with a blockchain-friendly ecosystem, with intent to launch uninterrupted ICOs.
Most of the Indian blockchain startups are either migrating or registering overseas, mainly because of the resilience Finance Ministry has put up for cryptocurrencies and Initial Coin Offerings (ICOs), which was further fueled by RBI restricting banks to involve in any type of activities related to crypto in April 2018. However, then how come cryptocurrencies are deciding the fate of blockchain in India? That is simply because a truly decentralised blockchain-based system would always need tokens to validate transactions, whether it is a POW or POS consensus-based system.
However, the future of blockchain startups, from the perspective of crowdfunding and cryptocurrency trading, is a ‘hearing away’ as the Supreme Court will hold arguably the final court session on the fate of cryptocurrencies in the country on September 11, 2018.