Despite many rules and restrictions, large enterprises and banks in India still use cryptocurrency – or some of the underlying technologies – as a more reliable way to withdraw accounts, make payments, maintain proper accounting and manage internal funds.
According to a report in the Times, several Indian corporations are currently testing blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology as a means of accounting.
Despite the traditionally hostile position of the Reserve Bank of India (RBI) on cryptocurrency exchange transactions and the recent announcement that it will not launch a "digital rupee" at all, cryptocurrencies still seem to have a future in India.
The use of blockchain technology for record keeping virtually eliminates the possibility of discrepancies, and it is this security functionality that makes it especially useful for large corporations with a multi-level data flow.
Hindustan Unilever is one of many large companies in India that study blockchain technology for B2B payments. It was joined by: Hindustan Unilever, ABG Shipyard, HDFC Bank and Reliance Industries.
Currently, several tests are being conducted in which the distributed DLT register is used solely as a record keeping tool. Even though there are no published test dates and proposed extensions, stakeholders expect the blockchain technology to have a great future in the Indian corporate space.
In an interview with the India Times, partner and head of the financial advisory department at KPMG India, said: "In addition to great efficiency and accuracy, the blockchain technology has the potential to increase transparency and save money."
Editor: Pereyidenko Ihor