India's Prime Minister says disruptive tech, blockchain needs 'rapid adaptation' | finder.com

India’s Prime Minister says disruptive tech, blockchain needs ‘rapid adaptation’

Peter Terlato 19 February 2018 NEWS

Modi pointed out that technology is breaking down geographical limits and roadblocks for the future.

India’s prime minister Narendra Modi has asserted that disruptive technologies, such as blockchain and the Internet of Things (IoT), are significant developments that require “rapid adaptation” in the workplace.

Speaking to a forum of attendees at the World Congress on Information Technology (WCIT) 2018 in Hyderabad, Modi said that these computing tools will “have a profound impact on the way we live and work” in the future.

The Indian prime minister tweeted a quote from his speech, referencing blockchain and the Internet of Things.

During his speech, Modi also pointed out that technology is breaking down geographical limits and roadblocks.

“Technology will help us create a seamlessly integrated world. A world where geographic distance no longer remains a barrier in cultivating a better future,” Modi said.

“Leveraging technology in such a holistic manner was unthinkable some years ago. We have successfully completed this life-cycle in the last three and a half years. This has been possible through a change in public behaviour and processes.”

The National Association of Software and Services Companies (NASSCOM), India’s leading IT trade association, announced a platform for skills development in eight varied technologies, including blockchain, at WCIT 2018.

NASSCOM held a blockchain masterclass in December 2017, designed to provide an introduction to the technology, its history and potential. In February, the association will host India’s first Blockchain Bootcamp.

NASSCOM also collaborated with Deloitte to produce a whitepaper which attempts to cover the history of blockchain, current trends and potential challenges to large scale adoption.

WCIT 2018 runs from February 19-21, luring representatives from over 80 countries’ IT industry associations.

The Reserve Bank of India’s Institute for Development and Research in Banking Technology (IDRBT) released a whitepaper in January, revealing that a blockchain proof-of-concept was tested for core banking processes.

Last week, the central bank for the Kingdom of Saudi Arabia joined forced with U.S. crypto company Ripple to allow domestic banks to utilize the platform’s enterprise software solution to settle cross-border payments.

The Union Bank of the Philippines (UnionBank), together with four unnamed rural banks, will also employ Visa’s blockchain-based payment platform in order to more efficiently process cross-border transactions.

A growing number of global tech companies are also developing and testing the potential of blockchain.

Atari, an early architect of arcade games and video game consoles, has decided to develop its own cryptocurrency, supported by a decentralized blockchain crypto-platform, for accessing digital entertainment.

Western Union is testing transactions with Ripple. China’s LianLian Pay employs Ripple’s xCurrent solution to process same-day cross-border transactions. UAE Exchange, a leading United Arab Emirates (UAE) global money transfers company, is another business that has adopted Ripple’s blockchain network.

Leading technology company Microsoft has been researching and developing ways to utilize blockchain and other types of distributed ledgers to create innovative and secure decentralized digital identities.

In January, Kodak and blockchain development company WENN Digital signed a licensing partnership to launch an image rights management platform and new virtual currency to support digital photographers.

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