The Indian government does not like Bitcoin. FM Arun Jaitley made it clear during his Budget speech and the RBI’s contempt for it is well known. But this isn’t about Bitcoin or cryptocurrencies. This is about the tech that cryptocurrencies use – blockchain. FM Jaitley said India will use “blockchain technology for ushering in a digital economy”. I’m not sure what that even means but that’s what our deep dive will try to decrypt today.
Niti Aayog – the government think-tank – has been tasked with bringing in blockchain solutions as part of an initiative called IndiaChain, billed as “the country’s largest blockchain network”.
First off, we need to understand that blockchain is, at its most basic, a bookkeeping platform that can be accessed by anybody on the internet but is owned by nobody. “Once you have a blockchain, the big spreadsheet in the cloud serves as a record-keeping system that can’t be forged and can’t be reversed,” claimed Nicolas Cary, the co-founder and president of Blockchain, the company. The technology was invented by an anonymous guy who goes by the pseudonym Satoshi Nakamoto.
Listen in to this episode as we try to decrypt the government’s plans with blockchain and the merits and demerits of this technology.