Real estate developers, real estate brokers, realtors and even the owners of local businesses are turning to blockchain technology for their businesses.
In fact, the blockchain revolution is making it easier to do business across borders, according to real estate consultant Anil Srivastava.
Srivastav, founder and chief executive officer of Srivasta, says he sees blockchain as a platform for cross-border payments and cross-subsidization.
“We have a need for blockchain to solve cross-country payment issues.
There are a lot of issues, including the lack of cross-provincial and cross city payment infrastructure.
Blockchain can solve all these problems,” he said.
Sri Lanka has been at the forefront of the digital revolution for the last few years, having set up a network of more than 1,000 ATMs that can process payments and remit money from all over the country.
It has been dubbed the “internet of money” and the country has seen a sharp increase in demand for digital currencies.
Srisan Thangre, the chief operating officer of the South Asian country’s central bank, recently unveiled the first cryptocurrency ATM in Sri Lanka, which will allow citizens to buy and sell digital currencies on a digital wallet.
It is expected to be rolled out nationwide by the end of the year.
Srikanth Ramesh, founder of Digital Currency Group, says blockchain is poised to change the way business is done.
“There is a need to bring transparency and accountability to businesses in India and to the rest of the world, which is where blockchain comes in.
The technology is there to create transparency.
The blockchain will enable the companies to create more transparency,” he added.
Suresh Dhar, chief executive of Digital Payments Corporation of India, said the blockchain is an “enabling technology” that has the potential to help India reach its potential.
“The technology is also being used to enable transactions between parties, to ensure that the transaction is completed,” he explained.
The technology was developed by a startup called Ripple.
The firm recently launched a digital currency called XRP, which can be exchanged for digital assets in India.
Ripple’s founder and CEO, Jed McCaleb, recently told The Hindu that the technology has the power to revolutionize how money moves between India and the rest to address India’s growing digital footprint.
“In a way, this technology is a catalyst for the entire ecosystem to come together to solve these issues,” he claimed.
While Ripple is the only digital currency being used in India, there are other companies developing similar technology that could be useful for Indian businesses.
Digital currency company Eros, which recently launched the RDD platform in India that allows banks and other financial institutions to create digital wallets for consumers, is also exploring how blockchain can help businesses.
“As we continue to evolve the platform, we are working on new features that enable cross-local payments,” said Eros co-founder and CEO Deepak Mehta.
He added that the new platform is designed to facilitate cross-state payments, and could help financial institutions and startups in India improve their cross-lateral transactions and remittance processes.
The blockchain technology has been deployed in a number of different areas, such as payment processing, digital currencies and remittances, and is poised for a larger role in all these areas, said Rameshaw.