Even with the unclear rules and restrictions, some of the times, large businesses and banks in India are shifting to the direction of cryptocurrency field or at least some of the technology that comes with it as a more sure method to reconcile accounts, make payments, keep proper records, and control internal funds. The India Times reported that presently, several Indian corporations are testing blockchain technology as a way of record keeping.
Top Firms in India Eye Blockchain for Payments
Cryptocurrencies still seem to have a future in India even with the traditionally harsh opinion of the Reserve Bank of India on the activities of cryptocurrency exchange and it’s the latest declaration that the mooted “Digital Rupee” will not be launched. As it became clearer that the absence of a proper record keeping resulted to the IL&FS takeover, a number of other large businesses are obviously considering to look into alternatives which will make sure that proper documentation of all financial records and contracts are done.
The possibility of discrepancies is practically eliminated with the use of blockchain technology for record-keeping, and it is this security functionality that makes it precisely of high value for large corporations that have multi-level data flow. Despite that it is still in it’s testing stage, the India Times quoted sources saying that the possible outcomes could be a good one. They claimed that if the final outcomes are fascinating, the corporations in questions have the intention to extend the whole process to handle wider areas.
According to reports, Hindustan Unilever, ABG Shipyard, HDFC Bank, and Reliance Industries are among the big names taking such decisions. Presently, a number of pilot tests are being tried which strictly employ DLT as a tool of record keeping with the aim of equalizing the books either at the end of the quarter or at the end of the year. However, no publicized timeline has been set yet for the testing and proposed extension, it is expected of blockchain technology to have a big future in the Indian corporate space.
A Partner and Head of CFO Advisory at KPMG India, Sai Venkateshwaran told the India Times that:
“Apart from greater efficiency and accuracy, [blockchain technology] has the potential to bring enhanced levels of transparency for group treasury management and also cost savings.”
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