Blockchain Use Cases being worked out in India
India’s government has formally been working on the strategy formulation to make way for Blockchain Technology Integration in key departments that are crucial right now. Also, they tend to promote intensely the professionals working on Blockchain Technology. The policy regulators feel they can empower the institutions and the public through the deployment of Blockchain Networks based Technology.
NITI AAYOG, the National Institution for Transforming India, is now working on the Blockchain Technology Development Use Cases. This will provide direction to key institutions looking to deploy blockchain. The Government of India knows the importance of Scalability, Transparency, Accountability, Decentralized Controls and these are possible only with Blockchain-based platforms.
The key areas for which use cases have been worked out are for land records, pharmaceutical industry, and educational certificates. It will lead to great transparency within the Government sector. Blockchain Technology is vital not only for Governmental departments but private corporations are in dire need too.
The Counos Platform is closely monitoring Blockchain development in India and there is already a great number of Blockchain and Crypto Professionals out there. If they chose independent Blockchain Networks as Counos has established for its currencies and services, then the technological setup of India can be massively scaled. Counos Currencies are the most secure and reliable Crypto assets and members absolutely enjoy being part of this ecosystem.
MIT Performing Research on 4 Times Better Cryptocurrency Processing
With the increase in the scope of Digital Cryptocurrencies and more people involved in making transactions, the platforms to capacity to accommodate thousands and millions of users remain a challenge. When transactions are taking place at a Global level then there is always room for better network speed and network efficiency improvements to perform transactions at a larger scale than before.
A new type of Transaction Routing System has been developed by MIT Researchers called “Spider” that they promise would increase cryptocurrency transaction speed by four times. This routing system will be presented at the “USENIX Symposium on Networked Systems Design and Implementation” to all the experts in the end dates of February
It is expected that they will lead the way to improve Cryptocurrency Mining Process from Blocks, transactions will be performed at a much larger scale. The cryptocurrencies who are facing an existential threat and facing issues related to scalability, they can get the most out of this new Transaction Routing System.
The Counos team will be closely following the upcoming developments regarding Spider Technology. With Counos Currencies decentralized control and prices determined by the market with no intermediaries, it is already performing really well at different Cryptocurrency Exchanges. We are keen to see what new technological aspects unfold and how we can get the most out of it for our members.
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