Despite the ongoing bear market, Huobi’s crypto asset trading service, Huobi Derivative Market (Huobi DM), recently saw its trading volume soar past USD $20 billion. The milestone came a mere 15 days after Huobi DM racked up its first USD $10 billion in trading volume in its first full month of operation. Based on the Huobi DM team’s internal customer research, many users are particularly drawn to the fact that the platform’s robust design and features have resulted in zero clawbacks so far.

“We’re pleased with the strong response. This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s explosive growth, even in the midst of the ongoing bear market,” said Livio Weng, CEO of Huobi Global.

Huobi DM’s crypto asset contract trading service allows users the ability to take long and short positions on Bitcoin (BTC), Ethereum (ETH), and EOS (EOS), providing options for arbitrage, speculation, and hedging that were not previously widely available in crypto trading. While similar services exist elsewhere, Huobi DM sets itself apart via a number of design features and policies, including:

  • Superior risk management: including Price Limit, Order Limit, and Position Limit
  • Superior risk control: with a sophisticated price limit mechanism, no claw back has occurred since its launch
  • Real-time risk supervision: constantly monitor contract prices, index prices, abnormal transactions, and positions
  • User protections: In addition to a 20,000 BTC Huobi Security Fund to protect users against catastrophic security failures, Huobi also has a dedicated Risk Management Insurance Fund for each trading pair against unfilled liquidation order losses. Funding for the insurance funds recently increased to 68.5 BTC, 689.9 ETH, 41,387.6 EOS

A timeline of Huobi DM’s growth:

  • November 21: Huobi DM launches in beta mode with BTC contract trading
  • December 5: Huobi DM launches ETH contract trading
  • December 10: Huobi DM exits beta mode and is integrated with Huobi Global, Huobi’s flagship cryptocurrency exchange. Huobi DM’s daily trading volume reaches USD $195 million for the first time
  • December 25: Huobi DM’s 24-hour trading volume breaks through USD $1 billion for the first time
  • December 28: Huobi DM launches EOS contract trading and reaches USD $10 billion in cumulative trading volume
  • December 31: Huobi DM’s first month cumulative trading volume reaches USD $12 billion
  • January 12: Huobi DM’s total cumulative trading volume breaks through USD $20 billion

Disclaimers: Digital assets are innovative trading products, and prices fluctuate greatly. Please rationally judge your trading ability and make decisions prudently. Please note that users must clear the requisite KYC checks and assessments prior to commencing usage of Huobi DM. Huobi DM is not available to users from the United States of America, Singapore, Israel, Iraq, Hong Kong (China), Cuba, Iran, North Korea, Sudan, Malaysia, Syria, Samoa Eastern, Puerto Rico, Guam, Bangladesh, Ecuador, and Kyrgyzstan.

For more information on Huobi DM, please visit

About Huobi Group:

Consisting of ten upstream and downstream enterprises, Huobi Group is the world’s leading blockchain company. Established in 2013, Huobi Group’s accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. For more info, please visit

*This post is credited to PRNewsWire

On April 23-24 the global blockchain and cryptocurrency industry meets at Blockchain Life 2019 Asia in Singapore.

| 5000+ attendees
| 80+ speakers
| 70+ countries
| 120+ booths

Top managers of international blockchain companies, crypto traders and analysts, funds and investors, perspective ICO and STO projects, developers and miners will meet again to discuss current industry trends, strategies, innovations and show how to earn money in this industry.

Blockchain Life forum is an annual event that brings together international blockchain and crypto-community at the one place. In 2018, event was held in St. Petersburg (Russia) and became the largest industry event in Europe, gathered more than 5000 attendees.

Top speakers of the «Blockchain Life» forums were: Roger Ver (founder, Sergei Khitrov (founder Listing.Help,, Jason Hu (WBO), Miko Matsumura (Evercoin), Martin Kuvandzhiev (co-founder Bitcoin Gold), Edward Chen (Huobi Exchange), Aldrich Victorino (OKEx Exchange), Charles Cai (Dalian Wanda Group) and other leading international industry professionals.

The venue for Blockchain Life 2019 Asia will be at the world’s leading hotel Marina Bay Sands, located in the heart of Singapore. Participants are able to attend speeches by world leading experts, meet international companies in the exhibition area, and communicate with like-minded people and experts in networking areas.

*This post is credited to Nulltx

During the last interview with CNBC Tony Fernandes, CEO of AirAsia, announced about the launching of a New FinTech Platform called Crypto Revolt. It can give established players in the region a run for their money, and also to set leading position. But the main aim of the project is to generate source of income to afeguard the financial іnterests of all Malaysian residents in general.

“We are now in big digital adventure, which we think will add a lot to our bottomline.Crypto Revolt is a part of AirAsia’s strategy to develop new businesses that can generate additional income for the company and people of Malaysia in general. This will help ordinary people to become more financially independent than before” – Tony Fernandes said. But how does it works?

This new trading system is build as a very safe and effective system. The system is supported by the government thus all its users are financially protected and all their deposits are safe. “Malaysia as a country needs better connectivity to continue trend of development and for this platform to reach its full potential. Adding a new opportunites with Crypto Revolt, especially at this stage and with an experienced invesrors, is a much needed and welcomed move. This new platform will bring more and better choices to our people in the years to come. Every Malaysian resident is welcome to join the platform and start earning money. Thus, it will bring financial freedom back to people of Malaysia ,” Tony Fernandes said.


“A user should simply make an initial $250 deposit to purchase a position in Crypto Revolt platform. Then, the automated trading algorithm is ready to go” — Tony Fernandes explained.

Tony Fernandes speaking about his platform.

The Malaysian entrepreneurs were very skeptical about the platform which is driven by an automated algorithm, as well as the intent to make money by charging a small commission on only the profits a user generates. They asked Tony Fernandes for a real time test of the platform to make sure it is possible to earn money with the help of Crypto Revolt.

Goh Peng Ooi, one of MALAYSIA’S 50 RICHEST PEOPLE according to Forbes, decided to test the platform and deposit $250 right at the Blockchain conference – UTAR iCGPA.

Goh Peng Ooi is buying his bitcoin with the help of Crypto Revolt

“I think it is working. Other platforms like this will appear soon, I am sure, because entrepreneurs would benefit from it. So will ordinary people. In the meantime the bitcoin industry is growing big. I know people who made fortunes out of Bitcoin and I personally just earnt money a few hours ago using Fernandes`s Crypto Revolt. I know he is in big trouble and I want to support him, because he is doing really admirable things! I appreciate his invention of bitcoin earning algorithm, this could help everyone.” – Goh Peng Ooi said.


Tech and finance enthusiast Tony Fernandes has always been interested in blockchain and crypto technologies. In April 2018, he gave a few interviews to the Western medias when the project was on a beta-phase development. He told media that he believes in the long term viability of cryptocurrency. He admits that many rich Malaysians would like to dip their toes into this new technology.

Having learned about Crypto Revolt, many are turning to Bitcoin as their new asset class. It is perceived as the digital gold or gold 2.0 and deemed as the new haven of the digital world. The Bull Run in 2017 where the value grew from $1000 to a staggering $20.000 has not gone unnoticed.

More and more Malaysian businesses became very eager to invest in bitcoin

“Unlike bank networks which use private ledgers, there is no guarantee that the originator actually owns the underlying assets. Crypto Revolt guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using fractional reserve is prohibited in Malaysia.” Vincent Tan, Malaysian businessman and investor.

Vincent Tan speaking about his experience with Crypto Revolt

So what do we know about the platform?

The platform charges a commission of 2% on profits a user generates and you need to make a minimum deposit of $250 to get started. That money will be your initial investment, which the trading software uses to trade.

I decided to sign up for an account with Crypto Revolt I made the initial deposit $250 and set up my account.


The platform took 20 hours to generate a $80.19 profit, which already impressed me a lot! I’ve never purchased Bitcoin before and never made a trade in my life, yet here I was able to generate profits.

I spent about 5 minutes a day checking my results and after 5 days, the platform had traded up to a massive total of $630. That is a 257% increase in my initial deposit. I was starting to become a true believer in this platform.

After 7 Days my initial investment had traded up to $1,930. At this point, my mind was racing with possibilities of all the things I could spend that money on. This is more money than I made at work for the week and I spent less than 30 minutes checking the platform.

I decided to keep my account active for 15 days in total, because I wanted to see how high it could go. My account eventually hit a peak of $7,380.10, but had a negative -$79.51 trade. I looked through my trading logs and discovered that not every trade is profitable, some actually lose money.

The platform isn’t magic, but after 70% of my trades were profitable, the net result was I made $7,300.59 from my initial deposit of $250. It took me less than 30 minutes of work a week and absolutely no technical or investing experience.

As you can see from the screenshot below, I decided to used the ‘withdraw funds’ function to withdraw $7,300.59 from my account.

All in all, I was able to make $7,300.59 from using Crypto Revolt. I decided to pull my money out to pay for an overseas holiday. When I get back, with the money I’ve got left over from my holiday, I will definitely reinvest in Crypto Revolt. I may even quit my job!


Crypto Revolt is allowing our readers to try the platform for a minimum deposit of just $250. Given the massive increase in popularity of the trading platform, this initial minimum deposit may increase!

It is important that you sign up for Crypto Revolt immediately, as we do not know how many places will be available.

You can fund your account via credit card or a bank transfer.

*This post is credited to Talking Today Club

Thailand is rapidly becoming one of the most crypto friendly nations in Southeast Asia despite still being in the grips of a military dictatorship. The Stock Exchange of Thailand (SET) has plans to apply for a digital license which will enable it to operate a cryptocurrency exchange.

Thai Bourse Eyes Crypto

The SET is keen to get on the growing trend of digital asset trading which is extremely popular in the region. According to Pattera Dilokrungthirapop, the chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, the bourse plans to apply to become brokers and dealers for digital asset trading.

If the application is successfully Thailand’s stock exchange will become one of the first in the world to setup a separate crypto exchange according to the Bangkok Post. It is already a step ahead of other exchanges in the Kingdom as it has large capital and long established trust among investors.

The Finance Ministry is the authority for digital license issuance in the country while the SEC is the primary regulator.  The SET is not alone as the number of firms with an interest in setting up digital asset operations is growing.

“Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class,” added Pattera.

Bitkub Group, one of Thailand’s first officially approved crypto exchanges, has shown interest in partnering with the bourse on its upcoming digital asset exchange. The SEC recently granted digital asset business licenses to four crypto exchanges while two remained pending and one was rejected.

Rejected Exchange Aims to Reapply

In a related development one of those exchanges, Coin Asset Co, has plans to reapply for its license as assets on the platform took a nosedive following recent SEC rejection. Failing to meet SEC standards was cited as the reason for the failure to approve the license. This has spooked investors according to the Post leading to a dump of JFin coin, Thailand’s first ICO.

Coin Asset chief executive Sivanus Yamdee said “We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak,” however the processing time for reapplication is four months.

Unlike in the US, regulators in the kingdom are on the right track and the SET showing an interest will be a huge boost for the crypto industry in the region.

*This post is credited to NewsBTC

Six months ago, I traveled to the Democratic Republic of Congo with photographer Sebastian Meyer and revealed how thousands of young children were working 14-hour days digging cobalt—an essential mineral found in every one of our mobile phones, electric vehicles, and computers—for just a few dollars a day. The scene was heart-breaking. Children living in desperate poverty were servicing giant tech and auto industries, whose products they would surely never be able to own in their lives.

Now a few companies have seized on a possible solution: Using blockchain to track and monitor how their cobalt is mined and marketed. Ford MotorCompany; the Korean battery-manufacturing giant LG Chem; China’s Huayou Cobalt; and RCS Global, a London-based organization for responsible supply chains, announced this week that they will jointly create the first blockchain distributed platform to encompass the entire production cycle for cobalt. IBMwill power the technology.

The group claims that the immutable identity of the information uploaded on to the blockchain will allow it to monitor and assess every step of production, from the moment cobalt is dug out of the ground in remote southern Congo—where most of the world’s cobalt reserves lie—to the smelters and refineries in Asia, and finally the global trading market. “The risks we are looking for are operational health and safety, conflict financing, and child labor,” Nicholas Garrett, CEO of RCS Global, tells me. Under the new blockchain system, each entity will report its stage of the process. “Each player assesses for responsible practices,” he says. The idea is to scale up the blockchain, allowing more and more mining and refining companies to join the platform.

Any company failing to meet due-diligence standards will be ejected from the platform. The incentive for companies joining the blockchain is to keep extracting Congo’s huge resources, while still claiming to the world that they are following ethical business practices. “We remain committed to transparency across our global supply chain,” says Ford’s vice president for global purchasing and powertrain operations Lisa Drake; the company recently announced it is investing $11 billion on EVproduction over the next few years. Drake says the blockchain “will help meet our commitment to protecting human rights and the environment.”

But will it really do that?

As our reporting in DRC showed, cobalt mining in Congo has been riddled with human-rights violations and corruption for years, and operates in a vast Central African country beset by violent conflict.

Given that, the new blockchain project might deliver fewer results than the companies claim. It is beginning with just one pilot site, Luswishi Industrial Mine in DRC’s southern province of Lualaba, which uses machine techniques to extract cobalt. As such, the initiative does not (for now) tackle artisanal mines, which industry analysts believe account for about 20% of cobalt production, and which continue employing the child miners we met in the DRC last year, like 11-year-old Daniel and 15-year-old Lukasa.

“Traceability is not the final objective, it is just a means to an end,” says Rashad Abelson, legal advisor on mineral supply chains for the Organization for Economic Cooperation and Development in Paris, which has drafted codes of conduct for the industry. “There’s a risk that companies could treat blockchain technology as a panacea that is going to solve all the problems,” he says.

Children like Daniel and Lukasa will almost certainly continue digging for cobalt as long as they can, since the root causes of child labor remain: Deep poverty, and a lack of education and job opportunities.

Even leaving aside child labor, there are other problems too: As we saw in the villages, cobalt markets and mines we visited, there are few resources to scrutinize people’s work habits. In the Kasulo mine, which is operated by Huayou, we watched hundreds of men digging cobalt with manual tools, and with no protective gloves or hard hats. And that was the site Congo’s local provincial officials wanted us to see, as an example of good mining practices.

Abelson fears that the bare-bones conditions in Congo could also lead to bad information being uploaded on to the new blockchain platform, in areas where there is low literacy, and almost no experience of software technology; in some areas, there is not even Internet access. In addition, there will be few ways to know whether the data on the blockchain is true or false. “It is not yet totally clear how this technology would resolve the issue of validating information that is fraudulent from the outset,” he says.

The stakes for fixing the labor violations and corruption in cobalt production are high indeed. As people increasingly choose electric vehicles over fossil-fuel models, global demand for cobalt could increase 700% by 2030, according to the cobalt-trading company Darton Commodities in London.

The question now is whether the world can embrace green technology, and still adhere to ethical standards.

*This post is credited to Fortune

As of now, the top-10 coins are in deep red, as per Coinmarketcap. The only gainers at the moment are XRP (+0.62 percent), EOS (+0.11 percent) and Bitcoin Cash SV (+0.46 percent).

Even the recent winning horse Tron (TRX) is trading in the red zone, showing a drop by 1.46 percent.

Things look better on the top-20 list, with many more winners today.

Cardano outperforms them all

The top gainer among the top-20 coins today is Cardano(ADA), showing a rise by 2.94 percent. It is closely followed by Binance Coin (BNB) with its 2.79-percent spike. The third top gainer here is IOTA, going up by 1.09 percent.

Cardano outperforms them all

NEO, Ethereum Classic and USD Coin (#17, #18 and #19) are also rising but very poorly, compared to its aforementioned peers.

Beyond the top-20 list

WAX, Stratis, and Aeternity are the only crypto assets that have shown an over 20-percent increase on the top-100 crypto scale.

Everus (EVR) strives to catch up

A coin which seems to have a large potential for growth outside of the top-100 at the moment is Everus. Over the last 24 hours, it has spiked 22.28 percent and seems to be rushing on.

Everus is a Malaysia-based crypto startup that aims to offer blockchain as a service on a global scale. Presently, the company is busy conquering the South Korean market, which is the third most active one in the world.

EVR is the native coin of Everus, based on the ERC20 standard of Ethereum. As per Coinmarketcap, the coin is so far available on two crypto exchanges – C-CEX and Cryptopia.

The latter suffered a major hack the other day, now going offline until the matter is solved. However, as U.Today reported earlier, the crypto community suspects an exit scam in this case.

Currently, EVR has a 456 329 484 EVR token supply. Its market cap value totals $5 646 049, which gives the coin position #335 on Coinmarketcap. The price of EVR is trading at $0.0123 at press time.

Everus (EVR) strives to catch up

*This post is credited to to U Today

Epic Games might have recently poured cold water on our steamy blockchain-gaming dreams, but another major video game publishing company has stepped up to keep hope alive.

Square Enix, the publisher of smash-hit, gaming franchises Tomb Raider, Kingdom Hearts, and Final Fantasy, is preparing its investors for a foray into the world of blockchain.

Recently, the president of Square Enix, Yosuke Matsuda, published a letter to his shareholders in which he laid out the company’s vision for 2019. And topping the list for the company’s “potential for new services” is Matsuda’s growing crypto curiosity, citing—interestingly—the crypto crash of 2018 as the impetus:

“With the subsiding of the cryptocurrency bubble, the use of blockchain technology has spread to a variety of non-cryptocurrency domains as well,” he said. “One has been the gaming space, where there have been some interesting developments with games and game platform services using blockchain technology.” The head of Square Enix went on to say that the company is also “very interested in potential applications for blockchain technology in the digital content space.”

A growing number of major video game publishers and distributors have already begun testing the utility of blockchain. In November, game-development company Arcade Distillery announced a deal with Sony to release the first blockchain game on a major console; “Plague Hunters” is slated to land on the PlayStation 4 early this year.  Other major players include Ubisoft, the makers of Assassin’s Creed and Rainbow Six.

Indeed, a number of  blockchain-focused companies, including Ubisoft, ConsenSys (which funds Decrypt, an editorially independent site), Everdreamsoft and Ultra, launched the Blockchain Game Alliance last fall. Ubisoft’s Strategic Innovation Lab spent the better part of 2018 exploring blockchain’s potential to decentralize and individualize gaming experiences, as well as to provide gamers with “true ownership” of their digital assets.

Nicolas Gilot, co-CEO of Ultra—a blockchain-based “next-generation games distribution platform”—is equally bullish on the blockchain gaming future. He told Decrypt that the technology is “already proving its potential beyond the ownership of in-game items and providing groundbreaking, innovative solutions.”

Says Gilot: “Looking at the future of gaming, in three to five years time, I believe the industry will be completely unrecognizable to where we are now by virtue of the incorporation of blockchain.”

And with Sqaure Enix considering joining the campaign, we may soon count another elder role player among the blockchain bold.

*This post is credited to Decrypt

Blockchain technology can power an open DNA data marketplace that drives a new wave of genomics research to transform precision medicine and the treatment of rare diseases.

Humanity is at the very beginning of a tremendously exciting era of precision medicine. The cost of genome sequencing a person has already fallen below the $1000 dollar mark. Soon it will be down to $100. Gradually, a growing percentage of the world’s population is being afforded the opportunity to receive health treatment and lifestyle advice relevant to their genetic makeup, and also to share their genomic data for the betterment of humanity.

This means researchers and health professionals could soon enjoy access to a vast resource of genomic sequencing data and health records that could help them investigate disease and transform patient outcomes.

However there are many obstacles to overcome first.

Firstly, science needs access to extremely large numbers of genomic and other healthcare datasets in order to gather meaningful and potentially transformational information. Secondly, for the promise of precision medicine to be fulfilled, data must be easily sharable and interoperable across technological, geographic, jurisdictional, and professional boundaries.

There are many ongoing initiatives across the globe aiming to facilitate the sharing of genomic data and thereby enabling precision medicine progress. Health apps based on genomic and other health data are good examples. But frequently, they are addressing the sharing problem from different angles, or often simply competing against each other. This stifles research and innovation and prevents medicine and healthcare moving forward at the pace it should.

Ending the genomic data monopoly

In reality, a few large businesses currently hold the monopoly on the vast majority of genomic data, and make vast profits from selling it to third parties, usually without sharing the earnings with the data donor. Things have to change.

There needs to be a means by which patients, health professionals, governments, researchers and providers of health technology can access data, cooperate, collaborate, network, and form partnerships.

I believe the world needs a centralized health data hub – an open marketplace where health and genomic data can be shared, borrowed, or sold. Of course this platform would have to be secure. But by utilizing blockchain technology and next-generation cryptography, trust could easily be built around the ecosystem, alleviating consumer hesitations about leaving personal data online or in the hands of corporations.

Healthcare and wellness providers such as clinics, genomic counselors, pharmaceuticals, research organizations, governments, patient-support groups and insurance companies that joined such an ecosystem would no longer have to compete with each other to gather data. It would be there for them all to use – for example, to boost clinical trials or facilitate drug research and development.

Patient benefits

But there would have to be incentives for people beyond donating their data for the betterment of mankind. Firstly, they should be empowered to share their data however they liked, whether donating, loaning or selling it. Blockchain technology would enable them to stay in absolute control of their data – in the knowledge it is totally secure. Individuals  should also be able to benefit from access to applications that leverage their data and enhance their wellbeing and health – for example, nutritional and fitness advice, treatment plans, genealogy, disease predisposition, pharmacogenomics, and lifestyle management.

Looking into the future, as more personalized biological information becomes available, services could be offered that are based not only on genomic data, but also other health, biological, socioeconomic, and environmental information. When combining genomic data with other molecular data, such as epigenomic, metabolomic, transcriptomic, microbiome data, and clinical information, the resulting rich datasets enable integrative analyses to be carried out at unprecedented depth and scale, facilitating new insights into molecular disease processes.

By implementing an open, collaborative platform and marketplace, critical mass will be achieved faster in precision medicine, utilizing the magnifying power of network effects. Of course, this data hub has to be international. Today, many ethnic and geographical populations are still worryingly underrepresented in public databases.

This is an exciting time in healthcare, all the technologies are in place to transform the health of humanity. Like the world was changed forever by the invention of the internet, the healthcare ecosystem is ripe to be revolutionized through giving data ownership back to the people, ushering in a new form of global healthcare. The destiny of world civilization may depend upon providing decent healthcare for all humanity; that is what civilization is all about.

*This post is credited to Dataconomy

Russia is reportedly planning to replace the U.S. dollar with Bitcoin as its reserve currency in a bid to limit the impact of US sanctions imposed on the country.

Last week, the cryptocurrency news site Micky quoted a Russian economist with ties to the Russian government as saying that U.S. sanctions on the country are forcing Russia and certain oligarchs to “dump U.S. assets and U.S. dollars and invest hugely” in Bitcoin.

Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, a state-funded institution, said the transition from dollars to Bitcoin could begin in February. “I believe that [the time] is coming when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin,” Ginko said.

Congress has imposed sanctions on Russia following the assertion of US intelligence agencies determined that the country interfered with the 2016 Presidential election and again in the wake of the poisoning of former Russian military officer Sergei Skripal.

Russian President Vladimir Putin has expressed interest in Bitcoin, saying last June that the cryptocurrency “has its place in the world.” A report in the Telegraph said that from dollars to Bitcoin may involve an intermediary cryptocurrency, likely a token created by a Russian bank, before Russia could buy Bitcoin through a crypto exchange.

On Monday, Mickey also reported “a large and unusual increase” in the volume of OTC Bitcoin purchases placed by Russian nationals, indicating further interest in Bitcoin inside Russia. Bitcoin was trading at $3,649.78 late Monday, up 4% in the previous day.

*This post is credited to Fortune

Despite a plethora of sometimes unclear regulations and restrictions, large businesses and banks in India are still embracing cryptocurrency — or at least some of the technology that underpins it — as a more reliable way to reconcile accounts, make payments, keep proper records, and manage internal funds. According to a report in the India Times, a number of Indian corporations are currently trialing blockchain technology as a means of record keeping.

Top Firms in India Eye Blockchain for Payments

Despite the traditionally hostile stance of the Reserve Bank of India on cryptocurrency exchange activities and its recent announcement that it will not be launching the mooted “Digital Rupee,” cryptocurrencies still appear to have a future in India. In the light of revelations that a lack of proper record keeping contributed to the IL&FS takeover, more large businesses are apparently willing to explore alternatives which will ensure that all financial records and contracts are properly documented.

Using blockchain technology for record-keeping practically removes the possibility of discrepancies, and it is this security functionality that makes it especially useful for large corporations with multi-level data flow. While still in it’s testing stage, sources quoted by the India Times say that the results look promising. According to them, if final results are impressive, the corporations involved have plans to scale up the whole process to cover wider areas.

unilever blockchain india
Hindustan Unilever is one of a variety of large conglomerates in India that are exploring blockchain technology for B2B payments.

Some of the big names reportedly making such moves include Hindustan Unilever, ABG Shipyard, HDFC Bank, and Reliance Industries. Right now, several pilot tests are running which use DLT strictly as a record keeping tool with hopes of balancing the books either at the end of the quarter or at the year’s end. Although there is no publicized timeline yet for the testing and proposed scale-up, stakeholders expect that blockchain technology will have a big future in the Indian corporate space.

Speaking to the India Times, Sai Venkateshwaran, a Partner and Head of CFO Advisory at KPMG India, said:

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.

Crypto Refuses to Go Away

Significant restrictions by the Reserve Bank of India (RBI) may yet prove to be a challenge for such nascent implementations, but many experts are of the opinion that these restrictions can be circumvented if corporations keep transactions strictly in house. In addition to high levels of cryptocurrency fraud taking place in India, regulatory concern also falls on the space because of perceived problems with taxation and accounting compliance.

Despite this, according to the report, corporate stakeholders remain convinced that getting regulators on their side in an economy projected to surpass the US by 2030 is only a matter of time.

*This post is credited to CCN