Sate governments and banking verticals are early adopters for blockchain technology, the next wave of technology that will transform the way data is shared or transacted.
Andhra Pradesh and Telangana government have taken lead in blockchain says Pankajj P. Ghode, Co-founder, Global Blockchain Foundation.
Both Andhra Pradesh and Telangana are doing proof of concept using blockchain technology for land records whereas Andhra Pradesh is using it also for KYC says Ghode.
Axis Bank, YES Bank and SBI Remit has also signed with Ripple, the blockchain payments provider with proven commercial deployments.
These customers have all turned to Ripple as the blockchain solution that solves the problems of speed, scalability and costs associated with the old way of conducting global payments.
The banking customers showcases how Ripple can drastically reduce the time and cost associated with global transactions for a breadth of financial institutions.
YES Bank is partnering with Ripple to realize the enhanced efficiencies of blockchain for real time cross-border payments and offer a superior banking experience to customers whereas Axis Bank is using blockchain technology to enable real-time and affordable money transfers.
Blockchain will have its impact in all verticals say banks, financial services, governance, supply chain, identity management, healthcare, energy and others.