In the latest digital currency news centered around the topic of regulation, we are going to India where a lot of leading large businesses are still embracing cryptocurrencies or some technologies underpinning it. Aside from the reliability that this brings when it comes to reconciling accounts, making payments and keeping proper records, it seems like a large conglomerate in the country is also eyeing blockchain technology as a means of record keeping.
As the India Times reported, a number of leading corporations from India have been eyeing the blockchain model and are willing to explore alternatives which will ensure that their financial records and contracts are properly documented.
What’s interesting is the fact that using blockchain for record-keeping removes the possibility of discrepancies which is the security functionality that makes it especially useful for large corporations that have multi-level data flow.
Sources quoted by the India Times also said that the results of using this tech look promising. According to them, if the final results are impressive, the large conglomerate of corporations will definitely scale up the entire process and cover wider areas.
Sai Venkateshwaran, who is a partner and the Head of CFO Advisory at KPMG India, has commented on this discovery, saying:
“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.”
However, restrictions by the Reserve Bank of India (RBI) may still hold up this process and become a challenge for such nascent implementations. However, experts believe that the restrictions can be circumvented if corporations keep their transactions strictly in house.
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