As you all knows Bitcoin is one of the most popular digital currency having capability to send and receive payments in terms of coins all around the globe.
Although Bitcoins have been around since 2009, the hype and fascination over the unregulated virtual currency has increased rapidly.
There are currently more than 12 Million+ bitcoins in existence.
In India, Its not fully deployed but ICICI bank is the first bank who complete its first banking transaction using Blockchain technology in partnership with EMIRATES NBD and a lender from West Asia.
Blockchain technology allows for the secure management of a public ledger or database, where database transactions are verified and securely stored on a network and is managed by a network of nodes that all have their own copy of the database.
When the 1st block of transaction is created, it is marked with a HASH FUNCTION.
Blockchain also provides you a secure WALLET where you can store your bitcoins safely.
ICICI is now the first bank in this emerging technology who participated while many online retailers already accept BTC, some major companies still plan to or already have adopted this new currency like Amazon, OKCupid and Western Union.
You can do a lot of things with Bitcoins like
a) Save them by leaving them on the exchange.
b) Sell them.
c) Convert them to cash by selling them on the exchange.
d) Transfer them to a wallet service or your own computer using Miners.
e) Spend them like Online Shopping, Recharges etc.
The MD and CEO of ICICI bank, Smt. Chanda Kochhar also stated one statement – “I envision that the emerging technology of Blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure“.
We hope, other banks like HDFC, SBI, BOB etc will also look into this emerging field for banking growth.
Also read: After BTC, now we have Decred Digital Currency.