50p weekly reading list #1 – 4 Oct, 2017
Here’s what’s new this week!
BHIM more popular than the UPI apps by public banks
A recent report by MediaNama, highlights the huge differences in adoption of UPI apps with NPCI’s BHIM app taking the lead and PhonePe not so far away. This clearly indicates that bank agnostic third party apps are offering more services and features on top of the UPI protocol. While PhonePe offers services such as utility, phone and several other bill payments, BHIM remains minimal, offering only P2P and merchant services. It will be interesting to see how Google’s Tez will disrupt the market, considering it’s multi bank backend.
Banks are losing out on the digital payments revolution!
After the note ban almost a year back, a new report by SBI research notes that while there was a huge increase in the number of PoS terminals and transactions, Banks lost a lot of money after the note ban when they had to hire more staff, recalibrate ATMs for the new currency notes, and improving security for the transportation of notes.
UIDAI, BSE, RBI and many other Indian organisations faced a data breach
If you’ve been hearing about data breaches more than usual, you’re not alone. After the massive Equifax breach, Yahoo’s email address leaks, it is India’s turn to test the preparedness and the response mechanisms for such data breaches. The databases of UIDAI, BSE, RBI, HDFC, SBI, ICICI and several other organisations have been reportedly breached after an eagle eyed Pune based security firm caught an ad offering confidential information from India’s Internet Registry.
Blockchain in e-gov? Might not be too far away!
Several state governments are experimenting and evaluating the use of blockchain based ledger systems to make e-governance reliable and more secure. Digital ID management, Benefit distribution systems, P2P verification, Smart grids and digitising land records are some of the use cases of blockchain Indian companies are focusing on.
BlackRock, Goldman Sachs are dipping their toes in the cryptocurrency world
BlackRock and Goldman Sachs, two of the world’s largest investment firms have been in the news the past week after their CEOs made public statements about the use of blockchain. While Lloyd Blankfein, the CEO of Goldman Sachs is still undecided about bitcoins, Larry Fink, CEO of Blackrock suggested he was a big believer in cryptocurrencies, but argues that there is more work to be done before any formal adoption.
ICOs and cryptocurrencies are seeing a boom in India!
If you’ve been following the cryptocurrency world, you’d have come across Initial Coin Offerings or (ICOs). ICOs are a new way to raise funds for a company. Instead of involving VCs and angel investors, ICOs work by having a limited sale of tokens. These tokens are cryptocurrency tokens, which can be traded in for some value at an exchange which accepts it. The tokens can also serve as currency for the service or product that the company is offering.
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