India seems to be going out on a limb with the technology of blockchain, since many Indian companies are now using it for improvement of various services and products.
The India Times reported that Bajaj Finserv, the holding company of Bajaj Group’s NBFC and insurance firms, is using blockchain technology for services like travel insurance, for settling claims even before it is registered by the customer concerned.
The improvement of customer service is a major priority to Indian companies , according to Mr. Finserv. One specific industry that is helped by the use of blockchain is actually the travel insurance sector.
One example how blockchain has helped the travel insurance sector so far is when flights are delayed. Customers’ complaints are recorded right away and paid instantly.
According to Economic Times India, Bajaj Electricals also uses blockchain for improvement in the bill discounting process.
“The Reserve Bank of India has repeatedly flagged concerns on virtual or cryptocurrencies like Bitcoins, stating that they pose potential financial, legal, customer protection and security-related risks. Any user, holder, investor or trader dealing with virtual currencies is doing it at their own risk, the central bank had cautioned on its website in February this year. ”
Although India has had controversial views on the viability of bitcoin and overall about the cryptocurrency market, companies are soon to realize the value of blockchain.