Cloud Frontiers: A Deep Dive into Serverless Spatial Data and FME
suraj seminar 2022.pptx
1. ACADEMIC SEMINAR PRESENTATION ON
“BLOCKCHAIN BASED CRYPTOCURRENCY
SCOPE IN INDIA”
BY
SURAJ PRASAD CHAUDHARY(1ST18IS30)
UNDER THE GUIDANCE OF
MR. SANTOSH
ASSISTANT PROFESSOR, DEPT. OF ISE
Department of Information Science & Engineering
2. Agenda
Introduction
Literature Survey
Existing System
Drawbacks of Existing System
Proposed System
Objectives of Proposed System
System Architecture
Plan of Work
References
Thank You
3. Introduction
Blockchain is an apparent technology for decentralized and transactional data
sharing across a wide network of non reliable participants.
Persons named Satoshi Nakamoto released a new protocol for “A Peer-to-Peer
Electronic Cash System” using a cryptocurrency called bitcoin.
One of the fastest growing forms of digital currency is cryptocurrency.
In Layman’s terms, cryptocurrency refers to digitally encrypted currency which
utilizes cryptography for managing and tracking the production as well as to check
genuineness of transfers.
4. Literature Survey
In the paper “Bitcoin: A peer-to-peer electronic cash system” as originally
written by pseudonymous author Satoshi Nakamoto and reproduced by
Manubot, the paper acts as a gateway to basic knowledge for cryptocurrency
related terminology such as Proof-of-work system, miner incentive,
verification as well as the functioning of the blockchain system.[1]
In “A Survey on Bitcoin Cryptocurrency and its Mining”, Suman Ghimire
and Dr. Henry Selvaraj talk about Blockchain technology, mining of bitcoin
and the Proof of work system. The working mechanism of Bitcoin has been
explained in detail using detailed illustrations.[2]
5. Literature Survey
The paper titled “The Growth of Cryptocurrency in India: Its Challenges &
Potential Impacts on Legislation” the author, Shailak Jani begins the paper by
providing statistics for the cryptocurrency market over the span of 5 years between
2013 and 2018.[4]
In the paper “The Evolution of Bitcoin Hardware”, Michael Bedford Taylor writes
about the evolution of cryptocurrency mining hardware over the years. The paper
begins with the explanation of how the Bitcoin system functions via the proof of
work method providing information about Bitcoin mining, their creation, price
trends and the mining difficulty trends over the years. The author then sequentially
explains the evolution of the technology over the years for six generations.[5]
6. Existing System
As of 2020, India accounts for 6.67% of the global GDP, and hence it is no surprise
that India has its fair share of enthusiasts investing in cryptocurrency.
Bitcoin was first introduced in India in the year 2012, and its popularity has been
steadily increasing ever since then.
In December of 2013, e-retailer Highkart.com became the first business to accept
Bitcoin as a payment option.
Ever since then, many exchanges have found their place in the Indian markets.
After the demonetisation in November 2016, many people showed interest in
cryptocurrencies as a means to evade potential problems due to the government
decision.
7. Existing System
As more visitors became attracted to cryptocurrencies, the price for
cryptocurrencies soared as well.
Exchanges increased the buying price per token as a means to balance out the
sudden influx of buying orders by limiting the potential buyers as well as increasing
the people owning tokens to start selling
RBI clearly stated that virtual currencies are not considered legal tender, and hence
there are no regulations for the same, and hence the investors and people dealing
with virtual currency should do so at personal risk.
As such, the development of a national digitized currency is in talks, but nothing
has been confirmed.
8. Drawbacks of Existing System
Since the virtual currencies have no inherent value if the currency ever goes
down, it could lead to huge investment losses on the investor’s part.
The value of cryptocurrencies is not stable and is subject to change. This
leads to unstability in the market.
Virtual wallets are prone to human error. Forgetting passwords or not being
able to access the wallet can lead to huge losses.
9. Drawbacks of Existing System
Virtual currencies are global, hence they transcend borders. This can lead to
complexity in legal matters.
For ordinary people, cryptocurrencies have extremely low liquidity, hence it
would be extremely difficult to convert non-regulated digital currencies into
physical money.
Similar to any other digitally stored data, cryptocurrencies are also prone to
cyber-attacks. Data breach, identity theft and other virtual threats are all
applicable to digital currencies as well.
10. Proposed System
Proper recognition of the potential of cryptocurrency and the blockchain technology
by the governing authorities can lead to increased entrepreneurial ventures. By
enabling the use of cryptocurrency, investors from outside India can invest in
promising start-ups, thus giving Indian entrepreneurs a fair chance on a global scale.
The ledger being maintained is directly linked to the wallet and the personal details
of the owner remain anonymous.
Virtual currencies are global, hence they transcend borders. This can lead to
complexity in legal matters. Since no global laws exist, criminals may be able to use
loopholes in the laws of different countries. The introduction of virtual currencies
complicates the process of taxation.
11. Objectives of Proposed System
Due to the ledger being decentralized and impossible to change, the transactions are
transparent and hence the adoption of cryptocurrency would allow for more fair
transactions. This ensures that the system works on an irrefutable ledger instead of trust.
Compared to traditional means, virtual currencies are much more efficient and cheaper.
Even if the scenario is considered, where institutions charge a minimal fee for transactions,
the aggregate cost can generate huge amounts of money which can be saved by the users.
Proper recognition of the potential of cryptocurrency and the blockchain technology by the
governing authorities can lead to increased entrepreneurial ventures. By enabling the use of
cryptocurrency, investors from outside India can invest in promising start-ups, thus giving
Indian entrepreneurs a fair chance on a global scale.
12. Objectives of Proposed System
The ledger being maintained is directly linked to the wallet and the personal details
of the owner remain anonymous.
Apart from the cryptocurrency aspect, the blockchain technology can be utilized for
other purposes as well as it is simply a ledger. It has many applications in
identification, financing and other fields.
One potential use was seen in Andhra Pradesh in 2019 where the government
collaborated with blockchain start-ups to create a blockchain record of land records.
This led to a decrease in record tampering/corruption and an increase in the ease of
access for people.
In case of mainstream acceptance, the users can be provided with the ability to pay
for services in an extremely efficient manner even without a bank account. This can
profit many small-scale local businesses. Virtual currency wallets could be paired to
apps where buyer to seller contact is maximum so as to boost the use of this mode
of payment.
13. PRINCIPLE OF CRYPTOCURRENCY
Cryptocurrencies operate on the principle of blockchain where a decentralized
ledger is used to record all the transactions.
Blockchain is the main support system for cryptocurrencies, which provides it with
numerous features in terms of security and privacy.
In blockchains all the data is stored as blocks, and these blocks are arranged
together in the form of a chain, hence the term blockchain. The Blockchain system
consists of two parts, blocks and transactions.
Blockchains can be made private or public. In public blockchains, anyone who is
part of the network can participate in the blockchain without any permission or
verification.
15. TABLE I. TIMELINE OF MAJOR EVENTS RELATED TO
CRYPTOCURRENCY IN INDIA
TIME EVENT
2012 Bitcoin is first introduced in India
2013 E-retailer Highkart.com becomes the first business to consider Bitcoin
as a payment option. Governments issues notice warning people
about the potential risks of virtual currencies
2016 Nationwide demonetization leads to sudden growth in investments
made in Bitcoin.
2017 Government issues two more notices in February and December
discouraging people from putting money into virtual currencies.
2018 Government issues two more notices in February and December
discouraging people from putting money into virtual currencies.
2020 Supreme court challenges the previously issued ban.
2021 No official statements have been made but government has been
hinting at proposing a bill imposing a complete ban on
cryptocurrencies.
16. TABLE Il. COMPARISON OF INDIA & CHINA IN
CONDITIONS OF CRYPTOCURRENCY
CHINA INDIA
China has been one of biggest sources of
cryptocurrency mining and hardware
production.
Many exchanges have been set up in India
but the virtual currency market still holds
lots of unexplored potential.
All virtual currencies have been officially
banned but the PBoC is planning on
making the digital Yuan interconvertible
to other digital currencies.
The laws related to virtual currencies lie in
grey area.
Ban on cryptocurrencies was first
introduced in 2017.
Even though the trading is still legal there
have been hints towards banning virtual
currencies.
China has invested in blockchain and has
developed its own centrally issued digital
currency
India has shown slight interest in
blockchain technology and may be
investing in its own version of digital
currency.
17. Conclusion
India’s relation with cryptocurrencies and blockchain is a pretty complicated one.
While the technology has its upsides, critics also pose some fair arguments.
Implementation of virtual currencies and blockchain technology. In countries and
businesses where cryptocurrencies are commonly used, it has shown huge growth
potential.
Compared to traditional payment methods, cryptocurrency users report higher levels
of trust. It is true that cryptocurrency appears to be more transparent and
trustworthy.
18. References
[1] Nakamoto, S. (2019). Bitcoin: A peer-to-peer electronic cash system. Manubot.
[2] Ghimire, S., & Selvaraj, H. (2018, December). A survey on bitcoin
cryptocurrency and its mining. In 2018 26th International Conference on Systems
Engineering (ICSEng) (pp. 1-6). IEEE
[3] Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2019).
Bitcoin and cryptocurrency technologies. Curso elaborado pela.
[4] Jani, S. (2018). The Growth of Cryptocurrency in India: Its Challenges &
Potential Impacts on Legislation. Research gate publication.
