With 86% of the currency in India wiped out overnight, the next few months were painful for a number of citizens. Many had to spend a significant part of their lives simply waiting in queues to withdraw whatever little money ATMs had been allowed to dispense in this time.
Multiple deaths have been reported so far, which can be directly or indirectly attributed to demonetisation, even though the government of the day maintains that it was a much-needed move.
Many are now reliving those traumatic days as the latest banking scam — Punjab and Maharashtra Co-operative (PMC) Bank — has blocked account holders from withdrawing their own money.
Built on blockchain, cryptocurrencies such as Bitcoin are decentralised and use a distributed ledger to track, control and monitor the flow of the transactions. This eliminates central banks, governments and gives control to the users — at least the ones that know what they are doing. But it’s not just fintech; blockchain can also eliminate the game of middlemen in several key areas to bring efficiency, transparency and eliminate corruption at the highest level.
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