Weekly Current Affairs

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Bitcoin firm opens Blockchain incubator in India

  • The team behind bitcoin company, GBMiners, said that it has started South Asia’s first Blockchain incubator called Satoshi Studios.
  • It is named after Satoshi Nakamoto, the mysterious creator of bitcoin.
  • Their vision is to build New Delhi as the blockchain knowledge hub of Southeast Asia.
  • Blockchain is a kind of distributed database that keeps a permanent and tamperproof ledger of transaction data.
  • It is commonly associated with bitcoin which is a digital currency that is not supported by any country’s government or central bank.
  • Also known as crypto-currency, bitcoin can be traded for services or goods with sellers who accept bitcoins as payment.
  • India is world’s largest inward remittance market and also has the world’s largest un-banked population. The times could not be better for bitcoin adoption especially with Indian economy’s biggest currency notes being demonetised recently.