Tech behind bitcoin can help check counterfeiting: RBI

 Exactly two years after it issued a caution against use of virtual currency bitcoin, the Reserve Bank of India has come around to appreciate the strengths of the underlying 'blockchain' technology. Blockchain is a digital platform which records all bitcoin transactions in a way that cannot be altered. In December 2013, the RBI had cautioned users, holders and traders of virtual currencies (VCs), including bitcoins, about the potential financial, operational, legal, customer protection and security-related risks that they are exposing themselves to. This week, in its report on financial stability, the RBI said that even as opinion diverged on the virtual currency itself, the key technical concept of 'blockchain' which underpins such cryptocurrency systems is drawing more attention now. "With its potential to fight counterfeiting, the 'blockchain' is likely to bring about a major transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system," said the RBI. The central bank pointed out that the traditional system of record maintenance works on the basis of 'trust' and the 'regulatory' and 'controlling' power of central entities/counter parties. "As against this, the 'blockchain' technology is based on a shared, secured and public ledger system, which is not controlled by any single ('central') user and is maintained collectively by all the participants in the system based on a set of generally agreed and strictly applied rules," the RBI said. That's How You Find Super Cheap Flights!Save70 New Mexico's Unique Architectural StyleAFAR

Ericsson eyes huge opportunities from mergers in telecom sector

Ericsson expects the ongoing consolidation in the Indian telecom industry to offer a big business opportunity to the Swedish telecom gear maker's managed services business. New Mexico's Unique Architectural StyleAFAR Are Multiple Sclerosis Patients Experts?Living Like You by Novartis Recommended By Colombia "It is a potential opportunity specifically from managed services view point. We do multivendor managed services, and are already managing all the other vendors in India," Jeroen Dorrestein, vice president and head of operations, Ericsson India, told ET. "Large consolidation opens up the market because it brings new dynamics, it brings bigger parties," he said. Reliance Communications (RCom) is the biggest managed services customer of Ericsson in India. The company currently has around 15,000 people involved in managed services operations. It plans to increase this number going ahead. "We have big-big ambitious plans on growing business. If you double your services business, then you are going to need more people," Dorrestein said. Ericsson also has Bharti Airtel as one of its oldest managed services partner. Asked if the company is planning to work with Reliance Jio, he said, "We have an ongoing engagement with Reliance Jio. We have a number of projects ongoing -- we are supplying a number of solutions. We have a couple of teams on the ground that provides services."