Muthukarpagavalli. A & R. Nandhitha, BBA; LLB. (Hons.), Sastra University
ABSTRACT
In recent times, the emergence of different technologies indeed creates a whole new arena of possibilities which has a ripple effect on every industry and every stakeholder. One such unique technology, is the rigid Blockchain which features as an essential database that ensures freedom, democracy, safety and complete transparency.
The aspect of blockchain is first discussed with its applications in both the financial and non-financial sector. Secondly, the validity of blockchain and cryptocurrency in India is analysed and a thorough discussion with respect to the apprehensions of RBI and Ministry of Finance is made. The landmark judgment of Supreme Court of India whereby the ban on cryptocurrencies was lifted has been analysed to bring out the sensitives involved behind the idea of adoption of blockchain and cryptocurrency.
To help the law makers make informed decisions, the development and experimentation involved in blockchain technology in Indian market is illustrated. Lastly, the usage of blockchain in the form of smart contracts, DAOs, E-voting is analysed to fulfil the objectives of good corporate governance and remove discrimination, malpractices and protect shareholder’s rights. Corporate governance is indeed important for the success of the firm and the maintenance of good relationship between different stakeholders.
