A shared digital ledger in which records are grouped into blocks linked by cryptography and copied across many computers, making past entries very hard to alter without the network's agreement; it underlies cryptocurrencies and many other uses.
The idea of chaining records with cryptography to prevent tampering existed in research from the early 1990s. In 2008, a person or group using the name Satoshi Nakamoto published a paper describing Bitcoin, a peer-to-peer electronic cash system that solved the problem of double spending without a central bank by using a public blockchain and proof of work. The Bitcoin network went live in January 2009. Later, Ethereum, launched in 2015, introduced smart contracts, programs stored on a blockchain that run automatically when conditions are met, opening uses beyond currency.
India's approach to crypto has shifted over time. In 2018 the RBI barred regulated entities from dealing with virtual currencies, but the Supreme Court set aside that circular in Internet and Mobile Association of India v. RBI (2020) on grounds of proportionality. The Union Budget 2022–23 introduced a 30% tax on income from virtual digital assets and a 1% tax deducted at source on transfers, and in 2023 crypto service providers were brought under anti-money-laundering rules. Meanwhile, the government has backed blockchain for public uses, and the RBI launched pilots of a central bank digital currency.
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