Scope of Blockchain Technology in India

July 8, 2018
blockchain

Blockchain has revolutionized the whole world and India is no exception to it. No doubt, the introduction of such a dynamic technology can make any economy’s heart pound. Looking at the myriad applications of blockchain right from the finance sector to the healthcare sector, India has finally adopted blockchain technology for aiding its various ailing industries. One of the main reasons why India is so curious to inculcate blockchain in multiple sectors is the benefit of information consensus among numerous parties. There are reams of data to be shared among various parties with no trust mechanism among participants. Therefore, the role of blockchain becomes essential, and it must is viewed with a broader perspective i.e. beyond cryptocurrencies.

blockchain-in-financial-services

BANKING SECTOR

The only sector to show substantial interests in blockchain is the banking sector. All the major banks are experimenting with it to ensure safe and secure money transfers. Since all the banks tend to spend a significant portion of their time on transferring money, the introduction of blockchain will reduce this time along with the time spent on tracing transactions. The blockchain is highly trustworthy, none of it has hacked yet. It is high time that banks must stop toying with open contracts and public ledgers.

Also Read: Future of Blockchain Technology

ELIMINATING CORRUPTION AND ENSURING EFFICIENT PUBLIC ADMINISTRATION

India is captivated in the palms of corruption since decades, and none of the governments has been able to remove the menace and obliterate its roots. Now, blockchain deserves an opportunity to prove itself.

A public blockchain stores all the information on a database securely and most important publicly which can’t be altered or changed at any cost. No intermediaries are involved in between thus reduction in red-tapism is evident as well.

Thus, keeping all the risks and uncertainties aside it can be guaranteed that blockchain will add one more layer of security to data.FinTech Banner

KEEPING LAND RECORDS

Andhra Pradesh became the first state in India to use blockchain to maintain land records. It provides a buyer with historical details about the land ownership rights and land registry. But, the process of land keeping has challenges within itself. It has to ensure that the first entry made while creating blockchain should be indisputable and accurate. Blockchain would be of no use if the data entered for lands having disputes over them and whose area has not been measured correctly. Moreover, luring landholders to provide information about their property is an uphill task.

HEALTHCARE SECTOR

The government of India is already spending a lot to boost its healthcare sector. The induction of blockchain into this sector can prove to be cherry on the cake as it will make the system more efficient. Healthcare is one of the data-deficient sectors in India. A lot of time is invested in the compilation of various details related to patients which must be instead spent on providing medical facilities to those who are in dire need of them.

CREATING EMPLOYMENT OPPORTUNITIES

The advent of new technology imbibes curiosity in one and all. Likewise, the introduction of blockchain has created a buzz among netizens. There is high demand for jobs in the blockchain sector such as blockchain developer and blockchain system architect. NITI Aayog’s pilot project for spreading blockchain technology, IndiaChain has created excitement among the youth to delve deeper into this arena.

FUTURE OF BLOCKCHAIN IN INDIA

Thus, in addition to all the sectors as mentioned above, India can aim to use blockchain in various other areas such as online advertising and space technology. Budding blockchain developers must join hands with the government to boost this technology in India.

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