Blockchain need of the hour for India’s growing economy

Jan 25, 2019

Blockchain initiatives have been proliferating, and emerging and India has already started building its blockchain ecosystems. And, in 2019, we envision blockchain technology will be adopted by more mainstream industries including retail, food industry, banking, healthcare, finance, logistics, and others.

With research advancements in scalability, decentralization, and security, blockchain will shift gears in the coming year. On-chain and off-chain scaling solutions will increase the transactional capacity of blockchain networks.

The past year has been a year of proofs-of-concept and pilots demonstrating use cases of the blockchain. However, corporations across the world now understand its potential to address key business problems. Well-made blockchain initiatives will not only eliminate intermediaries and cut down costs, but also offer greater traceability and transparency to business processes. Research and advisory firm Gartner predicts the business value of blockchain will go beyond $3 trillion by 2030.

As a distributed ledger technology, blockchain guarantees enhanced security, greater transparency, increased efficiency, improved traceability, and reduced costs. It also reinforces existing solutions that are built on technologies including Artificial Intelligence and Internet of Things. Enterprises are now looking at a blend of AI, IoT, and Blockchain to not only streamline and enhance their business process but also to explore new business models and create innovative products for the next generation of consumers.

The increasing adoption of blockchain technology has also grabbed the attention of governments and lawmakers across the world. Australia’s National Transport Insurance (NTI) is planning a blockchain trial to help ensure the safety of food. The government of Dubai, through the Global Blockchain Council, intends to roll out blockchain initiatives in key departments such as education, transport, energy, and healthcare.

The outlook of countries, including India, to blockchain, is quintessential and will encourage more countries to tap into blockchain’s potential this year. In what comes as the big time for blockchain, India, the second-largest online market in the world, has already embraced blockchain.

NITI Aayog, a policy think-tank of the Government of India, co-hosted the biggest blockchain conference in Asia, International Blockchain Congress 2018 with the state governments of Telangana and Goa. Events such as these will definitely lay the groundwork for a blockchain revolution in the country.

NITI Aayog is also exploring opportunities to deploy blockchain technology in industries including drug and fertilisers.

As an emerging superpower, India needs true solutions to tackle major problems including middlemen intervention, data breaches, corruption, and tampering of financial ledgers. And, blockchain seems to be the most viable solution.

India, with more than 6 million engineers capable of delivering a solid throughput, holds about 55% of market share in the global IT services industry to become the digital capabilities hub of the world.

Indian leaders are also optimistic about a blockchain powered future. In one of his speeches, Prime Minister mentioned, “India’s youth can lead a revolutionary movement using Artificial Intelligence and blockchain technologies with value addition.”

In another instance, during a parliament budget session in 2018, Finance Minister Arun Jaitley acknowledged the value of blockchain and assured the government’s commitment to exploring the use of blockchain technology for ushering in the digital economy.

India, as the biggest democracy, needs a revolutionary technology to reform major sectors including agriculture, food processing, healthcare, financial services, and real estate. The fresh developments in blockchain technology and the outlook of the leaders and bureaucrats on blockchain are in favour of India capitalising on the technology.

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