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BLOCKCHAIN

Rise of Blockchain in India & its Future

The fundamentals of distributed technology, its potential framework, the challenges, and lessons from NITI AAYOG’s own Proofs of Concept and suggestions for India’s national blockchain strategy.

As the case has been with the BFSI sector, it stands in as the forerunner in the adoption and implementation of blockchain technology as well. With the banking and healthcare regulators.

The Strategy further requires state government to develop state-specific blockchain applications on the shared blockchain infrastructure. As per the Strategy, various Government organizations.

MeitY has projected a roadmap that includes the assessment of the value proposition of blockchain technology, running pilot deployments, and evaluating these for specific platforms and in the future.

Adopting them for other applications and areas. MeitY has also identified five areas of weakness in the technology scalability, security, interoperability, data localization, and disposal of records.

Blockchain has remarkable growth potential for India, especially since the implementation requires software people, financial experts as well as legal acumen, in turn creating job opportunities.

Blockchain technology is going to revolutionize the functionality of B2B, G2C, G2G, B2G services corresponding to various application domains. Its implementation can be reflected in healthcare, etc.

The materialization of blockchain technology also holds promise for the Government to harbor transparency and accountability and provide frictionless transactions with the citizens.

The adoption of this technology is going to erode the legacy systems, what it truly poses to do is to act as the catalyst to revamp the existing processes, by bringing in efficiency and greater value.

This also adds and assists from the point of view of business continuity, and disaster recovery management, by allowing access to the information stored on the other nodes, across different locations.

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