The Undeniable Potential of Blockchain Technology in India

By July 7, 2020 No Comments

Today we breathe in a world where technology is rapidly growing and reshaping our lives. The world is reaching new levels in terms of technology advancements every day. One such revolutionizing and redefining technology taking over the world is the Blockchain Technology. It is said to be limitless and taken as an ultimate solution to a number of modern-day problems. Blockchain holds the potential to change our lives in a number of ways. From the way we buy our groceries to the manner we interact with our government, blockchain can disrupt everything. 

Due to such qualities, blockchain has been accepted and implemented by a number of countries and industries. A number of developed nations like USA and many European countries have integrated blockchain seamlessly in their operations. India is also heading fast in the same direction. Future of blockchain in India appears to be bright and transforming.

Growing number of Blockchain projects in India

While talking about the future of Blockchain technology in India, one cannot ignore the fact that Hyderabad was recently declared as the Blockchain district of India. This shows the number of blockchain projects being taken up in this growing nation. A report says that Indian Public sector has taken up a number of blockchain projects which includes nearly half the Indian states. Furthermore, even the state governments have also taken a positive stance. 

One of the unbeatable and strongest benefits that blockchain technology brings along is its ability to keep data confidential. India’s developing infrastructure has also increased the amount of confidential data massively. With The Personal Data Protection Bill coming in action in 2018, the Indian government has taken data protection seriously. Blockchain can be a saviour in this situation as it can bring in a better and systematic point of view in this scenario. 

India is not only accepting blockchain now but is also pushing further in the field. Blockchain was born in 2008 however, it travelled to India only in 2015. However, since then a number of enterprises have embraced the technology and a number of blockchain projects in India have been initiated. 

Sectors that have shown the highest adoption of Blockchain are the Banking and Financing sector. However, other industries like healthcare, logistics, and retail have also raced behind. India has caught up with other nations with great speed and ranks at sixth position in getting approved patents in the field of blockchain. Within 2018, India has secured a total of 67 patents. 

With blockchain in hand, India can transform itself into a technically advanced nation. This will not only affect the nation and its growth but it will also ease our lives and make it even more efficient.

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