India embraces Blockchain technology

By posted on November 10, 2018 1:13PM
India

With India’s central bank banning crypto trade from 6 July 2018, this has not deterred companies from embracing Blockchain technology for their operations. India government had strong views on Bitcoin and other cryptocurrencies based on Blockchain, but they are not averse to try, if it can bring change in governance.

Taking this seriously, two Indian states, Telangana and Goa has recently hosted an International Blockchain Congress (IBC) 2018 to embrace Blockchain technologies for making governance reach the last person of their state.

Few deals were signed at the IBC 2018 that included Tech Mahindra, a global technology company with Telangana government for building country’s first Blockchain district in Hyderabad; Singapore based Spatium launching unhackable, first secured multiplatform wallet; Eleven01 Foundation unveiling its own new Blockchain ecosystem, others. The event saw participation of over 3500 delegates and with over 80 speakers that included Blockchain experts, government officials and researchers spoke at the event held in both the states.

As Telangana opted to set up Blockchain district, Goa said that it will become the first Blockchain enabled state, as it has better telecom connectivity than other states.

Though Blockchain technologies are developed in western countries, developing countries like India and China believed to have the greatest impact from the Blockchain technology.

A US based lecturer of the University of Pennsylvania, David Crosbie told recently, that Blockchain’s impact will be the most significant in the developing world, as it faces inefficient governance, low transparency, and poor bureaucracy and rely on a paper based record keeping system.

With the usage of the distributed public ledger system, developing countries can eliminates all such issues and gives way for a complete digital transformation.

A report published by 6Wresearch said that Indian market for Blockchain technology is expected to grow at CAGR 58% during 2018-24, as it offers numerous opportunities across many sectors.

On job front too, India is doing very well, according to an Indeed.com, a job website said in its report that in India, they have recorded an increase of 290% rise in the number of Blockchain or cryptography related jobs proving the huge interested since Bitcoin popularity.

There is huge opportunity for the technology to achieve, as India accounts 10% or 1.5 million cryptocurrency wallet users out of the 15 million wallet users worldwide.

The banking sector has already started experimenting with Bblockchain. In 2016, ICICI bank conducted a pilot transaction using Blockchain network and India’s largest public sector bank, State Bank of India (SBI) is planning to implement a full-fledged Blockchain solution in its remittances, trade finance operations and reconciliation in 2019. Blockchain Trade Finance will change the world’s economy for the better.
Very recently, India’s telecom body, Telecom Regulatory Authority of India (TRAI) has asked all telecom companies to use Blockchain technology to curb pesky & irritating telemarketing spam calls.

Top Indian telecom companies namely, Bharti Airtel, Vodafone India and Reliance Jio is planning to deploy Blockchain into their platforms. According to an estimate, global market size of Blockchain would reach $7 billion by 2022 growing at a staggering compound annual growth rate (CAGR) of 79.6% from 2017. With the demographic dividend, India can take a lead in Blockchain technology, as there are many problems in the country, which can be overcome by using the new technology. India’s colleges, universities and technical institutes can also become a base for developing huge Blockchain workforce.

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