The 21st century has witnessed unparalleled technological advancement, especially in the field of information technology. Blockchain, artificial intelligence, machine learning, and other technologies that rely on it are being influenced by this technological evolution. The “fad” is catching up with blockchain, which provides transparency and immutability, in terms of the currencies that are emerging from it. Furthermore, the fact that the Indian government is actively utilising blockchain for land title registry, vehicle lifecycle management, farm insurance, and electronic health record management speaks volumes about the awareness, willingness, and pace at which blockchain is intended to be ingrained into the social and economic fabric of the nation.
Scope of blockchain in the private sector
From the perspective of the private sector, several businesses are investigating blockchain to increase efficiency and are attempting to internally review their procedures and workflows to improve their service delivery systems. Around 56% of Indian companies are adopting blockchain technology and incorporating it into their core operations. As a result, a Centre of Excellence (CoE) in Blockchain Technology has been formed by the National Informatics Centre. It functions as a coordinated, interoperable blockchain ecosystem across the country. This enables the government to test projects before releasing them for use by the general population.
Future of blockchain in India
Since blockchain technology involves software developers, financial specialists, and legal knowledge, which creates job opportunities, India has a lot to gain from it. Healthcare, government, cyber security, cars, media, travel, logistics & hospitality, education, law, and energy are a few industries where blockchain can be seen in action. The development of blockchain technology can also offer the government a chance to foster openness and accountability while facilitating easy interactions with the public. Due to its immutability, transparency, and decentralised approach, this technology will also contribute more value and increase trust within its ecosystem.