India is now taking a notable place in adopting Blockchain Technology. Bitcoin and Blockchain is now influencing firms all around the world. In the aftermath of demonetization, has the Indian economy seeing a fundamental change while turning payment modes from cash to cashless? Let’s get a better understanding of what a Blockchain is and where it stands in India.
Plain and simple Blockchain is an agreement to exchange value over the internet without an intermediary. It allows digital information to be stored and recorded.
Merging Blockchain in financial transactions will not only save money and time but also make the transaction authentication and processing smooth.
We have seen India taking on Blockchain as a whole since 2016. Banking support has been restored by Indian cryptocurrency exchanges since the Supreme Court of India laid down the banking ban on the crypto industry.
In India, Blockchain is observing a major demand in select fields including Public Administration, Healthcare, Logistics, and Insurance and Banking. The Indian government’s driven encouragement towards digital technologies is amplifying the growing span of Blockchain in India.
After the demonetization took place, the concentrated focus of the Indian government has been to encourage a cashless economy. Bangalore, Chennai, Pune, Delhi and Gurugram have been showing an increase in the call for the use of Blockchain Technology.
FEATURES & ADVANTAGES OF THIS TECH
The Indian government’s premier policy think tank is The National Institution for Transforming India, also called Niti Aayog. They released a strategy document pinpointing several critical regions where the blockchain technology can benefit the country.
Adopting Blockchain gives light to an increase in employment. With the demand in Blockchain arises the opportunity for Blockchain-related jobs as well. It has been peculiarly noticed to be on the rise in southern cities while the top 5 destinations lie in the south.
Merging Blockchain in financial transactions will not only save money and time but also make the transaction authentication and processing smooth. Blockchain is also qualified to deal with issues like unauthorized spending and double-spending.
One of the best attributes of Blockchain is that it runs on a decentralized database, this makes transactions secure, seamless and transparent. It has been seen protecting intellectual property since it holds the right to store files securely.
As several startups venture into the cryptocurrency race, a few are betting big on the innovations in blockchain technology.
Here are Pune’s top 3 startups that utilize Blockchain Technology:
Parkulus – This 8-year old startup is a Blockchain-based platform for IoT applications. It uses IoT and blockchain technology to offer parking management solutions.
Plenum Data – The Company provides Blockchain-based data security for healthcare solutions. It was founded in 2018. Plenum Data offers data management, integration and security based on quantum computing, IoT, blockchain, AI and clouds.
Vevanesca Consultants – Vevanesca provides Blockchain-based identity management solutions. They were founded in 2019 and offer identity data verification, documentation and access.
India has a lot of young individuals with the right knowledge to expand the innovational opportunities in blockchain, thus opening doors to newer ideas.
With massive opportunities to accomplish Blockchain technology, India could be on the border of the next digital interference. In the world of adoption, education and innovation with this alluring technology, India will come to lead in both private and public sectors by the end of 2025.