Adopting bitcoin blockchain technology in India seems to have a long way before actually coming into reality. Indeed there have been several blockchain developments happening in various sectors but there are many questions yet to be answered about their operations. Perhaps, the market leaders have anticipated the potential of then encryption-based technology with its PoCs (proofs of concept), execution and validation across the country in several projects. But there are some major concerns which are yet to be addressed.
According to INC 42, it is stated that creating a self-governing solution blockchain in India might not be feasible as their mode of profit is yet not specified. Another important issue that needs to be addressed is the method of raising funds for blockchain start-ups which is usually done by ICOs and cryptocurrencies. However, the government clearly discard any crypto transaction in their payment system as of now. Lastly, there is a huge lack of bitcoin blockchain technology developers in the country.
How Feasible Is Switching To Blockchain?
Shifting to bitcoin blockchain technology in India for any organization isn’t just easy. There will be a complete transformation which will cost a fortune in the complete makeover along with a dedicated time. In addition to this, recruiting blockchain experts and data scientists is definitely much costlier as compared to hiring software developers.
The biggest applications of blockchain rely on public frameworks such as Bitcoin and Ethereum. All the parties can make transactions within the same network that is monitored. But the entire process is expensive and needs a lot of investment to keep it under operation. For a government projects or any public blockchain-based applications, the role of cost bearer in terms of network maintenance and the validation of transactions is still not clear.
Despite all the issues, there is a significant rise in the number of blockchain developer requirement in the market. It is even alleged that cryptocurrency and blockchain jobs are gradually more appealing to job seekers from more conventional sectors especially in Asia. (Via INC 42)[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]