Blockchain in the Indian economy is evolving at a rapid speed and is being undertaken over by various sectors. Many MNC’s and organizations have started developing their own blockchain-based systems which means that it is accepted quite positively in Indian market despite cryptocurrency being rejected by the government. There lies a global market worth $5 trillion for Indian companies which can be achieved by 2025 if at all there is a right execution of the encryption based technology for international remittance.
According to Live Mint, it is stated that find-transfer from non-resident Indians (NRIs) contributed a huge amount of foreign currency and livelihood to the Indian economy. This remittance is making up a large amount of balance which stimulates the currency system. In addition to this, the average cost of fund transfer to India is about 5.63% of the transaction. Therefore, there is a need for a better and efficient remittance system which becomes even better with a reduced fund transfer charges.
Blockchain in the Indian economy can effectively carry out these operations as it can make the fund transfer instantly at a minimal cost. Otherwise, it usually takes up to 5 business days to make the payment overseas or it might even go missing at times. A conventional method of sending remittances into India is costly, time-consuming, and prone to error. If the money remains stuck in the transfer process for a longer duration it becomes volatile in the forex market. Blockchain technology here plays a vital role in making it a real smoother process which is as easy as sending an email.
Blockchain A Game Changer In Indian economy
The encryption-based technology is making the entire system innovative and streamlined. Blockchain in the Indian economy is indeed the solution for cross-border payment system which will bring a transformation in the near future. The government inst hesitating in the implementation of blockchain within its systems but there definitely is a resistance for cryptocurrency which is not yet accepted in the payment system.
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