Blockchain technology has become the trending hot topic of several domains. The latest congregation which is scheduled to be held on August 3 and 4 at Hyderabad have attracted the experts from all over the world. The NASSCOM’s VP Industry Initiatives are anticipating a huge investment approximately $5 billion in India blockchain market within next five years. The non-profit trade association is already working on the development of the encryption based technology and its advancement from years.
According to News BTC, it is mentioned that the National Association of Software and Services Companies (NASSCOM) has analyzed the blockchain growth in India in the upcoming years. It is estimated that there is going to be an accelerated economic growth which is estimated at around $5 billion in the next few years. The statement and figures were unveiled by Vice President Industry Initiative KS Viswanathan. This distributed ledger technology is going to disrupt in various sectors of the economy by increasing the efficiency, transparency, and productivity.
Blockchain Awareness In India
The blockchain is now rapidly evolving in the Indian ecosystem. Many companies have started conducting R&D as per their requirements and domains. Mr. Viswanathan mentioned that using this technology will become quite simple when there is awareness about it. The encryption-based technology and Cloud platform can together change the entire scenario of the Indian economy.
In addition to this, he also stated that as of now there is the unavailability of the subject expertise and computing infrastructure. There are only handfuls of blockchain start-ups in India which have to be promoted and backed with support in order to attain their goals. Also, NASSCOM has collaborated with Canadian Institute BRI (Blockchain Research Institute) to facilitate, knowledge sharing, webinars, and other research-based activities. Indeed the Indian market is focusing its entire potential and energy to enhance the deployment of blockchain technology.
Along with the development of this encryption-based technology, there is a direct effect on the cryptocurrency trade. The entire digital currency system is based on the same platform.
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