Blockchain technology has been finally identified in the market and has been rapidly adopted by various organizations as per their requirements. It is coming out from the niche of cryptocurrency with which it evolved at first but quickly went on to other sectors like banking, automobile, real estate, education, and infrastructure. As of now, there are 20-30 good blockchain start-ups in India which are slowly raising their businesses.
According to INC 42, NASSCOM Industry Initiative Vice-President K S Viswanathan stated that investing in the start-ups is a wonderful way to invest in the blockchain technology. He further added that with the use of social media and cloud technology it becomes very simple to understand the concept of this encryption-based technology which is known for its efficiency, transparency and secured database clarifications. Also, he asserted on the fact that by escalating efficiency, productivity and controlling cost blockchain will be able to generate a value of up to $5 Bn within next five year in the Indian market.
In another report published recently, it is stated that about 80% of Indian blockchain developers are likely to move abroad for a better work opportunity. This is due to the fact that there is an absence of a regulatory board or policies to channelize its development in a right way. On the contrary, the government is already running a campaign of Digital India and is thoroughly promoting technological advancements. The government has undertaken a few e-governance projects based on blockchain but their success depends solely on its execution and the final output.
Blockchain Projects In India
The government of India and UAE have partnered to establish the India-UAE Artificial Intelligence Bridge which will work together for the development of this technology. Also, NITI Ayog in collaboration with Indian state governments of Telangana and Goa is hosting India’s first Blockchain Congress from today in Hyderabad. Stay tuned for more updates.[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. ]