India is on its way to become a global blockchain leader in the upcoming years. There is a significant growth in the number of projects driven by this technology which is about to bring a fourth industrial revolution in the world. There is already a wave of transformation hitting all the domains across the world. The new era has already begun with innovations across IT, unique operational models, better-secured ecosystem and efficient management which are all due to the blockchain. A huge section of industrialists and traders are favoring the evolution of blockchain in India.
According to Indian Web 2, it is stated that there are several factors which are helping blockchain to establish in Indian market rapidly. Unlike other countries, the Indian government has readily accepted and adopted this new global blockchain methodology within their systems. In facts, various state governments have already siphoned off several pilot projects.
Crucial Reasons For Blockchain Adoption
Another important factor is that the Indian government has given much importance to the need for digital infrastructure and its development. Initiatives like demonetization, Aadhaar and GST have accelerated the rate of change in the existing ecosystem. Indian market and government have been encouraging the use of the encryption based technology which means a pioneering network of global blockchain in the upcoming years.
Indeed there is a dearth of blockchain skill set in the Indian market but the IT companies have shown a keen interest in working on this part. The companies have begun in-house training for their employees to combat the generating requirements of this domain. Tech giants like IBM are conducting free online courses for the same.
In a recent survey conducted by global consultancy firm PwC, it is revealed that India is likely to lead the international market in adoption of blockchain technology by next five years. (Money Control)
Stay tuned to check more updates on global blockchain technology.[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. ]