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A technology that allows for the decentralization of value transaction, make it accessible yet secure, transparent yet tamper-proof and traceable, makes it a utopian solution for many business verticals. The compelling benefits of blockchain have been a driving factor for its adoption in banking, healthcare industry, pharma, supply chain management, education, digital identity, logistics, and others.
But there is more to the Indian chapter of blockchain than what meets the eye. Unabated adoption of blockchain needs human capital - skilled, competent, and exciting to be part of a new paradigm. There are a plethora of opportunities for blockchain adoption in India as well as challenges. Overcoming these by creating awareness will be the decider for blockchain implementation.
Opportunities for Blockchain in India
1.) Post demonetization, India has developed a progressive outlook towards digitization, and is aware of the benefits blockchain offers, and its potential in good governance.
2.) The Indian government's blockchain initiatives are clearly visible through the showcase of many proofs-of-concept (PoC) demonstrated in the areas of banking, land registry, and insurance.
3.) The Institute for Development and Research in Banking Technology (IDRBT), the technology arm of the Reserve Bank of India (RBI), led two PoCs – domestic trade finance letter of credit and enhanced information for payments – by involving banks and technology firms such as Infosys and IBM.
4.) Andhra Pradesh is the first state in the country to introduce blockchain in land records and is also setting up a Blockchain Centre of Excellence to set up India’s first Blockchain state. Other states like Maharashtra, Karnataka, Kerala, and Rajasthan are following the lead.