Blockchain Adoption in India Is Growing Due To Public Sector and BFSI
Blockchain technology is growing at a rapid pace and I have seen it at the event in Bangalore. However, there are many reasons that is driving it's adoption in India.
Public sector projects including many government funded ones are driving the need for continued investment in blockchain development. Banking, financial services and insurance (BFSI) has realised it has a lot to gain from implementation of this technology in various ways.
According to the report published in the HBL Nasscom seems quite bullish about the growth in this sector.
Public sector firms across half of the states along with the banking and financial sector are driving blockchain adoption in the country, a report by IT industry body Nasscom said Tuesday.
“The public sector has driven blockchain-based projects with nearly half the Indian states involved to address different elements of citizen service delivery,” Nasscom said in a statement.
The highest adoption in recent times have been witnessed in the BFSI sector in India. However, retail, logistics and shipping industry have seen growth of startups trying to solve the problems of the industry with blockchain technology.
However at the Mint event I attended I also found out that the healthcare industry is also very keen on exploring solutions and mitigating risks of fake and expired drugs using blockchain.
I'm not entirely sure how many real world problems require solutions built using this distributed ledger tech but the adoption will separate chaff from the grain eh?
“Even as the demand for blockchain-based talent is growing at 40 per cent each quarter, it is time to reiterate the importance of a skilled workforce. It is imperative to prepare our workforce through training programmes and skill initiatives in this field, so that service providers in the country don’t fall behind the global standards,” Sangeeta Gupta, senior vice-president, Nasscom, said.
As far as things are concerned in India and from all that i've followed over the past year we are now gearing towards a massive change in the way business is done.
Nasscom and Indian IT companies are pushing for quicker changes and better policies. I'm very optimistic that in addition to blockchain tech adoption, cryptocurrencies will also be welcomed in the year/s to come.
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Thanks for the great information,slowly we are arriving in the proper way to destinations.
This is indeed a good news. I am looking to see even more adoption of blockchain by Indian.
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Telangana government has embraced blockchain. We are lucky to have leaders like KTR who understand technology.
Even a biggest data processing company of India TCS declare to adopt blockchain
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It is interesting that India's corporation and bureaucracies are ready to implement Blockchain/DLT.
Looking forward to the day the everyday person can see the direct benefits once blockchain and DLT are implemented.
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