Blockchain Technology in India

A secure way of sharing large amounts of data between two computers can be done through Blockchain Technology. It is a decentralized mode of sharing data between two computers.

No central authority owns any data that the users share. There is a huge demand for blockchain developers all around the world today. The average salary of a blockchain developer is much that that of other developers. This is why institutions all around the globe have started providing courses related to blockchain technology. Engineering colleges in India have still not adopted it in their syllabus; however, these courses will be offered in the near future. Moreover, blockchain is the basis of all cryptocurrencies.

Since the last decade, India has been going through a digital transformation. There are approximately 250 million internet users in India. This is only about 30% of the population. Therefore, with the increasing number of smartphone users, India has a lot of potential in developing blockchain technology.

Banking Sector

More and more people are opening bank accounts.  Therefore, banking is one of the most important sectors in India. The sector expects more growth. The new trend in the sector is providing digital services to customers. Blockchain technology can be very useful in this case. This technology provides a safe and secure way of transferring money and managing customer data. It can also eliminate corruption and prevent tampering.

E-commerce

E-commerce is one of the fastest-growing sectors in India. In 2017, the industry was valued at $38.5 billion. It is expected to reach $200 billion by 2026. Almost every level in this sector can use blockchain. Securing the data of the customers and providing a secure method of transferring funds is very important. This is why e-commerce has a huge scope for implementing blockchain.

Public Data

Huge amounts of data are being stored every day all around the world. Government offices and public sector units have a lot of important information stored in their database. Using blockchain technology can eliminate corruption and reduce the occurrence of red-tape.

Healthcare

The government has been increasing its expenditure on healthcare, especially for research and development. The population of the country is increasing every day and this further gives rise to many health-related issues. Researchers and scientists are developing new ways to treat diseases and solve other medical problems. Therefore, blockchain can not only help in research and development but can also help in storing patient’s data. The country’s research and development in healthcare are still at an average level. Blockchain could help in promoting it.

Elections

India is a democracy where the people can vote for the candidate they like or support. Conducting elections is a big task. A lot of political parties have been accused of using unfair practices during elections to get an upper hand. Blockchain could help in removing this kind of corruption. Using blockchain technology will also help in updating the votes and reduce people’s ability to influence them.

Conclusion

Blockchain technology would have a big impact if all sectors started using it in their systems. The only problem they face is regulation by the government. It is expected that the government will soon remove these tight regulations. They will instead use policies that support the use of blockchain by companies. To ensure that the industry has a bright future in the country, these changes are necessary.

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