India is a developing country indeed, but it is not far behind its business competitors in the West and Europe. In fact, it is one of the Asian states that have introduced blockchain in most of its industries. In this age of 21stcentury technology where the need for third generation web, also known as Web3.0 is fast picking up the pace, India is going to have it with the blockchain technology as its basis.
The rising popularity of the gen X Internet gives rise to the issue of cybercrime, corruption, and misdeeds of the advanced level. This is the very reason why Blockchain has been implemented everywhere; so that it can be used for distributed power. This will also encourage the digital identity and the privacy of the users.
According to a recent report by the Nasscom, blockchain technology has taken over most of the Indian states because of the industrial involvement in the projects based on the technology. However, that does not decide the country’s position in the global market yet. Depending on which country controls the business of the 21st century regarding security and communications, it will be decided who will win or lose the splendid strategic competitiveness among all the other countries.
The government of India, as it seems, is taking extra care to ensure that the businesses, industries, especially the startups are participating in such initiatives by approaching in a progressive manner to communicate a promising framework. Recent reports suggest that close to 40+ initiatives under the various projects of blockchain have been undertaken by the public sector of the state. Out of this, 8% of the projects are in the production stage, and the remaining 92% are in the proof-of-concept stage, which is also known as the Pilot stage. Some of the most important sectors that are deeply involved in the blockchain based projects are the banking, financial, and insurance sectors. Healthcare, logistics, and retail follow the demand after that.
India is one of the most important countries, engaging start-ups, has identified multiple avenues of applying blockchain technology. Some of the most interesting programs that are happening in India are a residential session at IIT-Hyderabad that is likely to be held for 5 weeks and would be targeting blockchain, artificial intelligence, and other emerging technologies. This program has been scheduled for college students and the ones who are about to pass out. These college students are likely to partner with TalenSprint which is a digital platform that is upskilling.
The blockchain is the technology of the future and industries in India have realized that. Steps are being taken to build the best infrastructure that will support the technology in the future.