India is taking the right steps to boost the adoption of blockchain technology in the country. Even the government is taking big strides towards the use of blockchain. The distributed ledger technology is being used to ensure security and transparency across diverse sectors. The country has a potential to become the global blockchain leader by 2023.
A survey by the global consultancy firm, PwC says that the right amount of industry and government participation can help India in becoming a leader in blockchain technology. Banks and financial institutions in the country are already paving the way and have increasingly started investing in blockchain.
PwC’s report reveals that a quarter of executives that participated in the survey have acknowledged the power of blockchain implementation. The adoption of blockchain will depend on how industry leaders and big companies approach the technology. Nearly 600 executives from 15 countries and other territories responded to this survey.
The Reserve Bank of India (RBI) has formed a unit that will research and draft rules for blockchain. Despite the government’s push towards the use of blockchain, RBI has banned banks and payment companies from extending any services to blockchain-based cryptocurrency exchanges.
In the budget announcement in February, Finance Minister Arun Jaitley announced plans to adopt blockchain in different areas. He had said, the Indian government will explore the use of blockchain positively for ushering in the digital economy. RBI’s blockchain unit is expected to get more insights and understand how cryptocurrency and blockchain can be the future. The unit has a 10-member committee that includes representatives from departments like economic affairs, financial services, revenue, home affairs, electronics and information technology.
The startups in the country are actively leveraging the use of blockchain in fields like the land registry, healthcare, and educational record-keeping. Earlier this year, a global startup ConsenSys has signed a MoU with the Andhra Pradesh government to set up blockchain-centric educational programs. The startup is led by Ethereum’s co-founder, Joseph Lubin.
The government and private sector’s push towards blockchain is likely to create job opportunities for Indian tech talent. Developers are being provided with several open source and freelance job opportunities. Indian developers are already working on various blockchain technologies including global projects like Ethereum, Stellar, Neo, and EOS.