Blockchain brings boom for economy, businesses

By Vikram R.Singh

As blockchain technology gains popularity as a means for businesses to achieve rapid growth and gain a
competitive advantage, an increasing number of businesses in India are integrating blockchain
technology into their business to increase efficiency and address a wide range of businesses
challenges. A Market Watch study has found that 56% of companies in the country are inclined
towards adopting blockchain as a core part of their business. India is poised to emerge as one of those
fastest growing markets for blockchain, as reflected by a recent FICCI-Ernst & Young report, which has
predicted that Web3 and blockchain could add $1.1 trillion to the nation’s GDP by 2032.

Many advantages

What explains the exponential rise of blockchain in India in recent years is a number of advantages
offers to both large and small businesses in the form of increased transparency, faster and more securely
operations driven by automation and higher productivity. Using the enormous potential of blockchain to
dramatically improve the efficiency of their operations, businesses can actually grow faster.
In fact, blockchain technology can benefit businesses in several ways. While blockchain payment
solutions and the connected nature of this new technology may open up new markets for them not
only in India but worldwide, the simplified payments using blockchain can also reduce their costs
a lot.
By rooting out middlemen and automating various processes, blockchain can help businesses save one
a lot of time, effort and money. I feel it can also speed up e-commerce and finance, enable businesses
expand its customer base and reach its customers more effectively, and expand its network of
suppliers and business partners.
More responsive, actionable
Many Indian companies are already using blockchain technology profitably to improve their economy
services and improve customer relations through more responsive and action-oriented processes. Bajaj
Finserv, for example, uses blockchain technology for services such as travel insurance to settle
claims even before they are raised by customers. In case of flight delays, the system immediately
receives and processes the information to automatically generate and pay the compensation amount.
The high levels of transparency and accountability in blockchain processes can also improve business
efficiency by significantly reducing the time and costs involved in granting permits and clearances
through inherently smart contracts and a decentralized database that removes the need for
intermediaries. While large enterprises are increasingly adopting blockchain in their day-to-day processes, even startups are coming up with brilliant uses for this technology in banking, insurance, financial services and many other sectors.
Safe and transparent
Backed by end-to-end encryption, blockchain secures the transactions by making them immutable,
thus reducing the chances of tampering and fraud. The immutability factor ensures that transactions
registered on the blockchain network cannot be changed, deleted or modified. All the transactions are
timestamped and datestamped, therefore providing a permanent record for highly reliable tracking and
revision of information.
Since the data on blockchain networks is stored across a network of systems, cybercriminals can have no
access to it. This is particularly relevant for large businesses, which are often confronted with problems such as
counterfeiting, fraud and data breaches. Blockchain technology can solve all these problems through its
decentralized ledger system, which allows all stakeholders to access and verify data without the need
for a centralized authority, while ensuring transparency, security and immutability.
Cost effective, scalable
Blockchain can also go a long way in improving supply chain management and service delivery systems
by effectively tracking the movement of goods and services across the supply chain. Maintain the utmost
authenticity and transparency, blockchain technology enables the use of self-executing smart contracts,
which can automate processes and minimize the possibility of human error.
To deliver maximum results with minimal investment, blockchain has replaced the boring
routine tasks that have so far been carried out manually, such as data collection and auditing. It has also eliminated
costs associated with employing third-party solution providers, thereby offering a cost-effective and scalable solution
which maximizes returns without relying on advanced technological infrastructure. All it requires is an advanced
algorithm that can be flexibly used with any software stack such as Java, Dot Net and Python.
Use cases across industries
I firmly believe that Indian businesses preparing for the blockchain revolution have a lot of work to do
learn from successful examples of blockchain adoption by companies such as Walmart, which use
blockchain technology to accurately track the movement of food in the supply chain. IBM’s
blockchain-based supply chain management platform TradeLens is also an example of this
how blockchain technology can improve efficiency, reduce costs and increase security.
We have many potential applications for blockchain technology in identity management, finance,
hospitality, education, healthcare and more. For example, blockchain can be used for identity
management by enabling people to control their own data and reduce the risk of identity theft. It may
also used for payments, remittances and other financial services such as blockchain-based payments
faster, cheaper and more secure than traditional payment methods.

Likewise, blockchain in the healthcare system secures patient data, reduces the risk of medical errors and improves
health care results. Even the central government is actively using this technology to develop itself
practical cases within farm insurance, education, cadastre and healthcare.
With blockchain bound to emerge as a major contributor to the Indian economy in the coming years,
and brings with it a multitude of employment opportunities for industry-ready technologists, we are in for more
more successful applications of this new age technology across industries.

The author is the founder, CEO, Antier, a blockchain consulting firm

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