Embracing blockchain and upcoming tech innovations is key to reducing India’s high logistics costs: Raj Chowdhury
Blockchain and Upcoming Tech Innovations in India
The blockchain implementation scenario is ideal for India. The country’s goal of bringing logistics spending to global benchmark levels, within the top 25 rankings by 2030, needs the actualization of technologies that increase operational efficiency through cost cutting and value addition.
PALO ALTO, Calif. (PRWEB)
28 September 2022
As the world’s fastest growing economy, India’s forward-looking vision is reflected in its goal of becoming a $5 trillion economy by 2025. HashCash Consultants CEO Raj Chowdhury acknowledges the ongoing development reforms, and spotlights the need for blockchain implementation. with other technological innovations across various sectors to maximize growth, including the logistics and supply chain sectors.
The Indian government has adopted a national logistics policy aimed at reducing high transport costs. The country has improved significantly, and is currently ranked 44th in the World Bank’s Logistics Performance Index, and currently aims to reduce its overall logistics costs from 13-14% of the country’s total GDP to 7-8%, on par with the developed the countries. Logistics forms the backbone of the country’s international trade and the sector will grow at 10.5% CAGR till 2025. Along with rapid infrastructure setup, India also needs to implement upgrades on the technology front to create an efficient logistics sector driven forward by data-centric decision making. Blockchain, along with other technological innovations, can become an important cog, streamlining processes while validating transactions and eliminating intermediaries.
The Hashcash CEO, a noted blockchain pioneer, states, “the scenario for blockchain implementation is ideal in a nation like India. The country’s goal of bringing logistics spending to global benchmark levels, within the top 25 rankings by 2030, needs actualization of technologies that increase operational efficiency through effective cost cutting and value addition.”
The world’s largest democracy by population has already recognized blockchain’s disruptive potential, adopting a national policy framework for rapid integration of the technology with its existing infrastructure. NITI Aayog, the national policy-making think tank, has recommended using the technology for supply chains (fertilizers, drugs), land registrations, verification of immunization records, prevention, energy management and more. Blockchain can enable fast and economical product delivery, increase traceability and improve coordination and access to finance between stakeholders with real-time visibility.
“A decentralized blockchain ledger that records transactions in real-time ensures data integrity while ensuring access to permissions across the network. This makes blockchain a boon for the logistics industry – offering time-stamped transaction records, provenance and tokenization of key parameters,” concluded Chowdhury, who previously had highlighted blockchain’s potential in sustainable energy management and supply chains for blood banks.
Led by Chowdhury, HashCash Consultants is a global front-runner winning top awards in blockchain development. The US-based company has deployed globally recognized blockchain solutions in more than 26 countries, including Finland, Vietnam and Ireland. In the midst of the global recession, HashCash announced plans for expansion and recruitment, opening a 2-acre HashCash Park in East India and an R&D center in the Middle East.
Blockchain as a technology can significantly improve operational efficiency in blockchain and supply chain management. The technology’s capabilities to provide a reliable and comprehensive audit trail that records real-time transactions are invaluable and can help organizations capitalize on growth opportunities through process optimization and cost cutting.
Raj Chowdhury is the CEO of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank trade finance and remittance implementation of blockchain technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with decision makers in this space. He is a contributor to the Economic Times, Business World and CNNMoney and advises industry leaders on the adoption of Blockchain. He is a member of Asha Silicon Valley, a non-profit organization committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
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