How will blockchain help India’s digital transformation in 2023
By Nikhil Goyal
Blockchain technology has the potential to take industries to the next level. It can handle business problems effectively and efficiently by increasing innovations. Although cryptocurrency is the most well-known application of blockchain, it has spread to industries such as real estate, medicine, education, hospitality, and tourism. Due to blockchain’s dynamic nature, it can offer tailored solutions to businesses, especially for storing, securing and decentralizing their data volumes. As organizations begin to ride the wave of digital transformation, they have a plethora of opportunities to explore ways blockchain technology can drive growth.
Some of the most important uses of blockchain and how they will change in the year 2023:
Digital identity and identification
Today, we rely heavily on passwords, codes and questions to confirm our identity online. The traditional identity system is very messy and uncertain. Activating blockchain in the identity management system thus makes it uniform, interoperable and tamper-proof. In 2023, digital identities can be verified through unique sets
of the number assigned to the user on the blockchain network.
NFT souvenirs for travel and tourism
Blockchain technology has the potential to transform the tourism sector in a big way. Non-Fungible Tokens (NFTs) are the simplest and easiest way to implement blockchain technology in the tourism sector, and it can help tourism businesses build loyalty among customers. Through NFTs, brands can also remain etched in the guest’s
memories for a lifetime and create a community of brand ambassadors and cheerleaders for your brand.
Property purchase
Another gray area where blockchain can be a good fit is the process of buying a property. Buying property is a long process as it consists of various stages. And it can easily be replaced by smart contracts. Smart contracts can automate processes such as processing loans and managing land records, which can ultimately save time, money and manpower.
Blockchain transfer
Blockchain is gaining immense traction in the remittance space due to its various advantages. It accelerates the payment process by using encryption technology without using intermediaries such as banks and correspondents. Currently, many blockchain money transfer service providers already exist, but many more will flourish in 2023 and beyond.
Building a transparent supply chain
Blockchain was widely used in the logistics industry by 2022. Apart from real-time tracking of goods, integrating blockchain into the supply chain has many potential benefits, such as increased security for cash transactions and reduced delays, additional expenses and employee errors. As more innovative applications are developed, the potential for blockchain technology to catalyze transformation across industries will continue to expand.
The author is the founder and CEO of Beyond Imagination Technologies
