The adoption of blockchain technology in India and its future
Technology is the future and with time society will witness an unprecedented increase in the use of various types of technology in our daily lives. In fact, in today’s time, the use of various technologies such as artificial intelligence (AI), machine learning (ML), robotics, etc. is becoming increasingly popular. Speaking of technology, if there is one particular technology that has become a sensation lately, it has to be blockchain technology. Originally invented in 2009 by Satoshi Nakamoto to serve as the public ledger for the Bitcoin network, blockchain technology has now found multiple use cases worldwide, across all sectors.
India for one has adopted and plans to adopt the blockchain technology across various sectors. Let’s see some areas where blockchain technology is already planned to be adopted by the Indian government.
The telecoms sector – The Telecom Regulatory Authority of India (TRAI) has directed all telecom companies to start incorporating blockchain technology. The use of blockchain technology in the telecom sector will be helpful in tackling the problem of spam calls. The use of blockchain technology will enable the authorities to track down the unregistered telemarketing companies. The telecom companies believe that the use of blockchain technology together with the use of artificial intelligence (AI) will help to eliminate most of the shortcomings in the telecom industry.
The Tea Board of India – The Tea Board of India plans to adopt blockchain technology to increase traceability across the supply chain. The Tea Board of India has been facing a deterioration in the quality of tea produced, due to adulteration. The adoption of blockchain technology throughout the supply chain will help keep track of each step. This will help to increase accountability and will also enable the authorities to detect and eliminate the problem areas.
Blockchain for secure voting – Three students from the Malla Reddy Engineering College for Women have developed a new concept, which shows how blockchain technology can be used to secure the voting process in our country. A pilot project conducted by these students in gated communities and housing estates had shown that the implementation of the concept in real life will be highly beneficial.
Securities and Exchange Board of India (SEBI) – SEBI has instructed all depositories to use blockchain technology to maintain records. This will provide more transparency in the process of record keeping, as well as in the process of monitoring the creation of securities and agreements for non-convertible securities.
Apart from all these sectors where the blockchain technology has either already been adopted or is in the process of being adopted, there are several other sectors where the Government of India is planning to incorporate the blockchain technology. The Indian government is looking forward to establishing a national blockchain framework that will help transform the future of as many as 44 sectors, including education, pharma, agriculture, energy, e-governance and the like. The opportunity to incorporate and adopt blockchain technology in India is huge and the government is ready to ease the way for faster and smoother adoption of this new technology. In the coming days, blockchain technology is sure to be a game changer for India. It will help to renew and remove all the major problems in most of the essential services provided by the government. As per predictions, blockchain technology is poised to become a huge $176 billion business by 2050. So, in the future, the adoption of blockchain technology is poised to propel India to a whole new level, helping the country rise considerably in the ranks among the nations .
