The adoption of blockchain technology in India and its future

Technology is the future and with the passage of time society will witness an unprecedented rise in the use of various kinds of technologies in our daily lives. In fact, in today’s day and age, the use of various technologies such as Artificial Intelligence (AI), Machine Learning (ML), Robotics etc are becoming increasingly popular. Talking about technology, if there is one particular technology that has become quite a sensation of late then it has to be the blockchain technology. Originally invented in 2009 by Satoshi Nakamoto to serve as the public ledger for the Bitcoin network, the blockchain technology has now found multiple use cases all over the world, across all sectors.

India for one has adopted and is planning to adopt the blockchain technology across various sectors. Let us see a few areas where blockchain technology is already being planned to be adopted by the Indian government.

The Telecom Sector – The Telecom Regulatory Authority of India(TRAI) has instructed 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. Using blockchain technology will enable the authorities to track down the unregistered telemarketing companies. The telecom companies believe that the use of blockchain technology along with the use of Artificial Intelligence(AI) will help to eliminate most of the shortcomings of the telecom industry.

The Tea Board of India – The Tea Board of India is planning to adopt blockchain technology to help increase traceability across the entire supply chain. The Tea Board of India has been facing a degradation in the quality of tea being produced, due to adulteration. The adoption of blockchain technology throughout the supply chain will help in keeping a record at every step. This will help in increasing the accountability and will also enable the authorities to spot and eliminate the problem areas.

Blockchain for secured voting – Three students from Malla Reddy Engineering College for Women have developed a new concept, showing how blockchain technology can be used to secure the voting process in our country. A pilot project carried out by these students in gated communities and housing estates had shown that the implementation of the concept in real life will be very beneficial.

Securities and Exchange Board of India (SEBI) – SEBI has instructed all depositories to make use of blockchain technology to maintain records. This will bring in more transparency in the process of record-keeping, as well as in the process of monitoring the creation of securities and covenants of non-convertible securities.

Apart from all these sectors where the blockchain technology has either been already adopted or is in the process of being adopted there are various 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 in transforming the future of as many as forty-four sectors including education, pharma, farming, energy, e-governance, and the likes. The possibility of incorporating and adopting the blockchain technology in India is vast and the government is all set to ease the way for faster and smoother adoption of this new technology. In the coming days, blockchain technology is sure to become a gamechanger for India. It will help in revamping and removing all the major problems in most of the essential services provided by the government. As per predictions, blockchain technology is all set to become a massive $176 billion business by 2050. So, in the future, the adoption of blockchain technology is all set to propel India to a whole new level altogether, helping it to rise considerably in ranks amongst the nations.