India has been undergoing a digital transformation in recent years, with over 250 million internet users that still only comprise 30% of the population. That figure is expected to grow rapidly as more Indians become smartphone users, making the South Asian country ideal for trialing technologies such as blockchain and exploring their potential applications.
As one of India’s most booming sectors, banking is expected to continue expanding while creating new challenges. As the advent of internet banking and other digital services brings related security risks, blockchain has the potential to address these issues and revolutionize the sector. Many major banks are already investing in the development and implementation of technology to secure money transfers and manage customer information.
Additionally, blockchain can help tackle graft by preventing such practices as questionable loan disbursals, due to the immutable and unalterable nature of its decentralized systems.
India’s e-commerce sector was valued at US$38.5 billion in 2017 and is projected to surpass US$200 billion by 2026. The market has enormous potential for blockchain implementation, where the technology can be adopted at various levels to eliminate the risk of consumer data breaches and ensure secured logistics.
Despite the country’s tremendous potential for growth, with a young and vibrant population and rising levels of education, India has grappled with corruption since gaining independence in 1947. This has been especially problematic in the public sector, where bribery and tax evasion are widespread. A public blockchain effectively cuts through the red tape by storing data on a secured database that is available to the public and cannot be altered. The system also enables government offices to more effectively store citizen information over a wide network, in order to streamline identification processes.
India’s government has been raising its health care spending in recent years, particularly in the areas of research and development. Given its massive population, blockchain has immense applications with regard to storing, analyzing, and comparing data, as it effectively removes human error from the equation. This saves time and resources in a country where government hospitals are regularly overwhelmed with patients on a daily basis.
Although celebrated as the largest democracy in the world, India has nevertheless seen many of its people lose faith in the electoral process, due to accusations of voter fraud regarding stolen ballot boxes and alleged interference with voting machines. By generating decentralized data where votes are cast, however, the information is rendered impossible to tamper with, thereby facilitating more unbiased and organic elections.
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Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
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