Blockchain technology is expected to see an increasing adoption among the Indian banks. Private and public companies are exploring blockchain to improve efficiency to ensure transparency.
56% of Indian businesses are moving towards Blockchain technology, making the technology a part of their core business. The key areas the technology is expected to make its maximum impact are payment and fund transfer, post-trade settlements, and digital identity. State governments are conducting trials within their departments. The government of Andhra Pradesh collaborated with various Blockchain start-ups such as Snapper Technologies, and SimpleFy to explore the administrative processes. The state government of Andhra Pradesh is going to integrate its own e-program with Blockchain technology by 2019.
By industry, Blockchain technology has a wide range of applications in India. Finance minister Arun Jaitley stated that the government is looking forward to utilizing Blockchain technology across various sectors to streamline the activities. The Banking and Financial Services sector is expected to make the maximum use of this technology. The Indian government is making a massive investments in the healthcare sector to provide health coverage to low-income families. Blockchain technology is expected to drive this initiative.
Key growth factors:
- The digital adoption in India is one of the major factors driving Blockchain technology adoption.
- Accordingly the report of ASSOCHAM, about 19% of the Indian population is without bank accounts. Blockchain technology is expected help this part of population create digital identities and help them access banking and financial services.
Threats and key players:
- Adoption of Blockchain technology faces severe challenges. The major reason is lack of awareness with regard to nature of Blockchain platforms.
- The other challenges are integrating challenges, selection of vendor/ platform
- The top five Blockchain developers in India are S-PRO, Consagous Technologies, 10Clouds, Sofocle Technologies, and Sate Development.
- The top Blockchain consulting firms are Microsoft Corporation, Deloitte, Tata Consultancy Services, and Wipro
Blockchain Consulting Firm:
- Microsoft Corporation
- Tata Communication Services
- Consagous Technologies
- Sofocle Technologies
- Sate Development
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