An Overview of the Indian States and Their Involvement in Blockchain—a Report by NASSCOM
The NASSCOM-Avasant India Blockchain Report 2019 has been created with positive contributions from observers and experts of the Blockchain space. This tries to turn into an authoritative reference for anyone searching for a thoughtful and attentive assessment of the Indian Blockchain space. Additionally, Blockchain applications have become a lot simpler to manage and implement and are now paving the way for digital transformation ventures.
Indian Blockchain Ecosystem
The Indian blockchain environment is at a dynamic and energizing stage and all members like the Government (acting as a double role as a regulator and consumer), service providers, enterprises, academia, investors and start-ups are making noteworthy efforts to develop and improve the blockchain value proposition. Moreover, the effect is showing in more than 14 Indian states, which are already running blockchain pilots and projects. Further, several organizations that are competitors in the current industry are moving towards to use the power of blockchain.
About NASSCOM-Avasant India Blockchain Report 2019
- The report has been created by gathering inputs from 50 industry-leading pioneers and members of the worldwide and Indian Blockchain environment.
- Avasant-NASSCOM Blockchain report is the current state of the market business report, which highlights the developments in the global and Indian Blockchain sector and environment.
- Moreover, the report systematically comprehends these systems over market patterns, emerging applications, enterprise demands, strategy and guidelines, service provider offerings, tech start-ups, and investments.
Blockchain Adoption in India
- There are more possibilities for Indian Service Providers to speed up the blockchain adoption in India. Besides, these service providers have been engaged with different blockchain solutions in domains like Telecommunications, BFSI, Healthcare, Public Sector, Retail, Utilities, and so on.
- A more watchful regulatory ecosystem in India is restricting the investment opportunities from domestic and international investors for Indian start-ups. A few India-based investors are raising funds through ICOs and VCs in different regions like Malta, Singapore, UK, Switzerland, and several others.
Indian Public sector initiating blockchain projects
- The report asserts that the nation’s public sector has undertaken more than 40 blockchain activities over other sectors. Out of which, 92 percent are in proof-of-concept or pilot stage and 8 percent are in the production stage. While the BFSI part has seen the adoption of this technology, it is followed by retail, healthcare, and logistics.
- As indicated by the report, the Indian public sector has driven blockchain-based ventures, which included half of the Indian states. Besides, the state governments are guaranteeing a liberal approach to be taken up to reveal a helpful framework for new businesses and niche service providers to be involved in these activities.
- Besides, the organization’s overall key industries in India recognize various applications of blockchain. The finance and banking division has seen the highest adoption of blockchain, yet other ventures like retail, healthcare, and logistics are developing quickly.
- Enterprises have accepted the potential of blockchain through proof-of-value globally, and also by tracking its implementations in other industries.
Global Blockchain Demand
Around 70 percent of enterprise business blockchain ventures are presently authorized through stringent business case assessments over savings of cost and operational effectiveness improvement potential. Moreover, as the benefits of blockchain are becoming clearer to the organizations, a sizeable portion of the ventures is relied upon to pass the business barriers and expected to move into production in the current year. The report expresses that service providers in India, with their profound Interest in customer relations, are remarkably positioned to address a large portion of the demand through Global blockchain.
As per the report, Blockchain 3.0 is the present phase of the evolution of this technology, which gives upgraded interoperability, security, and scalability by empowering mainstream adoption. The report states that Blockchain 3.0 platforms utilize a mix of smart contracts and secure multiparty computation to set up interoperability between various blockchain platforms and sets up industry-wide frameworks.
As indicated by a report by Nasscom, the blockchain is bringing upheaval and this is being started by the efforts from the public sector. Moreover, the banking, financial sector, and Insurance (BFSI) are the main areas that lift the utilization of blockchain to 50 percent, according to the reports. Further, the area where blockchain is largely used originates from the Indian public sector, like land registry maintenance, medical record maintenance, and several others.