It is the age of technology with all the new emerging technologies being implemented in every field. This is the 21st century, a century to take the online connection to the next level and hence the third generation of web known as ‘Web 3.0’ is going to have blockchain as the chief technology.
The reason that blockchain is being implemented everywhere is that it can be used for distributed power which will further fight against misdeeds and corruption, encourage a rule of law while protecting the digital identity as well as the privacy of the users. Depending on which country controls the business of the 21st century regarding security and communications, it will be decided who will win or lose the splendid strategic competitiveness among different countries.
Every leading country is making use of blockchain technology in some or the other way and India also seems to be upgrading to blockchain technology actively. There was a report published recently by Nasscom known as ‘Blockchain Report 2019’ which suggested that almost half of the states of India have got involved in projects that are blockchain-based.
In fact, the government of India is making sure that the startups and niche facility providers are participating in such initiatives by approaching in a progressive manner to communicate a promising framework. As per the reports, 40+ initiatives which are based on blockchain have been undertaken by the public sector of the state. In this 8% of the initiatives are in the production stage, and the remaining 92% is in the proof-of-concept, also known as the pilot phase. It has been observed that the Banking, financial services and insurance sector are the highest acquirers of the technology and healthcare, logistics and retail follow after that.
In India, various methods of applying blockchain have been identified by the businesses across all the main industries. Through proof of value arrangement business throughout the world have accustomed the possibilities of the blockchain.
Some of the blockchain-based programs that are happening are, a residential program will happen in IIT-Hyderabad which will be for 5 weeks, and it is based on the blockchain, artificial intelligence and other emerging technology. This program is for college students who are in the senior year and new graduates. They are going to partner with TalentSprint which is a digital platform that is upskilling.
Since the advantages blockchain is going to have on business, it has become crystal clear to the businesses that it is expected that a fairly large portion of the projects is going to go through the barrier of business case development which will in 2019 further enter into production.