Blockchain: Game-changer for India

Blockchain: Game-changer for India?

The blockchain is one of the most sought after technologies today. From Fintech, Logistics, Automation to the Internet of Things, its use case are numerous. Especially in a scenario where cybersecurity has become the focal point of concern. Blockchain enthusiasts have a lot to look forward to.
Understanding the Indian scenario
India’s technological penetration is still woefully poor. For instance, the fourth-generation (4G) penetration in India is at a mere 21% which is well behind the Asia Pacific average, according to global telecom industry body GSMA. The advent of Jio in September 2016 has helped create a much needed disruption in the telecom industry.


Today, more than ever, telecom and internet are accessible to the general populace in the country.  For a country that intends to be a manufacturing hub, the pace of technological adoption needs to be much faster.
Presently, the country lacks an electronics ecosystem but has made some initial moves to manufacture integrated circuits. Bureaucracy, red tape, insufficient funding, resources and power management woes have plagued the country’s ambitious manufacturing goals.
Nevertheless, the economy is booming and this scenario is likely to help bridge the  existing technological divide.
Where the blockchain comes in
Despite the somewhat bleak technological scenario, India’s fintech sector has been booming at an expeditious rate.  Apparently the country has the second highest fintech adoption rate worldwide with regard to collaborations.
According to NASSCOM, the Indian fintech market shall grow at a CAGR of 22 percent for the next five years. Whereas another KPMG report states that the transaction value for the Indian fintech sector was estimated to be approximately $33 billion in 2016 and is expected to reach $73 billion by 2020.  With funding pouring in, even global players like Google and WhatsApp are eyeing India’s lucrative fintech sector.

Despite being somewhat ambivalent about cryptocurrencies, the country has been pro-blockchain. Blockchain based developments are not limited to fintech alone but can also impact the following sectors:

  • Banking Sector
  • Financial Institutes
  • Insurance Sectors
  • Media and Entertainment Sector
  • Government and Public Sector
  • Healthcare and Life science sector
  • Retail and ECommerce Sector
  • Automotive Sector and more

The security that the blockchain offers shall be pivotal towards positing the country as  a secure manufacturing hub. With the aid of the blockchain, India could become a global leader in fintech and incentivize the growth of its manufacturing sector. It could position itself as a blockchain expert in various verticals. There is also an opportunity to set a precedent by adopting cryptocurrencies and break free from the shackles of the dollar imperialism after the demonetization fiasco.

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