Mar 19, 2019 06:00 UTC
Mar 19, 2019 at 11:33 UTC
NASSCOM Report: Blockchain Manages to Conquer over 50% of Total Indian States
Since the advent of the internet, blockchain technology is probably the biggest internet-based revolution. What came as the underpinned technology base for cryptocurrencies has now become one of the most talked about platforms throughout the globe.
Research of the last 10 years has proved that blockchain has tremendous potential and possibilities for implementation apart from just serving as a platform for digital tokens. Nearly every business sector has now blockchain involved in it in some ways or the other. Even giant corporations like Facebook, IBM, JPMorgan, HSBC, etc. have all jumped into this game, indicating that the technology is here to stay, and has a shining future.
The success of the technology can be judged by the fact that in spite of the scepticism, the technology has successfully managed to conquer over half of the total Indian states. Considering the fact that India has predominantly been hostile towards the digital currency and blockchain, the feat achieved by the innovative platform is highly commendable. Recently, the country has moved towards digitization which has helped several business sectors to adopt innovative technologies in a bid to reduce both time consumption and the cost involved.
Recently, TCS (Tata Consultancy Services) announced that it would be investing heavily in this technology, and would be leading the industry in the South Asian nations. Using blockchain in sectors like Banking and Finance, Virtual Gaming, Pharma, etc. is already being tested.
NASSCOM’s “Blockchain Report of 2019” revealed that blockchain is now present in 50% of the states in India. As the world superpowers like the US, China and several other developed countries became blockchain powerhouse, India has positioned itself as a reliable destination for blockchain platform.
According to the recent data revealed by the UN WIPO (World Intellectual Property Organization) regarding the number of blockchain-based patents filed in 2018, Indian ranks at number 6. However, the scope of improvement is used. While India filed around 90 to 100 blockchain based patents, China alone registered more than 950 patents occupying the first place and is closely chased by the US, who logged about 860 patents.
The Indian Government itself is taking several initiatives for creating awareness about the blockchain platform among young entrepreneurs. The platform has several advantages which can prove to be highly relevant to the country like India where corruption is high.
Blockchain is a decentralized form of the data network designed in a way that information in each unit of the block can’t be altered or manipulated by anyone. Using it in government offices will eliminate the cancer of bribery, bureaucracy and corruption significantly.