India Blockchain Industry Market Growth, Outlook, Future Opportunities and Forecast - 2025

Blockchain is one of the powerful innovations that has an immense potential to impact the Indian economy by streamlining process, enhancing efficiency, and offering privacy protection. It has an aptitude of revolutionizing interactions among citizens, businesses, and governments, in a manner that was unfathomable a decade ago. India has welcomed a range of novel technologies, such as IoT and AI; however, Blockchain is unique in its foundational nature. As compared to other technologies that capable of delivering new services, Blockchain has the capability to revamp existing processes to unlock new sources of efficiency.

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The governmental bodies in India face certain challenges given the scale, complexity, and diversity of processes involved for delivery of varied public services. Here, Blockchain has a potential of addressing these issues related to improving governance. In January 2020, the policy think tank for the Government of India, NITI Aayog, published a report stating the Indian Blockchain strategy. The report outlined areas where Blockchain can assist the country, which includes the improving contract management and procurement, quality control across supply chains, and decentralization of authority in decision making. NITI Aayog has pursued proof-of-concept (PoC) in four areas in an attempt to evaluate the potential of Blockchain in delivering improved efficiency and better understand possible hurdles in implementation.

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These include-

• ‘Track and trace’ of drugs in the pharmaceutical supply chain
• Transfer of land records
• Claim verification and approval in the disbursement of fertilizer subsidy
• Verification of university certificates

Initiatives/Framework by the Government of India
The technology arm of Reserve Bank of India (RBI), the Institute for Development & Research in Banking Technology (IDRBT) led two PoCs – enhanced information for payments and domestic trade finance letter of credit– by including financial institutions and technology firms such as IBM and Infosys. Moreover, general insurance companies thrived on a pilot to better track health insurance policies through Blockchain technology. In India, Andhra Pradesh is the first state that has introduced Blockchain across few platforms, such as land records Other states such as Karnataka, Maharashtra, Kerala, and Rajasthan are following the lead.

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This release was published on openPR.