46% Rise In Use Of Blockchain, A Boost For India
Finance Minister Nirmala Sitharaman highlighted the application of blockchain technologies in her impact statement, predicting a 46% increase in usage in the coming years. This statement likely confirms the rollout of India’s blockchain era. Governments play a crucial role in supporting blockchain adoption and deployment, as regulators and buyers. They are leveraging blockchain technology to replace inefficient, siloed centralized systems, which are inherently insecure and expensive. Blockchain networks offer more secure, agile, and cost-effective structures.
Over 50 governments worldwide are adopting blockchain solutions, with over 100 use case deployments in digital currency, records management, trade finance, land management, digital identity, and supply chain management. India’s public sector is rapidly adopting blockchain technology, with over 90 projects in various stages.
Indian states are collaborating with stakeholders to accelerate blockchain adoption in public sector projects. Andhra Pradesh is working with Zebi Data and Hitachi for blockchain-based land registry solutions, while the UP Government has partnered with UNDC. West Bengal’s municipal corporations are using Linked for birth and death certificates. Assam and Tamil Nadu and Telangana are collaborating with private sector, academia, and start-ups for blockchain IP development and educating youth. These initiatives aim to improve data exchange between citizens and government agencies, reducing concerns about data use, fostering cooperation, allowing economies to expand, and increasing trust.
(With inputs from Shikha Singh)
You need to login in order to Like
