World technological advancement has not only made impossible possible but also created a lot of opportunities for further development and expansion of these technologies across nations. Gone are the days when safe transactions between companies and nations were threatened by cybercrimes. All thanks to the father of Bitcoin, Satoshi Nakamoto, who created a platform/metrics that enabled protected transactions between two parties without any third party or moderator?
Blockchain is an organized and protected metrics that was created to record transactions securely without the threat of data leakage and hacking. It is a platform that is shared across the wide network connecting various computer systems.
The primary function and highlight of Blockchain are the Distributed Ledger Technology that can be programmed and distributed assuring secure and immutable entries of transactions and related data. On this system participant’s identity can either be kept unknown or fictitious.
To know more about Blockchain and its systems in detail visit the Bitcoin Era.
The advent of Blockchain in the Indian Market!
From 2008 to 2015, it took some years for cryptocurrencies to make their way to India. India is one of the volatile and vast markets that has rapidly drawn the attention of investors his technology. Apart from the daily trading of cryptocurrencies, Blockchain has proved to be one of the games changers in the Indian Business market. Several companies came out with innovative ideas to use the technology for their day-to-day activity including, the public and private sectors.
Let us discuss the use cases of Blockchain technology across two broad categories, financial services, and non-financial services.
Financial Services Industry
Capital Markets: Blockchain has no middlemen involvement that brings down the trading cost and accelerates the processing time of the payments and security transfers. It also ensures smart and secures allocation, distribution, settlement of payments, and delivery of commercial documents to investors.
Trade Finance: Blockchain helps the process of trade finance by eliminating third-party intervention. It further deducts the probable errors correlated with manual audits.
Insurance Industry: It helps capture the entire profiling process starting from identity verification, tracking complete data, quoting, estimating involved risks, etc.
Public Sector: In the public sector, Blockchain technology helps in publishing and managing contracts and consignments. It also takes care of the partnership deed and their feasible onboarding by leveraging their identities on Blockchain technology.
Non-Financial Service Industry
Retail Industry: This industry uses Blockchain for warranty receipts by storing them securely on the system as a result lowering the chances of conflicts between the buyers and sellers for uncertain cases of lost receipts. They also use it to track the past ownerships of the products.
Telecom Industry: Blockchain has hugely benefited the telecom industry by tracking, identifying and reducing the roaming frauds across the determined network. Here also, the absence of third party involvement for house clearance reduces the overall cost.
Digital SC&L: The technology has been an ointment for the loopholes of the oil industry. With its irreversible and immutable features of recoding transactions, keep an eye on the assets lifecycle. It also minimizes the legal cost by generating contractual lease and their implementation.
Healthcare Industry: In the healthcare industry, it relieves the patients by processing their health claims simpler and faster. Further, it supervises the medical supplies and protects the medical records. It also assists in partnering with stakeholders within the network.
Over years the Blockchain technology has helped the Indian government as well as the private sector to develop across all the fields of technology. According to the report released by the Global Crypto Adoption Index 2021, India stood at 2nd position ahead of bull markets like UK and US in adopting this technology.
Even though Indian entities have been drastically using the technology, Blockchain is still at a nascent stage. A report published by NASSCOM states that large and medium service providers of India have less than 5% of Blockchain projects. It is visibly lower than the projects received by countries in North America.
The reason behind the decline is evidently because of the lack of knowledge among other industries, which is challenging the overall literacy about Blockchain and its adoption in India. However, the pandemic has been a booster to the remaining industries and compelled them to find a more secure platform for their everyday activities including, recording and monitoring data flow and crucially transactions.
Companies like Bitcoin Era are encouraging businesses of all levels to adopt the technology for better online management. Indian markets have a high potential to accelerate the adoption of these technologies and be ahead of the hubs of technology.