Global technological advancement has not only made impossible but also created many opportunities for the development and expansion of these technologies across nations. Gone are the days when secure transactions between companies and nations were threatened by cybercrime. All thanks to the father of Bitcoin, Satoshi Nakamoto, who created a platform/metrics allowing protected transactions between two parties without third parties or moderators?
Blockchain is an organized and protected metric that was created to securely record transactions without the risk of data leakage and hacking. It is a shared platform on the vast network linking various computer systems.
Blockchain’s core function and forte is distributed ledger technology that can be programmed and distributed, ensuring secure and immutable entries of transactions and associated data. On this system, the participant’s identity can either be kept unknown or fictitious.
To learn 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 a few years for cryptocurrencies to come to India. India is one of the volatile and large markets that has quickly attracted investors’ attention to its technology. Apart from daily cryptocurrency trading, Blockchain has proven to be one of the game changers in the Indian business market. Several companies came up with innovative ideas for using technology in their day-to-day business, especially in the public and private sectors.
Let us discuss the use cases of Blockchain technology in two broad categories, financial services and non-financial services.
Financial services industry
Capital Markets: Blockchain does not involve any intermediaries, which reduces transaction costs and speeds up processing time for payments and security transfers. It also provides intelligent and secure allocation, distribution, payment settlement and trade document delivery to investors.
Trade finance: Blockchain helps the process of trade finance by eliminating the intervention of third parties. It further infers probable errors correlated to manual audits.
Insurance Industry: It helps in capturing the entire profiling process, starting from identity verification, complete data tracking, quotes, estimation of risks involved, etc.
Public sector: In the public sector, Blockchain technology helps publish and manage contracts and shipments. It also takes care of the act of partnership and their possible integration by exploiting their identities on Blockchain technology.
Non-financial services industry
Retail industry: This industry uses Blockchain for warranty receipts by storing them securely on the system, which reduces the risk of disputes between buyers and sellers for uncertain cases of lost receipts. They also use it to track past owners of products.
Telecommunications industry: Blockchain has benefited the telecommunications industry immensely by tracking, identifying and reducing roaming fraud on the determined network. Here too, the absence of third-party intervention for disposal reduces the overall cost.
Digital SC&L: Technology has been an ointment for the shortcomings of the oil industry. With its irreversible and immutable transaction recoding features, keep an eye on the asset lifecycle. It also minimizes the legal cost by generating contractual leases and their implementation.
Healthcare industry: In the healthcare industry, it relieves patients by dealing with their healthcare claims more easily and quickly. In addition, he oversees medical supplies and protects medical records. It also helps build partnerships with stakeholders within the network.
Over the years, Blockchain technology has helped the Indian government as well as the private sector to thrive in all areas of technology. According to the report published by the Global Crypto Adoption Index 2021, India ranked 2nd ahead of bull markets like UK and US in adopting this technology.
Even though Indian entities are using the technology extensively, Blockchain is still in its infancy. A report published by NASSCOM indicates that large and medium Indian service providers have less than 5% of Blockchain projects. It is visibly lower than the projects received by North American countries.
The reason for this decline is obviously due to the lack of knowledge from other industries, which calls into question the overall understanding of Blockchain and its adoption in India. However, the pandemic has boosted the remaining industries and forced them to find a more secure platform for their day-to-day activities, including recording and monitoring data streams and, most importantly, transactions.
Companies like Bitcoin Era are encouraging businesses of all levels to embrace technology for better online management. Indian markets have great potential to accelerate the adoption of these technologies and be ahead of the technology hubs.