The adoption of blockchain technology in India and its future

Technology is the future and over time society will witness an unprecedented increase in the use of various types of technology in our daily lives. In fact, nowadays, the use of various technologies such as artificial intelligence (AI), machine learning (ML), robotics, etc. is becoming more and more popular. Speaking of technology, if there is one particular technology that has been causing a stir lately, it is blockchain technology. Originally invented in 2009 by Satoshi Nakamoto to serve as the public ledger for the Bitcoin network, blockchain technology has now found multiple use cases all over the world, in every industry.

India, on the other hand, has adopted and plans to adopt blockchain technology in various sectors. Let us look at some areas where blockchain technology is already slated to be adopted by the Indian government.

The telecom sectorThe Telecommunications Regulatory Authority of India (TRAI) has asked all telecom companies to start integrating blockchain technology. The use of blockchain technology in the telecommunications sector will be helpful in solving the problem of unwanted calls. Using blockchain technology will allow authorities to track down unregistered telemarketing companies. Telecom companies believe that the use of blockchain technology along with the use of artificial intelligence (AI) will help eliminate most of the shortcomings of the telecom industry.

The Tea Council of India – The Tea Board of India plans to adopt blockchain technology to help increase traceability across the supply chain. The Tea Board of India has faced degradation in the quality of the tea produced, due to adulteration. Adopting blockchain technology throughout the supply chain will help keep a record at every step. This will help increase accountability and also allow authorities to spot and eliminate problem areas.

Blockchain for secure voting – Three students from the Malla Reddy Engineering College for Women have developed a new concept, showing how blockchain technology can be used to secure the voting process in our country. A pilot project conducted by these students in gated communities and housing estates had shown that implementing the concept in real life would be very beneficial.

Securities and Exchange Board of India (SEBI) – SEBI has required all custodians to use blockchain technology to maintain records. This will bring more transparency in the record keeping process, as well as in the process of monitoring the creation of securities and covenants on non-convertible securities.

Apart from all these sectors where blockchain technology has already been adopted or is in the process of being adopted, there are various other sectors where the Indian government is planning to integrate blockchain technology. The Indian government is eager to establish a national blockchain framework that will help transform the future of no less than forty-four sectors, including education, pharmaceuticals, agriculture, energy, e-governance, and more. . The opportunity to incorporate and adopt blockchain technology in India is vast and the government is ready to facilitate faster and smoother adoption of this new technology. In the coming days, blockchain technology is sure to be a game-changer for India. This will help revamp and eliminate all major problems in most essential services provided by the government. According to predictions, blockchain technology is poised to become a massive $176 billion business by 2050. So, in the future, the adoption of blockchain technology is poised to propel India to a whole another level, helping him rise considerably in the ranks. among the nations.

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