India is an eminent market for technology. Blockchain technology is a decentralized, immutable, and distributed ledger that records transactions across a network of computers. This approach will help to store information in the most secure manner. Blockchain technology in India has a huge impact over various segments.
- Blockchain technology in India has enhanced the process of stock trading as it supports full-fledged digitization. According to a study, the blockchain technology in India is expected to grow to USD 53.18 million by 2030. There is a huge application in various fields and sectors, and
- Government and Public Sector: Blockchain technology is used to enhance security, transparency, and record-keeping efficiency. They create an immutable, decentralized blockchain that ensures once data is recorded, it cannot be altered easily. The records are tamper-proof and auditable sources of information. The impact of blockchain technology is eminent and transparent in various government undertaking sectors.
- Land and property records: Blockchain is used to store land information for owner detailing and faster information. There is absolute transparency in property transactions.
- Identity Management: Blockchain technology is used to store data like birth certificates, death certificates, and marriage licenses and can increase their suitability and accessibility.
- Voting: This technology is used to cast votes, enhance their security and transparency, and potentially reduce the fraudulent votes cast.
- Finance & Banking: Blockchain technology is used to enable the tokenization of assets like bonds, stocks, and real estate. They would allow partial and easy transfer of bonds.
- Cross-border payments: This technology enhances cross-border payments and assures a secure, transparent, and efficient method. This process is facilitated through a decentralized ledger distribution system and eliminates the requirement of a correspondent bank. They facilitate cheaper transactions. There is a huge utility of blockchain in capital markets.
- Trade Finance: Using blockchain technology in finance will reduce the paperwork, minimize fraud, and create a record of all trade-related activities.
- KYC & AML: They are used to authenticate KYC and AML activities, as they can offer a decentralized platform for storing data, reducing duplication and enhancing verification. This will allow a real-time information exchange while maintaining data privacy.
- Supply chain & Logistics: Blockchain technology can provide a secure and transparent system for managing goods and transactions. They allow the real-time tracking of products, reduce fraud, and foster trust among supply chain management.
- Agriculture: By utilizing blockchain technology in agriculture, it can aid in storing information about all types of plants and their data. They are used to record a journey of the plants soon after they leave the farm.
- Pharmaceuticals: Blockchain technology offers end-to-end tracking of every transaction. Raw material to finished products is recorded. They offer real-time monitoring and immutable records that ensure data integrity.
- Logistics: Companies like IBM and Walmart use blockchain technology to track food safety, pharmaceuticals, shipping, logistics, and customs clearance. DHL and Hewlett Packard identify blockchain as a means of improving transparency, traceability, and efficiency in logistics.
- Healthcare: Blockchain technology offers benefits to the healthcare industry by enhancing data security, interoperability, and privacy. This is used to process patient data security, drug supply chain, and clinical data management.
- Medical records: Mediclaim and other companies use blockchain technology to update patient-centric records. There are smart contracts for issuing supply chain management and also medical insurance.
- Vaccine Distribution: Blockchain technology was used to bridge the gap between the communication gap and the lack of production. This technology was used along with a data flow to distribute vaccines and evaluate the application. Stakeholders were informed about the distribution chain and the simplification of the vaccine inventory.
- Education: The use of blockchain has facilitated crucial segments like education, and the traditional, time-consuming, paperwork-intensive methods of keeping students’ records have been reduced to a giant extent.
- Publishing and Copyright protection: Blockchain solutions can be utilized to regulate and control copyright protection worldwide. The data is kept secure by state-of-the-art encryption.
- Student records: Blockchain is the ideal technology for storing students’ data and sharing it with potential employers. The security of records will be enhanced, and the administrative process will be smoothened. These improvements will largely enable the accessibility of records.
- E-transcripts: Blockchain enhances e-transcripts with verification. Producing error-free transcripts could be a labor-intensive process. This is accomplished by a distributed ledger or any related solution.
- Energy & Utilities: Blockchain technology is used in the case of energy & utilities to enhance efficiency, security, and transparency. They enable peer-to-peer trading, streamline renewable energy certification, and improve data management.
- Decentralized energy trading: Blockchain would enable decentralized energy trading. The pressure on the centralized system of energy production reduces, and energy is generated in a localized manner. This phenomenon triggers cost-cutting, increased clarity, and digitization.
- Grid management: Connecting to grid management in the case of energy production is essential. Instead of consumers buying energy from retailers, they can source it directly from the grid. Blockchain technology and IOT management make this process simpler.
- Optimizing the Gas & Oil industry: Blockchain technology reduces the paperwork associated with energy resourcing and minimizes delay in supply chains. This can enhance data transparency, boost efficiency in transactions, and lower midstream expenses.
- Legal & Compliance: Blockchain technology can revolutionize legal compliance by streamlining legal functions. It’s possible to manage contracts and overlook the intellectual property. They help in mitigating risks and legal procedures.
Future developments in India in blockchain technology will see a huge success in the near future, and the reasons are mainly:
- Government support and initiatives are emphasizing more e-governance, finance and healthcare.
- The procedure emphasizes secure and transparent transactions.
- Tokenization of real estate is a possibility, thereby allowing fractional ownership.
- Supply chain transparency can be maintained through blockchain, and this reduces fraudulent activity.
- Blockchain technology enhances a startup environment and creates new solutions for industries.
- The transactions and identity remain secured and streamline access to government services.
- Healthcare records are maintained in a regular and private way, ensuring full data security.
Blockchain technology has revolutionized new India and will continue to maintain the innovation and technological advancement like never before.
References:
https://www.geeksforgeeks.org/blogs/role-of-blockchain-technology-in-education
https://pmc.ncbi.nlm.nih.gov/articles/PMC9088775
https://www.sciencedirect.com/science/article/pii/S2666188823000035
https://www.settlemint.com/government-blockchain-use-cases
