Like many other global leaders, Prime Minister (PM) Narendra Modi realises the potential of new and upcoming technology in reforming sectors and the lives of people in India. With a view to ensure that India doesn’t miss the blockchain boat, PM recently said: “India’s youth can lead a revolutionary movement using AI (artificial intelligence) and blockchain technologies with a value addition.”
However, words need to be translated into action. As Inc42 earlier reported, more than 80% of the blockchain developers in India may move abroad in search of better opportunities and owing to the lack of “robust regulatory framework.”
But, what, really, is the big deal about blockchain? How is it different from cryptocurrencies like Bitcoin and Ethereum? Why is every government, consulting firm, technology giant, and startup alike — and across sectors such as e-governance, fintech, healthcare, education — rushing in to explore blockchain applications?
What is its real potential — especially blockchain as a technology/framework and blockchain-as-a-service (BaaS) — in the context of India? How are other countries exploiting blockchain to their advantage? What is the existing scenario, and the future, of blockchain in India?
This, and a lot of more questions on blockchain have remained unanswered at large, primarily due to two reasons — lack of real understanding and knowledge of the technology, and the absence of comprehensive analytical data relating to its usage/potential usage in India.
To answer these unanswered questions, cut out the hype from the reality, and clear the air of confusion pervading the technology, Inc42 is launching the Blockchain Technology Report 2018: An In-depth Study Of The Current State and Future Of Blockchain In India.
The report delves into the hype around the technology, decoding blockchain and its frameworks, and discussing its features — primarily information consensus across multiple parties, its transparency, and security. Providing a rundown on the leading frameworks — Ethereum, Hyperledger, Multichain, Corda, Quorum, Lisk, and more — the report also places the technology in context, bringing in the classic case study of Telegram. It aims to clarify the difference between blockchain and cryptocurrencies for readers with limited or no knowledge about the technology.
It also elucidates the current ongoing applications and the landscape of blockchain adaptation across the world and in India, exploring the various initiatives taken by governments the world over to incorporate the technology to bring more visibility into governance.
The report talks about the various projects being implemented by Indian government think tank Niti Aayog and state governments to digitise land records and exam certification using a blockchain called IndiaChain.
Most importantly, it discusses the vast scope of application of blockchain across industries, specifically exploring opportunities in India.
Here’s A Look At Some Global Blockchain Facts:
- Only 0.5% of the world’s population is using blockchain today, but 50% or 3.77 Bn people use the Internet
- Over the last five years, venture capitalists (VCs) have invested more than $1 Bn in blockchain companies
- About 90% of the major North American and European banks are exploring blockchain solutions
- The global blockchain market is expected to be worth $20 Bn by 2024
- It is estimated that banks could save $8-12 Bn annually if they use blockchain technology
- In April 2018, a group of 22 European nations formed a new blockchain partnership aimed at exchanging information on the technology. The countries, including the UK, France, Germany, Norway, Spain, and the Netherlands, signed a declaration on April 10, 2018, establishing the new group, dubbed the European Blockchain Partnership, according to a release from the European Commission, which led the effort
The increasing importance of blockchain can be understood by the fact that leading IT company Tata Consultancy Services (TCS) believes 2018-19 will be the year of blockchain adoption by the largest banks and stock exchanges in India and expects to generate at least $200 Mn in annual revenues from its blockchain practice. ICICI Bank announced that it has on-boarded more than 250 corporates on its blockchain platform for domestic and international trade finance.
Now, more than ever, Indian businesses need to be made aware of the importance of implementing blockchain in the banking system, especially to control frauds. According to a Reserve Bank of India (RBI) report, sourced by Reuters through a Right To Information (RTI) appeal, state-run banks have reported as many as 8,670 “loan fraud” cases, totalling INR 61,260 crore, over the last five financial years up to March 31, 2017.
Closely tracking the trends among the early adopters of blockchain in India, Inc42 Datalabs has also addressed the challenges blockchain startups have faced while designing PoCs (Proof of Concept).
While the Inc42 Blockchain Technology Report 2018 offers indepth insights for professionals seeking to gain an understanding grip of the subject, it could be a fun read for n00bs looking to decode the technology — especially for those who have been bingeing on Mr Robot, a popular TV series based on cryptocurrency, primarily the Bitcoin.
In the blockchain world, find out which block does India stand in.
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