Recently, an interesting piece of news about the e-forensic application of the Delhi Forensic Science Laboratory (DFSL) and the Delhi Police, adopting blockchain technology, to create an unchangeable and transparent record of the chain of custody for evidence, was published in a popular newspaper. This sure was an indication that blockchain technology in India has truly arrived!
Often associated with bitcoins and cryptocurrencies, blockchain technology’s reach and uses are much more than just being about digital money. Blockchain technology is now used in many sectors, including finance, supply chain management and healthcare to mention a few. The need for safe business with data integrity and security is encouraging more companies to adopt blockchain.
As per Statista, worldwide spending on blockchain will reach a staggering 19 billion USD by the year 2024. With the official release of “National Strategy on Blockchain” by the Indian government, India has also officially hopped onto the bandwagon of those countries that are actively adopting and promoting blockchain.
In this edition of “The People Weekly” we will discuss blockchain technology and its prospects in India. Staying attuned to industry trends and the latest developments is one of the winning attributes of PeopleLogic and we are in a constant endeavour to provide our readers valuable insights on all the latest products, trends and technologies.
Blockchain
What is blockchain? Blockchain is a decentralized and distributed digital ledger technology that allows multiple parties to record and maintain a secure, tamper-resistant, and transparent record of transactions or data. At its core, a blockchain is a chain of blocks, where each block contains a set of transactions or data. These blocks are linked together in chronological order, forming a continuous and immutable chain, thus the name “blockchain”. So, the attributes like security, transparency, immutability, and decentralization make blockchain a secure means for storing data and conducting transactions.
Domains where blockchain is used
Having started its journey as a technology for cryptocurrencies, blockchain now has majorly moved into
Banking and Finance
Supply chain and Logistics,
Healthcare and
E-commerce.
Government
Banking and Finance
With the fast-paced growth of the Indian Fintech industry, digital payments are expected to cross 500 billion USD by 2024. UPI payments, an example of digital payment, have now become the norm for any transactions and blockchains can further revolutionise this. Blockchains, with their decentralised model, will now provide a platform for banks and financial institutions to facilitate their services even to those in remote places. The insurance industry is another sector that is reinventing itself with the help of blockchain.
Supply chain and Logistics
Supply chain and Logistics is another sector where blockchain has rewritten the rules of the game. In a country as diverse as India, the supply chain network is complex. With blockchain technology, one can record all transactions safely and securely preventing any fraudulent activities. All stakeholders involved can track the movement of goods in real-time. Thus, blockchain enables end-to-end tracking of products, reducing fraud, ensuring quality, and enhancing consumer trust. This has implications for both domestic consumption and export.
Healthcare
Another major area that can be revolutionized by blockchain is the healthcare sector. Data integrity and security of patient medical records and processing of billing and claims are some of the areas that can be transformed by blockchain. Blockchain can also streamline the process of tracking and verifying clinical trial data. Blockchain can also be used to track the entire supply chain of pharmaceuticals and medical devices, ensuring the authenticity and integrity of products. This can help prevent counterfeit drugs from entering the market and improve patient safety.
E-commerce
An E-commerce platform can have safe and secure transactions with the help of blockchain technology. Smart contracts, a feature of blockchain, can streamline processes like order fulfillment, payment processing, and dispute resolution, reducing the need for intermediaries.
Government
The blockchain market is expected to grow to 4.3 billion USD by 2025. More than half of the total Indian states are involved in blockchain initiatives. There is a consistent demand growth of 40% for blockchain developers, every quarter. Like the example we quoted in the introduction, many blockchain initiatives are spearheaded and implemented by both state governments and the central government. Digital certificates, land registry, voting, smart contract and healthcare are some of the areas where blockchain technology is being used by government agencies. The government think tank, Niti Ayaog in collaboration with crypto-focused 5ire and Network Capital has already launched a blockchain module early this year.
Digital Rupee, Nambikkai Innaiyam, Karnataka e-GP Blockchain project, and Indiachain are some of the blockchain initiatives by the government. All these infuse a sense of excitement and anticipation about the future.
Major players in Blockchain Technology
Earlier, blockchain was a technology that was synonymous with cryptocurrency. But now it has moved beyond digital money and is being adopted by companies across industries. Several companies are developing and providing blockchain solutions for different industries. There has been tremendous growth in the blockchain ecosystem both internationally and nationally.
Some of the top blockchain development companies in the world are Tech Alchemy, Labrys, Cubix, Peiko, INC4, ConsenSys, Moonpay etc.
HashRoot, Infosys, L& T Information Technology, Tata Consultancy Services Ltd, Zensar Technologies, IBM, Capgemini, Fueled, Hashcash consultants, Zab technologies, EIY SYS, XYO Network, Leeway Hertz, OpenXcell and many others are actively involved in blockchain development in India. This is apart from numerous blockchain startups in India like Zebi Data India, Elemential Labs, Bankchain, Primechain, MindDeft to name a few.
Career Opportunities in Blockchain
With such a robust market for blockchain technology, career opportunities in this space are many. Some of the popular roles in blockchain technology are
With the education market exploding with numerous courses on blockchain technology, it is not a tough task to upskill/ reskill or simply skill oneself to be employable in the blockchain domain.
PeopleLogic Opinion
The growth of blockchain technology in India exemplifies the nation’s ability to adopt and adapt to cutting-edge technologies. With its diverse applications across sectors such as finance, supply chain management, healthcare, and education, blockchain is poised to reshape the Indian economy and society at large. As regulatory frameworks mature, awareness spreads, and collaborations thrive, India’s journey in the world of blockchain holds the promise of unprecedented growth and innovation.
With the government’s active involvement and the determination of the tech community, India is poised to become a hub for blockchain innovation, shaping a more efficient and transparent future for its citizens and businesses. So, it is important that as talent hunters, the HR community, anticipating their organization’s journey to transform their business using blockchain, readies itself with the resources to find talents in the blockchain space.
At PeopleLogic we have a dedicated team of experts who specialize in the blockchain sector.
Our expansive network within the blockchain community gives us a competitive edge.
Our team keeps a close watch on the rapidly evolving blockchain landscape, staying updated on the latest technologies, protocols, and applications. We understand the unique challenges and opportunities that arise in this space, and we know what skills are essential for success.
