Blockchain Technology to Fast Track Development in Every Indian Sector

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Blockchain is the technology of the future and the future is here. The technology has the ability to transform every facet of our lives. Blockchain is the platform on which Cryptocurrency transactions are carried out. All the banks, corporate sectors are have understood the advantage this technology will have on them and this is making them to sit up and frame regulations and policies, which will help blockchain technology to integrate with the society. In terms of development, this technology has quickly evolved into a major force to be able to reckon with. The technology is completely based on algorithm and is decentralized. It is also an open source platform where any developer and software engineer can feed in the inputs to make the system more user friendly, reliable and secure. The technology in the healthcare market is estimated to benefit the industry as well.

India, the country which always adopts a wait and watch strategy before committing or experimenting with new products, services or technology have finally decided to give it try. The country is developing a national blockchain strategy which will focus on the technology’s ability and potential to make the technology the game changer for the society. The country, of this magnitude, where there are problems like cash shortages and payment problems, developing a blockchain strategy is a must for the development and prosperity of the nation and its people. Such has been the impact of this technology that even the State Governments are taking up developing a strategy of their own.

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States like Andhra Pradesh, Kerala, Telangana, and Uttar Pradesh all have announced their plans to deliver government services with the aid of this technology. The technology is very efficient and effective as it eliminates the need for any third party arbitration and directly brings the parties that are involved in the transaction. The technology is also massively favored and liked by the new age entrepreneur and business innovators who have been quite early in spotting the benefits of the technology. Blockchain has left a mark on each and every sector the economy has staring from finance, energy, governance, supply chain, media and entertainment among others.

The healthcare technology can be used in the health sector and can be used for cases like digital identity and record management to privacy applications as well as trail monitoring, pharmacy manufacturing, authenticity tracking for prosthetics and drugs and much more. The technology, if applied to the healthcare sector has the potential to benefit the healthcare industry. The expected growth that the adoption of this technology will bring to the industry as projected by a research report is $829 million by 2023. The technology will close all the loopholes and deficiency that it currently persists in the sector which is dire need of reforms and needs a quick fix. By quick fix, it does not mean that a band aid problem but a permanent solution to the industry, that will propel the sector in an upward direction.

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Popularity for this technology has drawn investments and funds from many big financial institutions and venture capitalists. One such organization that tracks these numbers and analysis them, mentioned in the report that the blockchain application market is expected to grow by nearly 30 times the current size. Telangana has gained the first movers advantage because it has implemented the technology first in the country, after the move, Kerala government is planning to leverage the technology by developing a blockchain strategy and implementing in financial and human resource departments. The government has also given a green signal to launch a pilot project, which will help them formulate the perfect policies for the industry.

Source: Bleeping Computer


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