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, at present, the use of various technologies such as artificial intelligence (AI), machine learning (ML), robotics, etc., are becoming more and more popular. Speaking of technology, if there is one technology in particular that has become a sensation lately, then it has to be 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 around the world, across all industries.

India, for its part, has adopted and plans to adopt blockchain technology in various sectors. Let’s look at some areas where the Indian government is already planning to adopt blockchain technology.

The Telecommunications Sector – The Telecommunications Regulatory Authority of India (TRAI) has instructed all telecom companies to start incorporating blockchain technology. The use of blockchain technology in the telecom sector will be helpful in addressing the problem of spam calls. The use of 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 Board of India – Tea Board of India plans to adopt blockchain technology to help increase traceability throughout the supply chain. The Tea Board of India has been faced with a degradation in the quality of the tea produced due to adulteration. The adoption of blockchain technology throughout the supply chain will help keep track of every step. This will help increase accountability and will also allow authorities to pinpoint and eliminate problem areas.

Blockchain for secure voting – Three students from Malla Reddy Engineering College for Women have developed a new concept that shows how blockchain technology can be used to secure the voting process in our country. A pilot project carried out by these students in gated communities and housing estates has shown that implementing the concept in real life will be highly beneficial.

Securities and Exchange Board of India (SEBI) – SEBI has instructed all depositaries to use blockchain technology for record keeping. This will bring more transparency in the record-keeping process, as well as in the process of tracking the creation of securities and non-convertible securities agreements.

Apart from all these sectors where blockchain technology has already been adopted or is in the process of being adopted, there are several other sectors where the government of India is planning to incorporate blockchain technology. The Indian government hopes to establish a national blockchain framework that will help transform the future of as many as forty-four sectors, including education, pharmaceuticals, agriculture, energy, e-government, and the like. The possibility of incorporating and adopting blockchain technology in India is huge and the government is ready to pave the way for faster and smoother adoption of this new technology. In the coming days, blockchain technology is sure to be a game changer for India. It will help to renew 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. Thus, in the future, the adoption of blockchain technology is poised to propel India to a whole new level, helping her rank up considerably. among the nations.

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