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What is the Future Scope of Blockchain Technology in India? In-Depth Prediction

While Blockchain and Bitcoin have won the world over, India is also taking significant strides to adopt Blockchain technology. With India’s increasing focus towards digitization, the scope of Blockchain in India only seems to be growing. In the wake of demonetization, the Indian economy is already witnessing a paradigm shift – from cash to cashless. Indian citizens have already opened up to efficient and reliable transaction mechanisms such as UPI, Paytm, and Google Pay.

According to Indeed’s data, there’s a considerable demand for Blockchain and Blockchain-related jobs in India, particularly in the southern cities. As usual, Bengaluru, the tech hub of India, leads in the job opportunities in the Blockchain domain – it accounts for around 36% of all job postings in Blockchain tech in India. It is closely followed by Mumbai, Hyderabad, Pune, and Chennai. Although the top five job destinations for Blockchain in India lie in the south, the NCR of the country including New Delhi, Gurugram, Noida, and Mohali are also witnessing an increase in demand for Blockchain jobs. 

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Indeed further maintains that the spike in the number of Blockchain job postings for roles like Blockchain Developer, Blockchain Software Engineer, Blockchain System Architect, occurred in the second quarter of 2017. 

In India, Blockchain is witnessing a major demand in a select few areas including Banking, Insurance, Logistics, Healthcare, and Public Administration. While some of the players in these industries are collaborating to realize the collective benefits of Blockchain tech at an industry level, some others are exploring the potential of Blockchain along with their subsidiaries and partners.

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 The Indian government’s proactive encouragement towards disruptive digital technologies is offering a massive boost to the growing scope of Blockchain in India. For instance, post-demonetization, the RBI issued a statement focusing on Blockchain’s potential to combat financial scams and frauds and to transform financial markets and the payment infrastructure altogether. 

Ever since the demonetization, the overall focus of the Indian government has been to promote digitization for a cashless economy. To further this goal, IndiaChain – NITI Aayog’s pilot project in Blockchain tech – was developed to help create job opportunities in this domain. At the state level, Andhra Pradesh became a pioneer of sorts by becoming the first Indian state to leverage Blockchain tech for maintaining land records. 

Although India is still at the nascent stage in exploring Blockchain technology, it holds is immense potential for Blockchain applications. Blockchain integration in financial transactions will not only save time and money, but it will also make the transaction processing and authentication process much more seamless. Furthermore, Blockchain can be an excellent tool to monitor money laundering and black money accumulation – since all transactions are permanently stored on the Blockchain network, every transaction is accountable. Blockchain is also capable of dealing with issues like double spending and unauthorized spending. 

The best feature of Blockchain is that it operates on a decentralized database, thereby making all transactions transparent, seamless, and highly secure. Apart from financial transactions, Blockchain tech can be leveraged in other areas as well.

  • To protect intellectual property rights – With Blockchain, content creators and publishers can track and protect their ownership and intellectual property rights by making the origin data transparent on the Blockchain network. This will also help prevent piracy or misuse of intellectual property. 
  • To store files securely – Since files or data is not stored on a single, centralized ledger, but is distributed on multiple networks and systems, it becomes impossible to hack or violate the stored data. In Blockchain each block contains an encrypted hash code without which the data cannot be accessed. 
  • To impart transparency in Administration – Blockchain technology can be used to make elections or other polls transparent. By automating the process with smart contracts and making the results publicly accessible and transparent, the poll process can be devoid of corruption.
  • To crowdsource VC funds – Blockchain frameworks (like Ethereum) can allow individuals to purchase tokens and choose capital investments, thereby encouraging direct cooperation and collaboration between the public and enterprises. 

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Stages of Blockchain implementation.

With tremendous opportunities to exploit Blockchain technology, India could be on the frontier of the next digital disruption. The key lies in overcoming the challenges faced during the early adoption phase – if we can get past the obstacles in the initial stage, Blockchain tech can be put to good use to strengthen the Indian economy. Learn more how an alumni status of the prestigious IIIT Bangalore can improve your market value. 

If you are interested to create blockchain applications from scratch, check out upGrad & IIIT-B’s Executive Certification in Blockchain from IIITB.

Can blockchain be utilized by the military?

The military could use blockchain technology in several ways. For instance, it could be used to store and keep track of essential data, such as weapon system schematics or troop movements. Additionally, the blockchain could create a secure digital currency that the military could use for transactions. Most importantly, the blockchain could be used to create a secure communications network that would allow the military to send and receive information securely.

Is it better to decentralize or centralize a system using blockchain?

A centralized blockchain is a blockchain where a specific entity controls all nodes. This entity can be a single organization or a consortium of organizations. A decentralized blockchain is a blockchain that any individual or organization does not control. Instead, it is maintained by a network of computers that all have a copy of the blockchain. This makes it difficult for anyone or an organization to tamper with the blockchain. Centralized blockchains have several advantages over decentralized blockchains. First, they can be much faster, as there is no need to wait for consensus among all of the nodes in the network. Second, they are more secure, as there is only one point of failure. Third, they are easier to use, as there is no need to install and configure a blockchain client. However, centralized blockchains also have several disadvantages. First, they are less decentralized and thus less trustable. Second, they are more vulnerable to attack, as hackers can target the central authority. Third, they are less scalable, as the number of transactions that can be processed at once is limited by the bandwidth and CPU power of the central authority's nodes.

Should I focus on cryptocurrencies or broaden my areas of specialty?

Cryptocurrencies are a particular area of investing, and you should focus on becoming an expert in this field if you want to be successful. Whereas, if you learn everything about blockchain, you will have the option of becoming a developer, analyst, project manager, or marketing professional in the field.

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