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Public Sector Driving Blockchain Adoption in India

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Image: India flag, Pexels.com

In India, the federal government is taking part in a key position as a shopper
of blockchain options and in driving mass adoption of the expertise. Nearly
half of the states in India have initiated blockchain initiatives to deal with
totally different challenges of citizen service supply, with the federal government of
Telangana and the federal government of Andhra Pradesh rising as two of the main
states in phrases of blockchain adoption in the nation, a brand new analysis by the National
Association of Software and Services Companies (NASSCOM) and Avasant discovered.

According to the India
Blockhain Report 2019
, launched in February, there are presently greater than
40 blockchain initiatives being undertaken by the general public sector in India with
about 92% of these in proof-of-concept or pilot part and eight% in the manufacturing
part. While most of those initiatives are nonetheless in the early phases, state
governments have taken a progressive method to make sure startups and area of interest
suppliers have a conducive framework to take part in these initiatives.

State governments are collaborating with totally different
stakeholders to speed up blockchain adoption in public sector initiatives. Such
partnerships embody the federal government of Andhra Pradesh and Zebi, a partnership
that focuses on growing blockchain-based options in land registry, the
municipal firms of Bankura and Durgapur districts in West Bengal and
Netherlands-based firm Lynked.World, that are constructing a blockchain-based
platform for issuing start certificates, and the Assam authorities and Nucleus
Vision, that are engaged on establishing blockchain options for governance
course of and different citizen-facing purposes.

According to the report, prevalent use circumstances in India’s public sector embody land registry, farm insurance coverage, digital certificates, and e-governance.

Blockchain-related initiatives by states in India, India Blockhain Report 2019, NASSCOM and Avasant

In addition to the general public sector, personal enterprises throughout
all key industries are additionally figuring out totally different purposes of blockchain
expertise. The banking and monetary providers trade has seen the best adoption,
however different industries, together with healthcare, retail and logistics are quickly
catching up.

Top use circumstances being explored in the personal sector embody
commerce finance, file retaining, provide chain administration, anti-counterfeiting,
peer-to-peer insurance coverage, KYC, cross-border funds, asset monitoring, meals
distribution, drug provenance, well being data, mental property administration
and fraud detection.

Though blockchain adoption in India is quickly rising, the
nation’s blockchain ecosystem has not taken off as quick because it has globally,
the report claims. Of the US$5.6 billion raised by blockchain startups globally
so far, India has attracted solely a tiny fraction (0.2%). Furthermore, Indian
startups solely accounts for simply 2% of all blockchain startups worldwide.

To speed up startup progress and drive the sector ahead, the
report advises for the institution of conducive regulatory and authorities
procurement coverage surroundings, together with the creation of a blockchain working
group and a regulatory sandbox to encourage blockchain innovation.

“India must act quick and work consultatively with the
key stakeholders in the crypto/blockchain group and supply regulatory
certainty and readability round blockchain expertise (particularly round cryptocurrencies
and digital tokens),” the report says.

“A blockchain working group (much like the Dutch Blockchain
Coalition) or a self-regulatory physique (much like the one in Japan) might help
drive the event of laws or requirements required for the expansion of
the general ecosystem in India … A blockchain regulatory sandbox may additionally
assist drive product innovation in the nation and likewise sign constructive intent to
the blockchain startup/developer group, whereas defending investor and
shopper pursuits.”


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