Skip links
The future of blockchain india inferenz

The Future of Blockchain Technology in India

The blockchain technology that came into existence in 2009 through bitcoin now has limitless potential in the development of various sectors in India, including farming, pharma, education, and many more. And it has shown that it is more than just buying and selling cryptocurrencies. These days blockchain technology has become one of the most discussed topics in the employment sector.

So, is there any future for Blockchain technology in India?

Yes, experts believe blockchain is the future of technology. It’s been predicted that by 2025 the blockchain implementation will add a value of over $176 billion to the business, and further, it will increase to $3.1 trillion by 2030.

Blockchain Technology

The trusted exchange of data lies at the heart of many processes in the fourth industrial revolution. Blockchain technology is a  Distributed Ledger Technology (DLT) that promises to ensure that data is decentralized, secure, and immutable.

Each transaction within the blockchain is identified by a unique id or “hash”. Each block can be understood as a single page of a ledger. It contains the previous hash, the transaction detail, and the new hash. A single contains the record of more than 500 transactions.

So, if there is any tampering done within any block, the hash changes, thus notifying the other member of the fraud. That’s the reason it becomes very difficult for anyone to alter any information within the blockchain.

future scope blockchain technology india

Future Scope of Blockchain Technology

As per Business Today, Blockchain technology in India has emerged as an innovative technology adding value to the business. As there is rapid growth observed in blockchain technology, our government is planning to set up a centralized framework for blockchain.

This initiative to implement blockchain technology will create a boom in the IT sectors and will bring great opportunities for the blockchain development companies like Inferenz blockchain service providers.

The Indian government is trying to implement the idea of a cashless country and thus efficiently encouraging digital technologies resulting in the boosting of the scope of blockchain technology in India. Although India is yet to discover the further potentialities of blockchain technology, it holds the potential to implement the technology for the growth of private and government sectors.

Adoption of blockchain technology in financial transactions will not only save time but will also make the process authentic. Furthermore, it can also be an excellent monitoring tool against money laundering, as every transaction in a blockchain is accountable.

Other Areas Where Blockchain Technology Can Be Leveraged

Blockchain development may have the transformational potential for those music industries associated with recorded music and for the sustainability of music careers. While predictions of widespread disintermediation may have been premature, blockchain technology does appear to have the potential to transform the role of third parties and make musicians’ careers more sustainable. The authenticity and availability of the copyright data could be improved with the implementation of blockchain technology. It will facilitate micropayments instantly for royalties, thus leading to the significant improvement of transparency of the value chain.

The development of blockchain and its implementation in the healthcare industry will transform the process digitally and will introduce a new trend of value-creation, thus providing assistance in the resolution of problems in medical practices. The Blockchain holds the potential to reduce the time taken in the digital transformation by eliminating certain elements like issues in data management systems.

The circular economy surrounds a comprehensive approach to the choice of material and design, in addition to keeping products at their top utility during production, operation, and reuse cycles through the implementation of closed loops. With a blockchain, there will be a fast, accessible, and secure information network.