The Growth Of Blockchain In India

By Author: Block chain council
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While the world is talking about Blockchain and its implementation, how can we miss mentioning India? This article will be illustrating how India is progressing in the field of Blockchain technology.


Overview

Blockchain has become a buzz word; you would not find any technology discussion complete without it. Not only, this technology has paved the way for some new developments, but at the same time, it has also brought forth a new wave of career opportunity. Whether you want to look for a job as a Blockchain developer or you want to invest in this technology, the future prospects are high. The higher demand for Blockchain professionals has made it a lucrative career option.

The reason for the high demand for certified Blcockhain professionals is because of the wide number of use cases of this technology across different business niches. The vulnerabilities of the conventional system that exist need a quick-fix and Blockchain technology has the same to offer. And thus, there is a need for Blockchain experts who can leverage this technology.


Blockchain Growth ...
... in India:

Although India is new to Blockchain adoption, we have seen some considerable development in this field, we have got a few examples to share with you:

Universal identity -Aadhar Card- The idea of Aadhaar card surged in 2005, and now it has become a mandatory document. In a year of its launch, 1 billion ID cards were issued to the citizens of India. Although the work of Aadhaar card issuance seamlessly takes place, the bottleneck does exist in the system, and the biggest of this is the security issue. Since the current digital platform is prone to hacking attempts, there is always a threat of data hacking prevailing on the system. With the intervention of Blockchain, we can expect the system to become free from such hacking attention.

In Blockchain, the verification is based on Zero-Knowledge Proofs using SSI (Self-Soverergin Identity). This will eventually ensure that verification seamlessly takes place compromising with the compliance.

Digital Economy- The most significant initiative of the Government is to promote digital transactions. We now have the scheme of Zero balance account which are opened instantly. UPI or Unified Payment Interface is one of the most significant developments in the Fintech segment. With this, payment has now become easier. You can now instantly pay the money without any transaction fee. Moreover, it comes with a lot of cashback, discounts, and offers that are promoting the use of UPI. An example to quote here is the launch of the Vajra Blockchain Platform by NPCI, which aims at making the banking system more efficient and secured.

Blockchain in Telecommunications- As per TRAI, all the telecommunication companies are advised to adopt Blockchain technology. This technology is going to help them in eradicating phone spamming. All registered users will engage in telemarketing activities. Also, it will allow agencies to track and locate the culprits.

Companies are eying Blockchain technology as the biggest revolution that will bring more transparency in the system.

Cheap smartphones and unlimited calls- India has already entered in this era where the citizens can now have access to unlimited calls and use smartphones at very affordable rates. Jio has brought a revolution in the telecommunication era. Mr. Mukesh Ambani is also focusing on deploying Blockchain nodes across the nation to make India the largest Blockchain network and Infrastructure on the global platform.

Other companies, like Tech Mahindra, along with Quantoz, is working towards developing Blockchain. Tea Board of India also intends to adopt Blockchain technology to enhance transparency and traceability of the operations.

Why there is a Blockchain boom?

Many wonder, what makes Blcokchian such a success. Almost all the segments, right from healthcare, technology, finance, media, online video streaming, education or any other segment, you can find the application of Blockchain technology.

The technology offers additional security features, the decentralized approach, which makes the entire transaction process cost-effective. Moreover, data security which Blockchain offers makes it so popular.

In simple words, Blockchain offers a solution to the vulnerabilities that currently prevail in the system. Thus, making it grow.

Parting Shot-

Most of the companies have now become digitized. They offer a secured platform that is not easy to hack. Moreover, the distribution of information across the network makes it easy for people to access the system. Also, each data in the DLT is time-stamped and is encrypted cryptographically, thus making it safe and secure.

It is also paving the way for a considerable rise in the number of job opportunities. Mr. Narendra Modi, Prime Minister India believes that youth can bring this revolution and make value addition to the system.

We cannot undermine the growing importance of Blockchain, and its applications will become a part of our lives. The technologies that we are using are going to become obsolete, and soon Blockchain will take its place.

So, if you wish to make your career expand, then this is the right time to enroll for Blockchain certification. Blockchain Council offers an online Blockchain certification program that will help you become an expert in this field. To know more connect with them today.

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/