With the Indian government focus on digital technology for payments, it has given impetus to the companies that are offering digital payment solutions are now looking to use Blockchain technology for further enchaining the services in the country.
According to research conducted by global market research and consulting firm 6Wresearch has found that increasing digital payment solutions in India would drive the growth of Blockchain technology across several applications by 2024.
The report cited that this was due to an increase in India Blockchain technology market growth during the next few years, which is expected to grow by 58% CAGR till 2024.
India is experiencing Blockchain usage in various sectors including banking and financial services, transportation, supply chain technology.
Even the government has been using the technology and has started pilot projects in various states adopting Blockchain solution in certain key states including Delhi, Madhya Pradesh, Uttar Pradesh, and Punjab over the coming years.
The study noted that the country's blockchain market would be highly dependent on increasing growth of digital payment solution through several intermediaries including digital wallets and Unified Payment Interface (UPI); digital payment solution market is projected to grow around 10 times and cross $500 billion by 2020 as compared to around $50 billion in 2017. This would give the desired push for the integration of blockchain technology for much-secured transactions.
Zebi Data CEO & Founder Babu Munagala said currently, consumer awareness for Blockchain technology is at a very niche stage. However, the technology is bound to register substantial growth over the coming years and the market is projected to register considerable growth over the next 2 to 3 years.
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Recent fraud in Punjab National Bank (PNB) of more than $1.7 billion, devastated the faith of security in public entities among Indian consumers. The banking sector has already initiated plans to evaluate the adoption of blockchain solutions in the present banking ecosystem to avoid fraudulent activities and scams.
The financial application vertical is anticipated to record a higher growth rate and cross 58% revenue share by 2024, Mehrotra added.
India's market leader in Blockchain technology includes Zebi, Primechain, Krypc, Accubits and IBM, and Ernst & Young.
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Media Courtesy : Blockasia