While it is still too early to comment on the demise of cryptocurrency in India, the technology will only take off after the Government's intervention and regulatory policies are put in place. Tina Singh, Chief Digital Officer at Mahindra Finance, who is chairing the committee emphasised that blockchain is the technology of future and will usher in decentralisation, trust and accountability in business.
Interestingly, RBI's technology research unit, known as Institute for Development and Research in Banking Technology (IDRBT) is also finding out how blockchain can be leveraged by the Indian banking and financial sector through workshops with bankers, regulators, academicians and technology partners. The tech arm also submitted a whitepaper which had details about possible use cases for adoption.
On the other hand, Andhra Pradesh government has inked a memorandum of understanding with leading tech companies to implement a blockchain ecosystem and also plans to move all its department data relating to property titles and vehicle ownership records onto a blockchain platform to set up a unified register. According to a report, close to 100,000 land records are now stored on the blockchain platform. Not just that, blockchain adoption, especially in the insurance sector in India has been on a rise. Around 15 Indian insurance companies are liaising with a global tech firm to develop blockchain solutions.
According to 6Wresearch, the Indian blockchain technology market is expected to touch 58% by 2024. The report further reveals that the growth in the digital payment market will also give the desired push for the integration of blockchain technology for much-secured transactions.
Media Courtesy : Analytics India Magazine