It was in 2008 that Blockchain technology took birth along with Bitcoin and the year 2018 will be its 10th anniversary. The most hyped technology of this century is slowly becoming mainstream and becoming the household name. Even India where regulators are not very much in favour of cryptocurrencies and Bitcoin are slowly witnessing an astonishing rise and encouragement in the employment of Blockchain.
However, we need to analyse and scrutinize the developments in the past years to assess its usefulness in the New Year and the upcoming years. In this article we will weigh its applicability in respect to the Indian scenario and if it can really help in the country’s endeavours in 2018.
Bitcoin gained popularity amongst Indian masses
The year 2017 saw the rise of Bitcoin in India and people were actually recognizing the basic theoretical concepts behind it. It is significant to remember here that before 2017, there were only a few traders and engineers in India who were actually known to its existence. However, they were buying it mainly for kicks. Nonetheless, the astounding price rise captivated the populace, and there was an unbelievable hike in the search for understanding ‘Bitcoin’ as the Google trends data depicted ‘Bitcoin investment’ as the top 10 Google searches in last year.
There were few crypto wallets and exchanges operating in the country, however, it was only last year that these platforms started enjoying huge mass popularity. It is projected that soon these platforms will finally see an enormous user base. Though millions of Indians have begun diving in the global cryptocurrency hurricane, the only threat which now remains is that many of them might lose huge sums if there is any crash in the market value. Not only this, the people will lose faith, which has been gathered throughout years.
Blockchain is steadily finding government approval
Bitcoin enjoyed a great public interest in 2017, however, the year 2018 is looking forward to developments in the utilization of the ‘underlying Blockchain technology’ which seems to support more projects apart from cryptocurrencies. Even if there are emerging issues in the employment of Bitcoin as the currency in India, there are various state governments who witnessed the potential use of Blockchain in governance.
Andhra Pradesh initiated its use by setting up a Blockchain Center of Excellence, a government project which appeals to the startups and specialists in Blockchain to set up India’s first Blockchain State. Working on the similar grounds, various other state governments have also roped in like Maharashtra, Karnataka, Kerala, and Rajasthan. As a result, there is a surge in the experiments based on Blockchain and professionals finding new opportunities in the area.
The state governments who have proposed the Blockchain projects say that the technology has the immense potential, which can decipher considerable issues that the governments in developing nations like India are facing. There have been problems in the documentation of land records, asset registries, auto records, and frauds in voting, KYC, monetary transaction records and tracking of supply and many more.
On a more concrete ground Blockchain can provide with the perspective of eradicating the menace of corruption in Government. Lately, there has been news about Niti Aayog led IndiaChain that the governments intend to employ a complete Blockchain infrastructure that will harmonize IndiaStack, and also leverage Aadhaar. This will substantially impinge on subsidy distribution, provenance, regulating land records, KYC in banking, SME-financing, energy distribution, court cases etc.