Blockchain enables the existence of cryptocurrency
Many believe that the world of Blockchain is limited to cryptocurrencies or Bitcoin as it is an underlying technology for operating cryptocurrencies. However, in the last few years, the tech community has discovered potential applications of this ingenious technology, other than simply being a support system for cryptocurrency operations.
Blockchain: a game-changer of the Indian economy
Blockchain technology has generated significant interest across different industries in India like banking, finance, healthcare, supply chain, and others. One of the major factors, driving Blockchain technology adoption in the country is digitization. With demonetization impacting Indians since 2016, a wave of digital payments has swept in causing a huge shift in the way people transact: from physical currency to now digital payments (Paytm, GooglePay, etc.) Blockchain technology is emerging as one of the key innovations that will define the future of digital transactions in India. According to NASSCOM’s Blockchain Report 2019, the adoption of blockchain technology in India is experiencing exponential growth as investments in blockchain-based projects have touched over $20 billion across multiple sectors.
Blockchain beyond crypto: Uses of Blockchain across industries
Banking and financial services players are predominantly deploying Blockchain for their operations. However, other industries are also catching up on the stream. Some of the Blockchain use-cases include:
- Finance & Banking
- Trade Settlement: Faster transfer of securities and payments, reducing trading cost by removing intermediaries.
- Regulatory Compliance and Reporting: Store financial information eliminating errors associated with manual audit activities, reduce overall reporting costs.
- Healthcare and Life Sciences
Patient Record Management using Blockchain to enable companies to simplify the safety of medical records and other activities. - Supply Chain
Blockchain enables the real-time tracking of a product in a supply chain thereby reducing the overall cost of moving items.
Source: Deloitte Study