Blockchain technology, by raising productivity and cutting down costs, has the potential to add value of up to $5 billion to the Indian economy in the coming five years, a top Nasscom official told IANS in an interview.
Nasscom (National Association of Software and Services Companies) is the apex trade body of the information technology industry in India.
“The Blockchain ecosystem is evolving in India. Creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology can go a long way in helping the country realize its potential,” KS Viswanathan, Vice President (Industry Initiative), Nasscom, said.
Blockchain tech is built on the idea of distributed trust and shared public ledger which facilitates faster transactions with increased transparency. While blockchain has the potential to radically transform how the operations are conducted in various sectors like banking, insurance, and healthcare, the Indian organizations haven’t shown much interest in it.
Blockchain adoption in India slower due to lack of awareness
Viswanathan said lack of awareness, sufficient skilled persons, and computing infrastructure are the primary factors that are preventing the adoption of this technology.
One way to increase investment in Blockchain is to invest in start-ups, he added, while revealing that there are only 20-30 good Blockchain startups in India. Viswanathan also heads Nasscom’s 10,000 Startups initiative.
Earlier in February, Nasscom began collaboration with Blockchain Research Institute (BRI), Canada, to inculcate the skills needed for Blockchain adoption in India. The two bodies will conduct joint webinars and also knowledge sharing sessions.
The trade body had also launched FutureSkills, a platform to promote skill development in eight technologies – Artificial Intelligence (AI), Virtual Reality (VR), robotic process automation, Internet of Things (IoT), Big Data analytics, 3D printing, Cloud computing, and social and mobile. Now, cyber-security is added as the ninth skill. Viswanathan said Blockchain will be added as the 10th skill by October 2018.
On a regularity framework for Blockchain, Viswanathan said the time was not ripe yet in India as it can fall under the regulations on data security and privacy.