The Indian government is going to build a blockchain-based validation mechanism
, which will lessen the compliance encumbrance and expedite the process. The DPIIT has commenced working on a framework. This will help numerous agencies that include the Central Board of Direct Taxes and PSU, to not only access but also validate and approve both the documents, as well as data available to all the stakeholders.
has evolved into a promising one such that tech giant IBM is investing USD 200 million in research. Not just that, 90 percent of both European as well US banks are researching blockchain options and this technology can transform a myriad of industries and sectors including the government, insurance, public identity security, and insurance.
55% of Indian businesses have started embracing blockchain technology, as per a report from Research and Markets. And, NASSCOM also reported that the country’s public sector is initiating 40+ blockchain initiatives. Furthermore, the Indian startup ecosystem has also observed the increase of numerous blockchain startups, and a number of them are becoming popular in the international markets.
The blockchain technology market is anticipated to reach USD 7.59 billion by 2024, registering a CAGR of 82.4% until 2028, as per a recent report by Grand View Research. Blockchain technology decentralization along with cryptographic hashing has made blockchain an admissible disruptor for sectors such as cybersecurity, healthcare, and payments. Over the past few years, the Indian blockchain industry has observed increased development. One of the major reasons being the numerous initiatives taken by the Indian government and corporates as well.
Some of the challenges faced in Blockchain technologies include lack of adoption, skill gap, trust among users, and Blockchain interoperability.
Blockchain-based Information bank
The blockchain-based evaluation framework that is said to be developed by the Indian government for startups will be the 1st step in introducing emerging/advanced technologies within existing frameworks.
This system will facilitate in cutting down the requirement for individual/separate submissions