Blockchain ecosystem to see massive growth in India, says Nasscom
The National Association of Software and Services Companies (NASSCOM) and Avasant have revealed highlights of the Indian Blockchain in a meetup ‘Blockchain: Hype to Hope’ at the NASSCOM Technology & Leadership Forum (NTLF) in Mumbai. This report was developed from the inputs gathered from all the stakeholder groups throughout the Indian blockchain value chain and also provided a current state of the blockchain market, and it also throws light on the future direction of the industry both in India and globally.
Akshay Khanna, Partner of Avasant, says, “Blockchain holds the key to paradigm-changing shifts across multiple industry value chains. At the same time, it is not a silver bullet for all challenges” he further added, “Both industry and government stakeholders in India are realizing the true potential and are actively looking at adoption opportunities.”
Sangeeta Gupta, the Vice President at NASSCOM, has added, “Globally, blockchain demand is accelerating rapidly. This presents a tremendous opportunity for Indian and global service providers. However, providers will need to track this dynamic space and build their service capability and talent to seize this opportunity.”
The report also finds that there has been a significant increase in global investments in blockchain companies and startups. The investment in 2018 has been far more than in the previous five years combined. Even though there has been an increase in the investments in blockchain initiatives all over the world but India it has been able to capture not more than 0.2 percent of all the investment, and this is because of all the uncertain regulatory laws with blockchain in India.
About 50 percent of the Indian states is involved in Blockchain related initiatives driving the public sector blockchain adoption in the country. Following is the initiatives by the Indian states