In a recent interview with Indo-Asian News Service [IANS], KS Viswanathan, Vice President [Industry Initiative] of Nasscom, the apex body of the $154 billion IT BPM industry in India, remarked about blockchain technology in India. Vishwanathan says that by increasing output and lowering costs, blockchain technology has the capacity to build financial growth of up to $5 billion in the next 5 years.
KS Viswanathan said:
“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.”
Established in 1988, Nasscom [National Association of Software and Services Companies] is a non-profit industry which has made a tremendous contribution to India’s employment, exports, infrastructure, global visibility and essentially its GDP.
Blockchain technology could potentially augment the speed of transactions while increasing its transparency based on the distributed data storage network. The technology is becoming popular because it has the capability of altering various sectors of the economy which comprises of the healthcare, travel and retail services as well as the Banking, Financial Services and Insurance [BFSI].
Although the technology carries such potential, organizations in India are wary of adopting it.
The fundamental reasons for such a reception are the fact that there is a distinct lack of awareness of blockchain technology in general in India. The unavailability of experts with knowledge in the field added to the lack of a computing infrastructure, which is why India is not accepting blockchain, says Viswanathan who also heads the 10000 startup initiative of Nasscom.
From the recent fiasco of RBI’s currency ban, it is evident that even a faction such as the Reserve Bank of India did not do sufficient research on what exactly constitutes blockchain technology and cryptocurrency.
Sethi, a lawyer and the founder of blockchainlawyer.in. said:
“The RBI specifically mentions that it conducted no research or consultation before the implementation of restriction in April. The RBI also responded that no committee was ever formed for analyzing the concept of blockchain before the decision.”
The IT Industry lobby had also recently organized the biggest blockchain-based hackathon. Vishwanathan remarked:
“The idea is to energize the blockchain community beyond cryptocurrency. The immediate reaction of the ban on crypto had an impact but that is going away now. We hope that this will prove to be a platform for collaboration and co-creation on innovative products for big corporates to work with startups that are emerging in the sector.”
A fair way to boost investment in blockchain technology is to begin investing in startups. At present, there are about 20-30 acceptable blockchain startups in India, said Vishwanathan.
Nasscom in a tie-up initiative with the Blockchain Research Institute [BRI] based in Canada launched various activities in February that comprised of webinars and knowledge sharing in order to build awareness and establish skill sets for blockchain adoption and deployment in the country.
Redditor, Coinstash commented:
“Not with that government they can’t. More indecisive than Russia.”
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