Maharashtra is the second-largest government of India and contributes almost 15 percent to the nation’s GDP now. It is also the second most industrial government of this nation. Last year, former Indian business minister Arun Jaitley stated that the administration is researching applications of blockchain to help resolve the challenging idea of ‘Digital India’.
In India, the government is playing the significant role as the user of blockchain solutions in an effort to drive mass adoption of this technology. Almost half of the states in India have initiated blockchain projects to communicate various challenges of national service transfer. The administration of Telangana and that of Andhra Pradesh emerged as the two representatives of these leading states in terms of blockchain acceptance in this region discovered in the recent investigation by the National Association of Code and Services Companies (NASSCOM) and Avasant. According to the Bharat Blockhain study 2019, issued in February, there are currently more than 40 blockchain enterprises being tested by the public sector in India with almost 92 percent of those at proof-of-concept or pilot period and 8 percent at the production phase. While most of these tasks are just at the early stages, governments have taken an innovative approach to ensure startups and niche suppliers have a conducive structure to participate in these initiatives.
The Government of India is struggling with land crime, but with the aid of the blockchain, Andhra Pradesh turned it into the first government in India to embrace this evolutionary technology in the administration. As of 2017-10-10, it was then announced that a blockchain engineering arena at Visakhapatnam was to be set up, which was endorsed by blockchain engineering corporations Apla, Phoenix, and Oasis prayer. (the Hans India.)
Andhra Pradesh is now busy working to grow its first great adopter of Blockchain engineering and is being dubbed as the New Tech government of India. These four intelligent city tasks by Andhra Pradesh are scheduled to be finished by 2020–21. Zebi has also aligned itself with the government’s Smart City organization and plans to be the spokesperson for Blockchain engineering in India.
Governments are cooperating with other stakeholders to intensify blockchain adoption in public sector undertakings. Such partnerships include the administration of Andhra Pradesh and Zebi, the business that concentrates on producing blockchain-based solutions in land registry. As well, the domestic Corps of Bankura and Durgapur territories at West Bengal and Netherlands-based company, Lynked.World, which are establishing the blockchain-based structure for issuing birth certificates. Also, the Assam administration and Nucleus experience are setting up blockchain solutions for governing activity and different citizen-facing applications.
Blockchain and cryptocurrencies today will permeate through these applications in similar ways. According to Isanti and Lakhanti, it is crucial to realize that it took 30 years for the net to achieve its point of acceptance, and that blockchain technology is about where the Internet was in 1990. Blockchain is in a very nascent phase. Allon Mason, Co-founder and CEO of Platin (http: //platin.io ), the much anticipated modern current location-based blockchain protocol, describes the transparent framework showing the new state of cryptocurrency adoption.
On 6th December 2017, blockchain education of India was established to support the development of blockchain startups in India. This is only one form of Blockchain India adoption for the Indian system. Banks, health-sectors, real estate, and other business institutions are rushing to incorporate Blockchain technology into their daily operations and defeat the bottlenecks that they are facing today. Banks like ICICI has done some experiments and attempted to do international dealings via the Blockchain. Regulatory bodies like the RBI is edging towards making the new Blockchain structure that will be governed by them. Institute for Improvement and Research in Finance Technology can be leading the growth of the structure. The Indian Government has been trying its best to make India the digital country and choosing to transition to a more cashless economy. Blockchain comes across as the recent era method for Indian systems by reducing the transaction times and transaction costs.
In short, India is moving forward and making really positive decisions for Blockchain technology, but they are still in no position for cryptocurrency. There is a wide range of opportunities yet for Blockchain technology advocates in India.