Aug 12, 2018 by Sumedha Bose
India, a country with a population of over a billion, is truly incredible when it comes to its diversity and culture, but it has been lukewarm when it comes to adopting new technology. Blockchain, the wave that people around the world are riding, is yet to hit India in the face. It will be incorrect
India, a country with a population of over a billion, is truly incredible when it comes to its diversity and culture, but it has been lukewarm when it comes to adopting new technology. Blockchain, the wave that people around the world are riding, is yet to hit India in the face. It will be incorrect if we say that India has not adopted this new technology. Quite recently, at the International Blockchain Congress that took place in Hyderabad, the Government of Telangana signed MoUs with Tech Mahindra with the intention of establishing India’s very first blockchain district.
However, the fact still remains that India has not been able to optimize its use of this revolutionary technology. Countries across the world are embracing blockchain with open mind and open wallets, while India is yet to put this technology to use in the sectors that could really benefit from blockchain.
This is one sector that blockchain technology has transformed to the core. Making it more transparent, accessible and secure. To mention few of the functions that blockchain could facilitate in this sector; it could connect customers to credible and verified medical personnel, it could help keep their sensitive information secure, it could make information sharing extremely convenient and transparent and contribute to medical research etc. A country like India, where access to adequate healthcare is a privilege granted to few, blockchain could ensure that healthcare services reach the grassroots and is affordable to all.
Be it the music industry or the film fraternity, million are lost every year in revenue due to piracy. If blockchain can be integrated into the system, it could enable a safe and secure exchange of intellectual property which would effectively eliminate piracy and give more control to artists over their work. Music streaming platforms that integrate blockchain have already been introduced and they have brought the community together and have effectively connected fans and artists. The Indian entertainment industry could really use blockchain to bridge the gaps between fans and artists.
These two sectors could make immediate use of blockchain. Apart from these sectors, fintech, F&B, government administration etc. could really integrate blockchain in their system.