In the past few years, the Blockchain market in India has grown rapidly. With increasing tech innovation, more and more businesses are turning to Blockchain to improve security. The adoption of Blockchain technology among Indian organizations will continue to increase due to its unparalleled benefits. Blockchain is now a major part of businesses as it has a positive impact on performance. The financial world is seeing maximum use of this technology and it is expected that Blockchain will play a decisive role in days to come. Market players in the financial sector are investing in Blockchain to streamline their activities.
Talking about the exponential growth of Blockchain market in India, Siddharth Jaiswal, Founder, Sportzchain said, “The blockchain technology market size has expanded significantly since 2019. As of 2021, this market was valued at USD 5.92 billion. Experts estimate that it would grow at a compound rate of 85.9℅. Perhaps the primary reason behind this exponential growth of the blockchain technology is the increase in funding. More and more startups are focusing on opportunities associated with blockchain. This is evident in the fact that two major nations, Ukraine and El Salvador, have begun accepting cryptocurrency as legal tender. Previously, traditional government bodies had expressed dissent towards the acceptance of cryptocurrency tokens and associated phenomenon.”
Future of Blockchain in India
Talking about future of this technology in India, he said, “In the context of India, some hesitation towards the acceptance of cryptocurrency was apparent. However, it is the younger demographic of the nation that is leading the decentralization revolution. Moreover, people have begun to realize that blockchain can also be used for purposes other than powering cryptocurrency tokens and NFTs. For instance, blockchain can be used to secure a variety of transactions such as those pertaining to real estate, insurance, government benefits, etc. At the core of this technology is the security that it offers. Thus, it can be used to secure sensitive information pertaining to voting/elections, social security, medical records, etc.”
Challenges in Blockchain Market
“It is the nature of human beings to oppose change. From vaccines to the theory of evolution, every new concept or material thing has faced resistance in its infancy. Blockchain is no different. One of the biggest challenges this technology has faced is the reluctance of the common public to understand and accept it. Albeit, understanding its nuances requires a certain degree of time and effort. However, anyone who is familiar with this technology cannot deny its potential to change the financial world as we know it. Another major challenge for blockchain to overcome is the resistance by traditional national and international bodies due to its association with cryptocurrency. However, quite a few nations have realized that blockchain is inevitable, especially for industries such as banking, government, healthcare, telecommunications, as well as media and entertainment. Wherever there is information to be secured, you'll find blockchain in use there,” he added.
Key Trends in Blockchain
“The are some of the biggest trends being seen in blockchain like manufacture and tracking of vaccines with blockchain, central banks digital currencies and NFTs in gaming and the metaverse. These avenues have the potential to revolutionize our perception of the financial world,” he concluded.