CIO Insider

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Blockchain should be taken Seriously

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Emmanuel Christi Das, Editor,,

Blockchain, though simple a concept, is yet so complex and diverse in its use-cases. At its nascent stage, numerous countries have come to realize the immense potential of blockchain and are tapping into the unexplored areas of this disruptive technology. After the Internet, blockchain holds a potential to bring about a radical transformation in the daily lives of individuals.

However, to face the reality, India is banning the use of cryptocurrencies. An industry report on the Indian blockchain sector has raised concerns around a draft proposal by the government to ban cryptocurrency and regulate digital currencies, echoing previous criticism by industry stakeholders and entrepreneurs. According to the yet-to-be-

released report compiled by Blockchained India, illegitimate transactions, evasion of taxes and lack of talent are some of the other critical problems plaguing the cryptocurrency and blockchain industry, primarily due to a lack of regulations.

Nevertheless, we hope for the best. Blockchain is, hands down, a crucial technology reckoning to fix the security loop holes in supply chains and tall levels of hierarchy.

Decentralized applications on public blockchains can solve myriad Indian problems, such as eliminating middlemen, providing data security, reducing corruption and tampering of financial ledgers, and improving the speed of service delivery by governments and corporations. This technology, if adopted with utmost vehemence can strengthen India’s position as a IT powerhouse in the global platfrom. Emerging technologies like blockchain, artificial intelligence, and the internet of things will not work in silos but will converge. And to be honest, this is the vacuum where the next Google(s) and Amazon(s) of the world will be born. Blockchain is a foundational data/transaction layer and missing out on it will hurt India’s overall tech competitiveness.

We have always found our interests inclined on pushing the promising technologies into the mainstream. This edition too, throws light on the diverse applications of Blockchain in to a plethora of business verticals. More so, we give the stage to those solution and software builders who are not only bringing out the best in Blockchain technology, but also are the force that is driving India’s position in the global market as Blockchain hotspot. This is list of 10 Most Recommended Blockchain Technology Solution Providers is indeed a list of the most recommended(s).

Do let us know what you think.

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