Need for India to Drive Blockchain Development in 21st Century

Blockchain technology is thriving in multiple industries across the world with the emergence of digital transformation. Blockchain development is successful in preventing malicious hackers to modify, steal, or hack the entire network of computer systems. The booming cryptocurrency market is reaping the benefits of blockchain technology and the demand is increasing at a face pace. But there is a need for developing countries like India to adopt blockchain development in every sector possible to drive the economy towards the higher end. India is driving blockchain development in some areas at a slow rate. The Government of India requires a clear understanding of the benefits of blockchain development in India for the welfare of society. Let's explore the reasons for the urgent need for India to drive blockchain development in the 21^st century.

Why does India need to drive blockchain development in the 21^st century?

Though the Government of India is still in controversy about banning cryptocurrency or not, India is increasingly accepting financial transactions through hundreds of cryptocurrencies. It is one of the major factors to drive market growth in the 21^st century. Globalization has instigated commercial banks to leverage blockchain technology for seamless transactions with transparency and without any intervention of a third party. Multiple companies and start-ups have identified the focused area— blockchain development to transform real-life complicated processes into easy and time-efficient processes.

India needs to realize that blockchain development is, indeed, an emerging and fast-growing skill sets in the IT sector. There are multiple jobs in this blockchain technology domain that offer lucrative salary packages more than software developers. These job opportunities hold the potential to drive the economic growth of the country and gradually be in the same position as the developed countries.

Blockchain development does not only include in the highly volatile cryptocurrency market. Multiple other sectors can implement blockchain technology to increase the speed of productivity while maintaining transparent records that cannot be modified. Recently, the Government of Maharashtra started implementing Ethereum blockchain technology to verify diploma certificated for MSBSD (Maharashtra State Board of Skill Development) students. The Telecom Regulatory Authority of India has ordered multiple telecommunication companies to adapt to blockchain development in India. Leveraging blockchain can eliminate the number of spamming by locating those perpetrators.

That being said, India needs to drive blockchain development by incorporating blockchain technology in different sectors to smooth complicated processes. India is home to approximately 139 crores of people who all have a fast-paced life to have a standard of living. Focusing on blockchain development in India can replace time-consuming traditional processes to drive economic growth faster than usual.