A blockchain is distributed technology. It stores data or information across multiple systems to enable peer to peer transactions. It uses digital modes for payment in definite places such as restaurants, vending machines, and grocery stores.
Some elements of blockchain are nodes, ledge or block and miners etc. The essential features of blockchain technology include bundling services, verifying authenticity of documents or data, unbundling services, new legal frameworks, time stamping, sharing a distributed ledger, implementing digital signatures, new flows of value, reconciling accounts, rethinking intermediaries, decentralized governance, sharing a distributed ledger and creating or issuing digital assets etc.
According to study, “India Blockchain Technology Market (2018-2023)” some of the major companies that are currently working in the India blockchain technology market are Microsoft Corporation, Tata Communication Services, Deloitte, Wipro, 10Clouds, S-PRO, Sate Development, Consagous Technologies, Sofocle Technologies, Zebi Data India Pvt. Ltd., Krypc Technologies Pvt. Ltd., Ernst And Young India Private Limited, IBM India Pvt. Ltd., Prime chain Technologies Pvt. Ltd.
The major of the blockchain industry include disintermediation, transparency & immutability, process integrity, high-quality data, ecosystem simplification, empowered users, faster transactions, lower transaction costs, and durability & reliability etc. Apart from the major advantages are a nascent technology, large energy consumption, redundancy, uncertain regulatory status, cultural adoption, integration concerns, and control & security.
On the basis of implementation type, the blockchain technology market is segmented into development platforms, services & solution and industry-specific. On the basis of technology type, the market is segmented into the open blockchain, closed blockchain, consortium blockchain, and hybrid blockchain. On the basis of application, the market is segmented into financial and non-financial. In addition, on the basis of end users, the market is segmented into government & public, healthcare & pharmaceuticals, BFSI, transportation & logistics, and real estate.
In recent days, Andhra Pradesh has become the first state to adopt blockchain in India. This state has two main projects streamlining vehicle registrations and managing land records. The government of the state acted as a team with different blockchain start-ups such as snapper technologies. Moreover, Maharashtra, Karnataka, Telangana, and Kerala recently support blockchain and pilot projects to convey more precision to governance. This will cover the way for an India-wide rollout and convey blockchain into the conventional.
The market of blockchain technology is mainly driven by increasing adoption rate across financial institutes. Increasing urbanization, a huge population of young people, growing funds by the companies, increasing technological advancements, rising demands for the efficient transaction, mounting investments in the financial sector and government regulations are increasing appreciably which led to the growth of the market. Apart from advantages, most popular restraints factor is lack of awareness level regarding the benefits of the technology.
It is estimated that the blockchain technology market will be grown increasingly due to rising adoption among the Indian banks. All public and private companies are searching for this technology to ensuring transparency and improving efficiency. Blockchain technology in India becomes an important part of Indian businesses. It is predicted that its maximum impact area is fund transfer, digital identity, payment, and post-trade settlements. In the forecast period, the Andhra Pradesh government is planning to integrate its e-program with this technology. With all the effective strategies and development in the technology, this market is expected to grow in the coming years during the forecast period.
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