The perception of India towards digitalisation has changed considerably after the emergence of Block Chain Technology. This technology is already witnessing a paradigm shift from the pattern of payment - from cash to cashless. We are now frequently using UPI, Paytm and Google Pay etc.
There is enough scope of expansion of Block Chain Technology in India. We have seen its growth in Bengaluru, New Delhi, Noida, Pune and Gurugram at the present juncture.
In India, Block Chain is witnessing a significant demand in a few selected areas such as Banking, Insurance, Logistics, Health Care etc. While some of players in these industries are collaborating to realise the collective benifits of this technology, some other are exploring the potential of Block Chain with other partners.
Source - RBI has issued a statement focussing on Block Chain's Potential to avert the financial scams and frauds at the same time transforming the financial markets and the Payment Infrastructure altogether. At present, at state - level, Andhra Pradesh was the first to leverage Block Chain Technology for the maintenance of land - records.
The best feature of Block Chain is that it is operative on decentralised data base thus making the transaction secure and seamless. It can find its application in the following areas as well -
1) To store Files in a secured manner - Our files or data is not stored on a single ledger rather the same is distributed on multiple networks, this has created a condition where hacking of datas is impossible.
2) To create transparency in administration- Block Chain Technology can be utilised to make election process or other polls transparent. By automating the process with smart contracts and transparent, the poll process can be made corruption free.
3) Collaboration between Public and Enterprises - Block Chain Framework enables individuals to purchase tokens and choose capital investment thus encouraging direct co- operation between public and enterprises.