India to be one of world’s blockchain leaders by 2023: Survey

• With the right amount of industry and government participation, India could be in a leadership rank in the adoption of blockchain technology in the next five years, says a survey by global consultancy firm PwC.

• A blockchain is a distributed ledger technology that stores information across multiple systems securely to enable peer-to-peer transactions by creating a trustworthy source.

• Banks and other financial institutions are increasingly investing in blockchain technology as it cuts down their costs and makes their operations faster and more transparent.

• PwC said that a quarter of executives surveyed mention about a blockchain implementation pilot in progress (10 percent) or fully live (15 percent). Almost a third (32 percent) have projects in development and fifth (20 percent) are in research mode.

• The US (29 percent), China (18 percent), Australia (7 percent) are perceived as the most advanced currently in developing blockchain projects.

• The study surveyed 600 executives in 15 countries and territories, on their development of blockchain and views on its potential.

• The success of blockchain adoption will depend on the ability of the proponents/networks to increase trust amongst themselves on the assets they transact on.

• The approach for India is no different – and it is indeed possible for India to be in the leadership ranks of blockchain in the next five years, with the right amount of industry and government participation.

• To make this happen, industry leaders will have to define a proper business case for implementation after weighing in the investments made and needed, build an inclusive ecosystem for efficiencies and the rules of engagement and plan for regulatory approaches proactively.

• A will designed blockchain doesn’t just cut out intermediaries, it reduces costs, increased speed, reach, transparency and traceability for many business processes.

• The business case can be compelling if organisations understand what their endgame is in using the technology, and match that to their design.

• The survey reflects the early dominance of financial services developments in blockchain with 46 percent identifying it as the leading sector currently and 41 percent in near-term (3-5 years).

• Sectors identified by respondents with emerging potential within 3-5 years include energy and utilities (14 percent), healthcare (14 percent) and industrial manufacturing (12 percent).

Share article