Blockchain Contribution to Indian Economy in Five Years

Blockchain technology is gaining momentum slowly and steadily. It increases productivity and reduces costs. The blockchain news updates report that a leading official of Nasscom, the apex body of the IT BPM industry, says blockchain could create a value of up to 5 billion dollars in India in the next five years.

In an interview with IANS, KS Viswanathan, Vice President (Industry Initiative) Nasscom said Blockchain is emerging in India. A little awareness on how Blockchain works and how simple the technology is to use is all that is needed to help people understand the potential of the technology.

Blockchain technology involves distributed data storage. This helps to increase transaction speed, as well as transparency. This technology can offer a facelift to the economical sectors such as financial services and BFSI (insurance) industry, banking, travel, healthcare, supply chain, retail, and others.

According to Viswanathan, Indian organizations are not very keen to adopt this technology. The biggest reasons for the lack of interest are the lack of awareness, deficient computing infrastructure, and lack of skilled professionals.

He adds that there are only 20 to 30 Blockchain start-ups in India. Investing in start-ups is one sure way to enhance investment in Blockchain technology. To create awareness about Blockchain technology throughout the country, Nasscom connected with BRI (Blockchain Research Instititue), Canada, in February.

Nasscom and BRI collaborated on several activities like knowledge sharing and joint webinars to enhance awareness.

Earlier in this month, Nasscom and BRI also launched FutureSkills, a platform that encourages skills development in eight technologies including Virtual Reality (VR), Artificial Intelligence (AI), Internet of Things (IoT), robotic process automation, Big Data analytics, social and mobile, Cloud computing, and 3D printing.

The platform aims to polish the skills of 2 million tech professionals and inculcating the skill in another 2 million potential employees, as well as students, in the coming few years.

Later, a 9th area was included in the list. It was cyber security. In October this year, Blockchain, will be included. This will be the 10th skill in the list.

Teams shortlisted for training will attend a 36-hour session to be held in Bangaluru on 28-29 July. These teams will learn about the newer opportunities related to Blockchain technology.

Many leading corporate companies like Fidelity Investments, ICICI Bank, Larsen & Toubro Infotech (LTI), Wipro, IBM, Amdocs, and SAP Labs came together for the initiative.

Viswanathan said that improving skills, creating awareness about the technology with the help of social media and Cloud technology, publishing international research papers on Blockchain technology, and organising many hackathons is on Nasscom’s agenda to popularize the technology in the country.

He also said India is still in a nascent stage when it comes to formulating the regulatory framework for Blockchain technology.

Shruti Gupta is a writer and digital marketing consultant at She has a passion for technology, startups and other business topics. She lives and breathes digital marketing, and has contributed to a number of famous websites. Her aim is to spread her thought-provoking ideas to all generations.