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Blockchain startups can catapult the Indian economy in 2018

Jan 14, 2018 Posted /  11151 Views

Blockchain startups can catapult the Indian economy in 2018

It’s raining startups! Hallelujah! Bored with the routine of nine-to-five, the intellectual power of India has started to invest and think beyond the horizons, thus this has led to a massive growth of startups in the country. Surely, this will pave a route of development in the economy. Different startups with their innovative ideas have started to capture the attraction from the people. But the buzzing news about cryptocurrencies might have even led people to invest in blockchain startups. We all know India is a fastly growing country and is n no way behind to conquer the world with its technological power. The initiatives which are taken by the Indian government like ‘Make in India’, ‘Digital India’ have encouraged people to focus more on the technological aspect of the economy. Approximately last month, India’s largest bank which is SBI has collaborated with Intel and Bankchain to instigate blockchain based solutions. Not only the public sector has started to take initial steps towards Blockchain but the private has also started to show enthusiasm towards the formidable Blockchain technology.

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Blockchain: The buzz of 2018!

So many interesting startups have geared to take Blockchain to another level in India. Many of the blockchain startups are running their ICOs to seek capital funds for impending organizations. Also, this year will mark the 10th anniversary of this impactful technology. If we see globally, then Blockchain has become quite practical, but India has just started to understand and recognize the importance of this technology. Recognition by the government will play a vital role in the mainstream adoption of Blockchain. Blockchain has all the power and potential to solve the big issues of various level of the economy. From the massive issues of governmental like land registration, record auditing etc to maintaining contracts of small-scale industries with the help of smart contracts, Blockchain will put a major impact on every level. We can see blockchain right now in the initial stage like the Internet was, in the early 1990s.

Understanding Blockchain first

Before implementing blockchain or thinking about it on a higher level, the mechanism of Blockchain has to be understood first. Many people right now have no understanding about the cryptocurrencies, that simply implies that there must be proper understanding and knowledge of it so that it can be efficiently put into use.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Blockchain startups Indian Economy Startups economy of India startup era

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