A new disruptive force of digital technology is evolving and changing all business models and increasingly becoming a crucial factor around the globe. Blockchain is generating significant interest across a wide range of industries in India. As a field of application, industry leaders are customizing and tailoring the technology to multiple use cases.
In India, blockchain has seen a lot of traction in the last few years. Many banks and business conglomerates have experimented with this technology across a range of use cases. Still in its infancy, blockchain needs to be explored across industries and multiple use cases. But there is more to the Indian chapter of blockchain that what meets the eye. Unabated adoption of blockchain requires an extensive human capital that is skilled, competent, and excited to be a part of this new paradigm shift. There are a plethora of opportunities as well as challenges for blockchain technology adoption in India. These challenges can be overcome by creating awareness and pursuing blockchain online courses.
Opportunities for Blockchain in India
- Post demonetization, India has developed a progressive outlook towards digitization and is aware of the benefits it has to offer.
- The Indian government’s blockchain initiatives are coming into action and are the showcase of many proofs-of-concept (POC) demonstrated in the areas of banking, insurance, and registry.
- A number of Indian states are looking into using the blockchain technology aggressively for security and digital land records
- A major opportunity in the voting sector is emerging with regards to ushering in transparency and secure voting measures.
- Back in 2018, RBI set up a unit of individuals to research and supervise new technologies around the blockchain development. The focus of this research was to specifically investigate creating a cashless and decentralized banking system.
Challenges for Blockchain Adoption in India
Although the future of blockchain looks promising, at the same time, the fact that there are many unanswered questions that make blockchain highly vulnerable simply cannot be ignored. Let’s see what are the challenges in the way of successful adoption of Blockchain are:-
- Since blockchain is still in its infancy, it’s too early to predict is applicability as a mainstream technology.
- Lack of regulation and compliance are the most prominent challenge standing in the way of successful adoption of the Blockchain. There are still millions of people who are not aware of the concept of internet and digitization, and under such circumstances, making blockchain a part of mainstream life is a daunting task.
Well, if blockchain becomes a huge success in India, it will be a revolutionary change. It will not only pave the way for new job opportunities, but it will also make the nation stand proudly on the global front. After this, many of you may start dreaming of a glorifying career as a blockchain professional. And, if you are looking to build a career in this domain, or are looking to boost your skills, a blockchain online certification may be the perfect first step. But, you need to look at the bigger picture here and gauge the stability of the career in this discipline before pursuing blockchain online certification. So, research well on blockchain online courses, and educate yourself more about the opportunities & challenges you will face if you pursue a career in this field.