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Blockchain

The Future Of Blockchain in India

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I think Blockchain will be used in following sectors in near future in India

Banking

Banks will explore various cases of blockchain in areas like payments and settlement of currencies, asset registries, enforcement and clearing derivative contracts, regulatory reporting, KYC, AML registries, improving post-trade processing services, etc.

Media

Media sector applications include low-cost micro-transactions that can be processed without the fees that existing payment networks require. A newspaper website can charge readers per page or per article rather than per month. The blockchain can secure intellectual property and creative digital products like music and images etc.

Telecom

Blockchain can support Internet of Things (IoT) applications by supporting transaction processing devices. The distributed nature of the ledger can foster coordination among multiple devices.

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Travel and Hospitality

A shared distributed ledger can simplify the settlement process. Blockchain technology can support loyalty points programs that include a more advantageous accounting of liabilities, real-time updating of points balances and improved points management across franchised operations.

Healthcare and Life science

In healthcare and life sciences, blockchain technology can secure digital assets. Blockchain can be used to store health care records. The cryptographic security can enhance records security while the unalterable and absolute nature of transactions can make claims processing more efficient. Blockchain-secured health records could make it easier for patients to share records with numerous providers while keeping control of the records.

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Public Sector Undertakings

The blockchain can improve record keeping in the public sector. It helps to reduce fraud and corruption by substituting the system with a transparent, distributed ledger. Blockchain can be used for vehicle registries, digital identities for individuals, voting records and benefits disbursements etc.

Research Analyst at The Frustrated Youth. Has expertise on Java and Python. Is a technology enthusiast who likes writing about different technologies and spreading the knowledge.

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