How is Blockchain converting the Fintech industry?
Although Blockchain is commonly associated with cryptocurrencies, the technology has a much broader application. Under the Ministry of Electronics and Information Technology, the government-funded Centre for Excellence in Blockchain Technology aspires to harness Fintech for everyday use.
The Digidhan portal, designed for the “accurate reporting, monitoring, and analysis of all forms of digital financial transactions” in India, is an exciting avenue where the government is leveraging blockchain technology. Because this new technology has such a steep learning curve, the government established a Centre for Excellence in Blockchain Technology under the Ministry of Electronics and Information Technology. This demonstrates that the government embraces innovation, is unafraid to experiment, and provides a platform for cutting-edge technology.
How will Blockchain change business and the economy?
“Blockchain technology will increase about 40 million jobs globally and add $1.76 trillion to the global economy by 2030,” according to PricewaterhouseCoopers (PwC), one of the Big Four accounting firms. It’s easy to assume that embracing Blockchain has a lot of promise, primarily if you work in the financial industry, where every transaction requires complete secrecy and security. In fact, according to the PwC analysis, the most common uses of Blockchain in India are for money transfer, digital identification, and payments infrastructure, all of which have attracted the attention of various banking and financial organizations, including fintech firms.
Over 500 blockchains are currently active in India’s financial services companies. Web 3.0, which Indians are cautiously embracing, has the potential to transform the webverse completely. It won’t be easy to get into Web 3.0 since it will rely on Blockchain, which will make the banking system more centralized. Blockchain will be able to lower the danger of financial transaction fraud, giving individuals a greater sense of security.
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Everyone has different financial requirements. Blockchain makes the entire digital lending ecosystem, peer-to-peer lending, accessible, dependable, and transparent for the individual user through personalized, customized digital journeys. The potential of blockchain technology also rests in how it may continue to evolve, providing a fresh challenge for engineers to solve, something new to be startled by, and new ways to improve finance infrastructure.
The Blockchain’s Future
The Indian government has traditionally supported startups, seeking to level the playing field for all industries. Prime Minister Narendra Modi has highlighted the role of startups in India’s economy and encouraged investors to consider investing in India’s potential in the international arena. India even has a National Startup Day. This technology has a bright future in India as long as government oversight and guidelines are applied to the industry being brought into the blockchain ecosystem.