While global views remain largely divided when it comes to cryptocurrencies, it seems that almost everyone agrees upon the effectiveness of blockchain technology and how it could help redefine the world as we know it.
Contributing to this pattern, the latest name to join the proponents of blockchain technology is of Narendra Modi, the Prime Minister of India, who did not only identify the technology as a positive advancement but also encouraged its adoption in various sectors within the country.
Blockchain will have a profound impact on our way of life
“Disruptive technologies such as Block-chain [sic] and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces.”
Modi’s action of sharing these views during the WCIT was received positively by the IT industry, since blockchain has lately established its various use cases across multiple industries, and is currently being adopted by global organizations left, right, and center.
While the Indian government has not made any significant new announcements regarding using blockchain technology with this statement, rumors within the local industry suggest that it might do so shortly.
In any case, these positive comments at the WCIT hold great importance, as it is an event that holds participants from over 80 countries and includes sponsors from the likes of Google, IBM, and Cisco.
Blockchain is already being pursued through various initiatives
While Modi’s statement represented the government’s stance which may or may not translate into tangible efforts in the near future, the National Association of Software and Services Companies (NASSCOM), a private non-profit organization comprised of institutions from the IT industry, also one of the hosts of WCIT, had previously announced its own plans of working towards the establishment of blockchain technology usage within the country.
Last year, NASSCOM had announced the formation of a Service Interest Group (SIG) focusing on blockchain technology, which focuses on educating the general public about blockchain, and also works for the study and analysis for real-world use cases, especially in the Indian market.
In addition to the above, multiple institutions from the government of India have previously announced various initiatives that are aimed towards the advancement of blockchain technology, including its central bank’s efforts for developing a finance-based blockchain platform, which very recently was close to deployment to be used for multiple applications in the sector.
The comments and recent advancements hold great value for blockchain’s future
The IT community in India has long established itself as having one of the most prominent segments of the global IT movement, which is why the recent statement from the country’s prime minister holds great promise for the technology’s advancement.
While the future of cryptocurrency regulations remains unclear in the country, it would be safe to say that blockchain’s future is pretty clear: it will be thriving within India with various companies adapting it to fit the workings of the local market.
All in all, it will be very interesting to see the use cases developed from such initiatives, since India holds a diverse population from various walks of life when it comes to business solutions, and each of them could have significant suggestions for the usage of blockchain technology.
It would be exciting to witness how the involvement of India within the blockchain industry could revolutionize it further.