- Blockchain in India to gain momentum in 2020, driven by startups
Indian startups are to play a huge role in shifting its paradigm towards blockchain next year. This shift in paradigm will be from trials to practical cases next year. The Nasscom Report of 2019 states that almost half of the blockchain projects in the nation involve startups. Despite this, Indian startups received only 0.2% (about USD 11 Million) of the global investments by venture capitalists.
In order to fully realize the competency of blockchain solutions, it becomes necessary for all the major industry stakeholders to establish cooperation. The regulatory restrictions on blockchain are close to none if it is used as DLT.
“The world over, a lot of consortium’s have emerged, the cooperation has to extend to the next level, where regulators, compliance keepers, banks and financial institutions collaborate along with technology firms,” said Rajashekara V Maiya, head of Business Consulting, Cloud & Blockchain Business, at Infosys Finacle.
It is important to note here that India does not regard cryptocurrencies as legal tender. This considered its transformation towards more blockchain-oriented solutions is an interesting endeavor. In fact, the top banks of India are working towards blockchain-based funding to various small and medium scale enterprises (SME’s). In addition, the Government of India is also becoming an increasing consumer of blockchain solutions with more than 40 blockchain projects being a part of the public sector.
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