Author: Jagdish Kumar, India
With India looking more promising market for adopting Blockchain technology, many experts believes that it needs to develop ecosystem for developers involved in Blockchain technology.
Though there are some development in the sector developers namely India’s telecom body, Telecom Regulatory of India (TRAI) asking telecom companies to adopt Blockchain technology to curb unsolicited calls, banks are adopting it for cross border remittances, but without a policy thing will not move forward.
Speaking on this, Ripple India head Navin Gupta said that India lacks a developer ecosystem. There is a need to develop it, once ecosystem is developed the market will grow automatically.
Gupta also said the company is also looking at investing in a global development centre in India in the future. But it all depends on the how fast the ecosystem grows.
Ripple India is banking on cross-border remittance space and have tied up banks to offer the service. It has recently launched a University Blockchain Initiative at an investment of $50 million to collaborate with universities.
It is also working with Indian Institute of Technology (IIT) Bombay and International Institute of Information Technology, Hyderabad to develop courses for students at the graduate level.
According to a report estimate, Indian Blockchain technology market is expected to grow at a compound annual growth rate (CAGR) of 58% between 2018 and 2024.
The report also said that however this is dependent on the increasing usage of digital payment solution such as digital wallets and Unified Payment Interface (UPI) that is projected $500 billion by 2020 as compared to around $50 billion in 2017.
The increase in digital payments would give the desired push for the integration of Blockchain technology for secured transactions.
According to a fintech professional, there is huge opportunity and the State governments should support companies that are into Blockchain developments.
There are about 700 fintech start-ups in India, of which 40 of them are in the Blockchain space. Of which majority are working for overseas clients due to lack of growth prospects in India. If we want the sector to grow, we need to change this and adopt these technology in the country itself, the professional underlined.
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