Author: Jagdish Kumar, India
Implementing Blockchain technology can increase productivity and reducing cost and even create value of up to $5 billion in India in the next five years, an official in the India’s apex IT industry body, National Association of Software and Services Companies (NASSCOM) told in an interview to a newswire.
Speaking on this, Vice President (Industry Initiative), NASSCOM KS Viswanathan said that the Blockchain ecosystem is evolving in India. And with the help of social media and cloud technology it has become simpler and others can understand it. This can go a long way in helping the country realize its potential.
Blockchain technology has the potential to transform several sectors of the economy, including banking, financial services and insurance (BFSI) industry, travel, retail, health care and supply chain, among others, as the technology is based on distributed storage of data, the official added.
However, the official also underlined that even having so much potential; the response of Indian organisations to adopt this technology has been far from enthusiastic.
Adding further on what is the reason for being enthusiastic and not implementing it, the official said because there is lack of awareness, unavailability of adequate skilled persons and insufficient computing infrastructure.
Speaking on how India can increase new technology penetration, Viswanathan said that the only way to add value to Blockchain technology is to invest in the companies as there are currently just 20-30 good Blockchain startups in the country.
Apart from investing, NASSCOM is also creating awareness on the importance of the technology and develop skill sets for Blockchain adoption and deployment in India.
Under this, NASSCOM in February tied up with Blockchain Research Institute (BRI), Canada for collaborating on various activities, including joint webinars and knowledge sharing.
NASSCOM will be adding Blockchain as the tenth skills from October 2018 in their recently launched FutureSkills platform launched to up-skilling two million technology professions and skilling another two million potential employees and students over the next few years.
Currently, the platform provide skills in nine new technologies from Artificial Intelligence (AI), Virtual Reality (VR), robotic process automation, Internet of Things (IoT), Big Data analytics, 3D printing, Cloud computing, cybersecurity and social & mobile.
In collaboration with BRI, NASSCOM also started the first Industry Partnership Programme Blockchain challenge from June this year.
For the challenge, eight large corporates including Fidelity Investments, Larsen & Toubro Infotech (LTI), ICICI Bank, Amdocs, SAP Labs, Wipro and IBM (which is also the knowledge partner) have joined the initiative as strategic partners.
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