Author: Jagdish Kumar, India
If the industry and government adopt Blockchain technology, India could be one of the global leaders in Blockchain by 2023, global consultancy firm, PwC said in its survey report.
The consultancy has surveyed 600 executives in 15 countries that includes Australia, China, Denmark, France, Germany, Hong Kong, India, Italy, Japan, Netherlands, Singapore, Sweden, UAE, UK, US.
Commenting on the survey, PwC India partner Sreeram Ananthasayanam said that success of blockchain adoption will depend on the ability of the network to increase trust amongst themselves on the assets they transact on.
India has focusing on Blockchain technologies to make governance better, as many states have announced the usage of Blockchain technology in land records, data protection, land registry, revenue records, e-governance, road transport license, IP protection, educational certificates, KYC for hotel records, others.
Ananthasayanam also said that India can be in the leadership ranks of Blockchain in the next five years, if the industry and government do justice and give the required impetus to the sector.
To bring India in the Blockchain map, industry leaders will have to define a proper business case for implementation after weighing in the investments made and needed, build an inclusive ecosystem for efficiencies and the rules of engagement and plan for regulatory approaches proactively.
The survey also found that 30% of the respondent believes that China will overtake the US in the next three to five years, shifting the early center of influence and activity from the US and Europe.
However the survey also pointed out that the US is the most advanced currently in developing Blockchain projects with 29%, followed by China with 18% and Australia.
PwC Global Blockchain Leader Steve Davies said that a well designed Blockchain doesn’t just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes.
A quarter of executives said that only 10% of the Blockchain implementation are pilot projects, while only 15% are fully live. Almost a third with 32% Blockchain projects in development and a fifth at around 20% are in research mode, the PwC report added.