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Blockchain Technology: A Way To Leverage The Demographic Dividend In India
Blockchain Technology: A Way To Leverage The Demographic Dividend In India

June 13, 2021

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India can be known to the world for its demographic dividend when its young population is well nurtured.

 

A huge population like in India comes with diversified problems like mismanaged public distribution system, poor healthcare, malnutrition, unemployment, redundant bureaucracy, corruption, low penetration of financial services, non-existent social security, etc. These problems will continue to exist till there is a proper utilization of this demographic dividend. There are a few ways that can do wonders if implemented properly in countries like India. Blockchain Technology is one of them that usher the ethos of digitization, transparency, governance, security and automation. 

 

The infant mortality rate, maternity mortality rate and malnutrition are still very high in India and these problems can be solved by utilizing the demographic dividend by acquiring blockchain for food safety, healthcare and supply chain. Of course, blockchain is not only the ultimate solution to end these problems completely, but it can also be a fruitful start towards nurturing a healthy and young India.

 

Presently, blockchain is one of the fastest-growing skill sets in India with a lucrative salary higher than any conventional developer job. There is a considerable demand for jobs in blockchain technology, particularly in southern cities of India. Bengaluru, the tech city of India leads the job opportunities in the blockchain domain, which accounts for 36% of all job postings.

 

There is a massive unemployment problem within the Indian economy. Every year approximately 12 million population get ready to join the Indian workforce out of which 1.2 million are engineers and most of these engineers are engaged in MNC giants or other service sectors in India. India can plan to reskill a significant part of this workforce in blockchain technology to make many frictionless products for other Indian sectors like public distribution, the supply chain for agricultural products, bureaucracy, etc. 

 

The MNCs and IT sectors can take a crucial role to materialize this goal by providing different blockchain education programs to reskill the youth because they already have the techno-competent human resources. The Skill India initiatives can also support a higher level of penetration through training to develop blockchain-ready talents across the Indian subcontinent.

 

Even after 74 years of independence and 30 years of liberalization, India endures largely undigitized sectors and for the first time this is an advantage because India can get ahead of other nations by fabricating its digital infrastructure directly on the blockchain technology while other nations are still trying to figure out whether to induce blockchain in their legacy systems or to start it from scratch. So, there is an immense opportunity for India to take the lead in the blockchain revolution with its IT skilled human resources as well as digitize India with the help of blockchain.

 

There are few initiatives and Proof of Concepts (POCs) that India is experimenting with by adopting blockchain technology. Niti Ayog has conceptualized IndiaChain to study POC in land records, fake drugs, agriculture and healthcare; Indian banks and regulatory bodies are developing a POC on financial lending; a few Indian IT and MNCs are working jointly to transform supply chain financing. Telangana state government is using blockchain technology for securing land records and Kerala government has established India’s first blockchain academy to get Hyperledger membership. 

 

India can also utilize the existing infrastructure of National Programming on Technology Enhanced Learning (NPTEL) in providing training to engineers on blockchain technology. The Indian government can involve blockchain experts to spread blockchain technology by organizing workshops and conferences. Business houses and start-ups should cooperate with the government in implementing efficient regulations of this technology for pioneering their blockchain businesses in India and abroad.

 

Source: Business World/Mafruza Sultana


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