The third week of February 2018 may even be conceived as the “Blockchain Week” in India, what with PM Trudeau’s India visit propitiously coinciding with WCIT-NILF 2018, which has occasioned the spotlight being turned on the said technology.
Blockchain applications in India are at a stage where major breakthroughs are awaited, but the potential is tremendous and its expanse way beyond financial services alone. Though at present, timely evangelization is required if its power is to be leveraged optimally. It is a common enough challenge that subsidies and DBT don’t reach the intended beneficiaries due to leakages, corrupt practices and duplication. Insofar, blockchain promises to address these issues and bridge gaps in a secured manner.
Right now, the infra is almost non-existent and it isn’t a simple case of Plug n Play either. The MoU that NASSCOM signed with Blockchain Research Institute (at the flagship event) should prove to be a catalytic approach. Don Tapscott – the great Blockchain evangelizer and a speaker at WCIT-NILF – classifies awareness levels rather interestingly. Level 1 – What is it? Level 2 – Sparse knowledge; Level 3 – Expert knowledge and finally, Level 4 – It’s my world! In the US, the level is between Level 2 – 3, whereas in India it’s seen between 1 – 2.
The institute (BRI) will aim to get companies and the government in its fold to use blockchain, which can then be presented as used cases for wider evangelization. The media’s role will be to bring these stories to the masses including the under-privileged. In the next stage, one might even think of building fully-equipped CoEs in Blockchain in India which will focus on prototyping, R&D to assist companies in rapid adoption. Inasmuch, it is most encouraging that even the FinMin during his Budget speech this year, made a special mention of Blockchain to pave the way for future adoption.
Right now BRI is focused on 75 high-end projects which are led by experts, and now with the MoU firmly in place, India will have access to deep minds in these areas. We have led in global outsourcing and if blockchain is adopted as envisaged, we might even witness the second wave in future – Outsourcing 2.0, if you will!
Raman Roy, the NASSCOM Chairman drew an interesting analogy. Just as toys are likened to China, that day may not be too far when the Indian outsourcing industry takes lead in blockchain implementation & deployment, across industries and geographies.
Finally. To misquote Parkinson’s Law: Work will expand to meet money and earn millions for India to render Internet of Value.