KS Viswanathan, Vice President (Industry Initiative) of Nasscom, the Zenith conglomerate of $154 billion IT BPM in India has espoused the potential of Blockchain Technology for economic growth in India. In an interview with Indo-Asia News Services (IANS) recently, he forecasted Blockchain technology has the capability to deliver financial growth of up to $5 billion in the next five year if the country could increase output and lower cost.
“The Blockchain ecosystem is evolving in India. Creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology can go a long way in helping the country realize its potential.”
The National Association of Software and Services Companies (NASSCOM) which was set up in 1988 is a non-profit entity has made a great contribution towards employment creation, infrastructure development, export, global visibility and GDP growth of India.
Blockchain technology could conceivably expand the pace of transactions as well as boosting glassiness based on the dispersed data storage network. It is becoming popular as a result of its ability to bolster diverse sectors of the economy like healthcare, travel and retail services and the Banking, Financial and Insurance sector.
Viswanathan explained that Irrespective of the technology's potentials, many institutions in India are circumspection of embracing it. Primarily, this attitude stems from the paucity of knowledge about the technology.
The Vice President of NASSCOM also attributed the current ban of Cryptocurrency by the Reserve Bank of India (RBI) to the Apex bank's failure to do a better job of researching and understanding Blockchain technologies and Cryptocurrency.
It is in this direction that NASSCOM recently organized the biggest blockchain-based hackathon.
Speaking at the event, Vishwanathan remarked that the rationale behind the programme is to energize the blockchain community beyond cryptocurrency.
“The immediate reaction of the ban on crypto had an impact but that is going away now. We hope that this will prove to be a platform for collaboration and co-creation on innovative products for big corporates to work with startups that are emerging in the sector,” he noted.
The start-up guru also maintained that the appropriate means to promote investment in blockchain technology is to start investing in startups. He additionally revealed there are about 20-30 satisfactory blockchain startups in India at the moment.
Nasscom in conjunction with the Blockchain Research Institute [BRI] in Canada began multiple pursuits in February that involves webinars and knowledge sharing to build consciousness and build skill sets for blockchain adoption and application in India.
“The RBI specifically mentions that it conducted no research or consultation before the implementation of the restriction in April,” Sethi, a legal practitioner and founder of blockchainlawyer.in added. “The RBI also responded that no committee was ever formed for analyzing the concept of blockchain before the decision.”