Since Bitcoin (BTC) popularized blockchain technology globally, the technology has entered countless processes from finance to public administration.
What started as a statement of resilience for early adopters has become a way to transform legacy systems and increase immutability, transparency, and decentralization.
Despite blockchain’s proven use cases in the real world, most government agencies are still taking a cautious approach to adopting blockchain and integrating it into their paper-based processes, given its primary connection to the cryptocurrency ecosystem. attitude.
However, minds are changing as emerging economies see blockchain as a unique opportunity to build trust-based systems for society.
While India remains reluctant to fully legalize cryptocurrencies, it has generally embraced blockchain technology.
Numerous local and state government initiatives in India—from data management systems to verifiable certificate issuance—now have blockchain technology at their core.
The rapid adoption of blockchain in India is supported by an active developer and startup community that has built customized solutions to address specific use cases.
Cointelegraph sought to decipher India’s love affair with blockchain, so it spoke with Ankur Rakhi Sinha, co-founder and CEO of Airchains, a middleware software-as-a-service (SaaS) platform. Web3 startups.
In an interview with Cointelegraph, Ankur explained the huge demand for blockchain in India and how elected leaders can drive this change.
Cointelegraph: What are the main drivers behind India’s blockchain adoption boom?
Ankur Rakhi Sinha: The driving force behind the adoption of blockchain in India is the numerous benefits it offers to businesses and institutions. Across their ecosystems, organizations recognize the tremendous benefits of integrating blockchain technology. It addresses various challenges at different levels, such as enhancing transparency, traceability and building trust.
These factors have contributed to growing interest and widespread adoption of blockchain in India.
India is one of them fastest growing Global blockchain market, exceeding 56% of Indian companies express their preference to adopt blockchain technology.Has a huge developer base Ten millionIndia’s talent pool has been recognized by leading Web3 companies globally to promote Web3 innovation and growth.
CT: Has cryptocurrency adoption been discussed in your discussions with government agencies?
Assisted reproductive system: No, for now, regulatory clearance regarding cryptocurrency adoption remains uncertain. However, government agencies are actively exploring various avenues and seeking to improve regulation. They are open to the idea and are working to create a conducive environment for cryptocurrency adoption.
CT: Can you share any materials and/or use cases that show improvements over the old system?
Assisted reproductive system: Yes, our recent collaboration with the New Town Development Authority (NKDA) in Kolkata showcases the real-life adoption of blockchain. With 27,000 acres of land and 50,000 NFTs (Non-Fungible Tokens) representing 1 million ownership rights, NKDA’s adoption of NFTs for land mutation (property transfer) has revolutionized traditional methods, and these initiatives demonstrate recognition and commitment to utilizing blocks The potential of the chain to drive innovation and efficiency across departments.
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CT: Is India betting big on blockchain? Is there anything the government is doing to help advance this cause?
Assisted reproductive system: Yes, India is definitely betting big on blockchain. Various government agencies and groups across India are actively looking to collaborate with blockchain solutions. Although the Indian government has not launched high-level blockchain initiatives so far, Airchains is actively catering to the strong demand from government entities. One of the profound use cases for blockchain adoption includes India’s first-ever NFT-based land mutation.
Furthermore, in January 2020, NITI Aayog’s two-part report titled “Blockchain: A Strategy for India” clearly stated that while regulations regarding cryptocurrencies and other digital assets are being considered, the government is clearly aware that core blockchain technology holds promise Transform various systems.
Several Indian government agencies support the adoption of blockchain technology and have partnered with Airchains to integrate new blockchain-based systems to ensure accountability and security. The Raigarh District Administration has partnered with us to create a blockchain-based plantation monitoring system to improve CSR (Corporate Social Responsibility) initiatives, while the Firozabad Police Station has partnered with us to create a blockchain complaint management system to prevent tampering Report.
CT: What do Indian officials know about blockchain and related technologies?
Assisted reproductive system: Indian government agencies, state governments, and bureaucrats have a deep understanding of blockchain and Web3 technologies. They are well-versed in the latest developments and trends in the blockchain space, including liquidity, private chains, and zero-knowledge digests. (…) Their understanding of blockchain goes beyond superficial knowledge, as many officials have a deep understanding of how the technology works. While some officials ponder how blockchain should ideally work, others are actively exploring ways to leverage the technology to solve their unique challenges.
CT: What role does blockchain play in India’s overall growth?
Assisted reproductive system: Blockchain technology is expected to play a huge role in India’s future growth, propelling the country to a prominent position on the global stage. The growing number of use cases emerging in India from developers, enterprises and institutions highlights the huge growth potential of blockchain in the country. As blockchain applications continue to expand, it is expected to drive innovation, boost economic development, and create new opportunities in various fields.
Another key factor driving India’s growth is the entry of global Web3 players into the Indian developer market. India has more than 450 Web3 startups, receiving more than $1.5 billion in investment between 2021 and 2022, according to 2022 NASSCOM India Web3 Landscape Analysis Report.
In addition, the report also emphasizes that 11% of the world’s Web3 talents are in India, ranking third in the world. Blockchain in India has the potential to make a significant contribution as the country has a large pool of developer talent and an active Web3 community.
CT: Over the past three years, we have seen many examples of blockchain implementations across the state. Is India implementing blockchain nationwide or has any such plans in the future?
Assisted reproductive system: Yes, there are important discussions happening at all levels regarding blockchain implementation across India. For example, organizations such as the National Payments Corporation of India and Unified Payments Interface are exploring the potential of blockchain technology and testing it. Public sector banks are also actively experimenting with blockchain to determine how to leverage its capabilities.
These initiatives indicate that nationwide blockchain use cases are likely to emerge in the near future. Airchains recently executed a state-level use case with NKDA, and we are currently working on multiple state-level use cases that have the potential to impact the entire country.
CT: How did you convince government agencies to accept the new system?
Assisted reproductive system: Government agencies are very interested in adopting blockchain solutions to solve their specific challenges. However, they stressed the importance of operating within a regulatory framework. Demonstrating transparency, efficiency and improved results are key to gaining government support in the development process.
CT: Which countries are leading India in terms of mass adoption of blockchain? What steps must countries take to accelerate blockchain adoption?
Assisted reproductive system: Several countries in Central America are actively pursuing large-scale adoption of blockchain in their ecosystems. India, as a large country, is actively working to accelerate the adoption of blockchain technology through many use cases. The country has become a center of excellence for blockchain, with multiple institutions exploring various applications.
To speed up progress, it is crucial to implement clear regulations. This includes defining blockchain implementation guidelines and identifying allowed use cases, which will facilitate faster execution and wider adoption.
CT: Can homegrown blockchain technology be used for offshore use cases?
Assisted reproductive system: Many projects originating from India, such as Polygon and various Tier 1 and Tier 2 solutions, have gained global recognition. Airchains also works successfully with government agencies around the world, including Central America and Europe. Airchains currently has several offshore projects in the pipeline and is scheduled to be completed within the next six to seven months. Leveraging homegrown blockchain technology for offshore use cases is indeed what we are pursuing.
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CT: How does funding work? What are your investors looking for?
Assisted reproductive system: Investors primarily seek scalability and feasibility of blockchain adoption, among other key factors. Financing in the blockchain space typically involves investors who believe in the technology’s potential and its ability to be transformative.
CT: What advice do you have for blockchain entrepreneurs in India?
Assisted reproductive system: My advice (…) is to focus on building broad use cases and driving blockchain adoption to higher scales. By creating innovative solutions and demonstrating the real-world benefits of blockchain technology, we can accelerate its adoption and drive positive change across industries.
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