Home News Blockchain Public Sector & BFSI Driving Blockchain Adoption in India: NASSCOM Report

Public Sector & BFSI Driving Blockchain Adoption in India: NASSCOM Report

March 13, 2019 17:24
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NASSCOM, the trade association of Indian IT and BPM sector on Tuesday released its Blockchain Report 2019, highlighting the development in the global and Indian blockchain market and ecosystem.

Globally, the blockchain ecosystem has attracted investments in the tune of $20 billion, across an array of services and industries. The Indian blockchain ecosystem is mostly dominated by public sector players with nearly half of the states getting involved with the use of technology in different spheres.

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“The public sector has driven blockchain-based projects with nearly half the Indian states involved to address different elements of citizen service delivery.”

Further, enterprises across all the key sectors of the economy are identifying various applications of the blockchain technology with banking and financial sector witnessing highest adoption. Other sectors which are witnessing a rapid use of blockchain technology are healthcare, logistics, supply chain and retail.

As per the report, about 70 per cent of the blockchain projects are commissioned through stringent business case evaluations across cost savings and operational efficiency improvement potential.

The public sector companies have undertaken more than 40 blockchain projects, of which 92 per cent projects in the pilot phase and 8 per cent in the production phase.

Sangeeta Gupta, senior vice-president, Nasscom, said:

“Even as the demand for blockchain-based talent is growing at 40 per cent each quarter, it is time to reiterate the importance of a skilled workforce. It is imperative to prepare our workforce through training programmes and skill initiatives in this field so that service providers in the country don’t fall behind the global standards.” 

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