From being a country that has faced destitution and other hardships to becoming an advanced technological hub, India has indeed manoeuvred itself into a technological revolution. With initiatives such as Digital India, Make in India, Skills India and many other projects, the Indian government and the citizens, both, have embraced the adoption and implementation of various new technologies in the country. One such innovative and disruptive technology which has been a subject of advocacy by many government officials is the Blockchain Technology.
Blockchain Solutions Network, an upcoming blockchain technology facilitator, explains that India is home to 1.40 billion people and these people rely heavily on an impartial facilitator, in this case, the government and other regulatory bodies. The regulatory bodies enforce rules and regulations so that the needs of the citizens are fulfilled and met in a fair and equitable manner. Every transaction, monetary or non-monetary, that is carried out between two or more parties, requires intermediaries. These intermediaries could be government or non-government institutions or even sets of people who establish an environment of trust between the entities and make certain that the transactions are completed successfully. However, the processes involved in completing these transactions are long and complex. Additionally, by virtue of the size of the Indian population and the development taking place in the country, these processes are becoming increasingly complex and susceptible to disorganization and inefficiencies. The Indian government seeks to bring a shift and resolve these problems primarily through the technological advancements taking place in the country.
Blockchains are an ‘Instrument of Trust’ which work in favour of making the lives of citizens easier and better by providing an ease of doing business and carrying out transactions. Witnessing this potential of streamlining and simplifying processes and introducing unshakeable trust into the system, the Indian policymakers are keen in exploring this distributed ledger technology. State governments are approaching start-ups that could be of service in bringing forth Blockchain Technology into the legal systems. Blockchain Solutions Network is one of the pioneer companies in India that is assisting the Indian public sector to fully comprehend blockchain technology and explore its various use cases in the legal system.
Blockchain Solutions Network believes that blockchain-based solutions are the need of the hour, especially when it comes to storing and maintaining huge official databases, which have always been a point of contention.