Developing nations like India have taken up the challenge to adapt to the new inventions that will help them stand equal to other nations of the world. One of this is the adoption of Blockchain technology. The reason why developing companies are focussing so much on Blockchain is that this technology paves the way for future development. When it comes to Blockchain, then both developing and developed nations lack the much-needed regulation. It is because of this the rate of adoption of Blockchain is slow. However, in the last few years especially in 2018, we have seen immense growth in the Blockchain technology.
The blockchain is a digital platform that works on the principle of decentralization. It makes information exchange and verification easy and quick. It is this aspect of Blockchain or DLT as it is popularly known, that many nations and companies are working towards exploring Blockchain based applications.
Challenges Of The Emerging Market?
To understand how Blockchain can prove beneficial to the emerging markets, it is important to analyze the challenges that exist in the market today. One of the biggest challenges of the current time that the emerging markets are facing is with lack of reliable and verifiable data in the market.
Another common problem is that most of the transactions in the emerging markets still rely upon physical cash exchange. This further results in black marketing and other illicit activities. Such amount goes unreported to the government and thus affects the growth of the nation.
It is the need of the hour that emerging markets start exploring new avenues of growth and technologies that can help them curtail all these issues. An important point to note here is that while adopting new changes, it is important that this requires seamless integration of new development at all levels.
What Are The Steps Taken By The Developing Nations To Adopt Blockchain?
It would not be wrong to say that many nations are slowly emphasizing on implementing Blockchain and integrating it with their operations. Although Blockchain was initially concerned with the financial transaction with time, the developers unveiled new uses of Blockchain. This further led to the surge of Blockchain-based applications that can prove beneficial.
If we talk about some of the emerging economies, then India has is the frontrunner when it comes to adoption of new technology. The country is actively exploring new ways of Blockchain implementation. Read further to know what are the different works going on in the field of Blockchain :
- Andhra Pradesh to adopt Blockchain – It was one of the first states that initiated Blockchain application in real estate. We all know that real estate is the most unorganized sector with the maximum paperwork. With the help of Blockchain technology, the state expects to create a platform which will work as data storage and the information could be easily accessed. Apart from this, Andhra Pradesh also aims to use Blockchain for land titling, storing health records, supply chain management and promoting Blockchain education.
- Real Estate- Another application of Blockchain in real estate is being done in Chandigarh City. Here a ConsenSys Blockchain project is working on improving the real estate operations. Firstly this platform will allow easy tracking of all the state level financial services. Since Blcokahin is a fairly transparent mechanism, there is the least probability of corruption. The second benefit would be about the land records. Earlier, it was very easy to change the land records by bribing someone. But, when all the information will get stored in Blockchain and gets time-stamped, altering this data would be very difficult.
- Food supply chain management– this is yet another area where Blockchain can prove beneficial. Currently, the nation faces the deficit when it comes food supply. But, how is it possible when the nation produces a surplus in the same. The over-involvement of intermediaries is the prime reason of shortage of food and high rates. With the help of Blockchain, we can keep a check on this and further regulate the rates of the food.
IBM also initiated AI and Blockchain based project in India which is helping in improving crop yields for agricultural companies.
Well, Blockchain is a promising technology, and despite being a decade old, it has still not picked up the pace that it should have. Lack of regulation is one the key drawbacks along with scalability that is holding Blockchain from expanding its wings completely.