Mumbai, February 21st, 2019
The National Association of Software and Services Companies (NASSCOM) and Avasant unveiled the key highlights of the India Blockchain Report 2019 at a session titled ‘Blockchain: Hype to Hope’ at the NASSCOM Technology & Leadership Forum (NTLF) in Mumbai. The report, developed through participation and inputs from all stakeholder groups throughout the Indian blockchain value chain, provides a definitive perspective on the current state of the blockchain market and also highlights the future direction of the industry both in India and globally.
Akshay Khanna, Partner with Avasant, and Sangeeta Gupta, Vice President at NASSCOM released the highlights before an expert panel on ‘Blockchain: Hype to Hope’ at the event.
“Blockchain holds the key to paradigm-changing shifts across multiple industry value chains. At the same time, it is not a silver bullet for all challenges,” noted Akshay Khanna. “Both industry and government stakeholders in India are realizing the true potential and are actively looking at adoption opportunities.”
Sangeeta Gupta added, “Globally, blockchain demand is accelerating rapidly. This presents a tremendous opportunity for Indian and global service providers. However, providers will need to track this dynamic space and build their service capability and talent to seize this opportunity.”
Interestingly, the report finds that after the banking, financial services, and insurance sector, the Indian public sector has taken major strides in experimenting with multiple Blockchain based use cases. Nearly half of the states in India have initiated blockchain projects to address different elements of citizen service delivery.
The report also finds that there is a global surge in investments in blockchain companies and startups, with more investment in 2018 than in the previous five years combined. However, a sobering note is that Indian startups, despite developing several innovative solutions in multiple industries, have not been able to capture more than 0.2% of this investment. This is primarily due to a relatively cautious and uncertain regulatory environment around Blockchain in India. Similarly, as the need for blockchain talent is growing at over 40% a quarter, service providers would need to strategically invest in talent acquisition, reskilling and upskilling to capture the global opportunity.
Avasant’s Research Director and lead author of the report, Swapnil Bhatnagar, observed, “Even nine to twelve months ago, organizations had an experiment-centric mindset when it came to blockchain. But now the potential of blockchain has been fairly established through proof of value engagements and bellwether implementations. Blockchain projects now go through stringent business case evaluations and this is a true indicator that there is, indeed, hope beyond hype for blockchain.”
To download key findings of the report, please click here.
The detailed findings of the report will be discussed on a NASSCOM-Avasant webinar on 12th March 2019. To register, please click here.
NASSCOM, a not-for-profit industry association, is the apex body for the 154 billion dollar IT BPM industry in India, an industry that has made a phenomenal contribution to India’s GDP, exports, employment, infrastructure and global visibility.
Established in 1988, NASSCOM’s relentless pursuit has been to constantly support the IT BPM industry in India, in the latter’s continued journey towards seeking trust and respect from varied stakeholders, even as it reorients itself time and again to remain innovative, without ever losing its humane and friendly touch.
NASSCOM is focused on building the architecture integral to the development of the IT BPM sector through policy advocacy, and help in setting up the strategic direction for the sector to unleash its potential and dominate newer frontiers.
Avasant is a leading management consulting firm focused on translating the power of technology into realizable business strategies for the world’s largest corporations. Specializing in digital and IT transformation, sourcing advisory, global strategy, and governance services, Avasant prides itself on delivering high-value engagements through industry-focused innovation and flexible client-based solutions.
Our seasoned professionals have an average of 20 years of industry-honed expertise, having conducted 1000+ engagements in over 50 countries. Avasant’s next generation consulting and advisory methods have made it the top-ranked firm in its class, with recognition from numerous organizations, including: Vault, NOA, IAOP, and Wall Street Journal.
Avasant’s engagement in the global market has inspired a strong commitment to community and purpose. Avasant Foundation supports technology and skill development programs to create employment opportunities for youth across Africa, Asia, the Caribbean and Latin America.
For more information, visit https://www.avasant.com.