Enterprises across the world are either undergoing, or are at the cusp of, fundamental technology-led disruption. Former ‘emerging technologies’ have become so ingrained in industry value chains that it is difficult to recall a time when they were not there. Blockchain, however, has taken inflated expectations to a whole new level. Even as recent as 18 months ago, the myth around it was such that you could be forgiven for thinking that the ‘silver bullet’ to solve all of the worlds problems was just around the corner.
The good news is that enterprises and governments have started pragmatic evaluation of potential use cases before implementing blockchain solutions. This is already resulting in credible, encouraging results which have helped drive commercial and developmental adoption. Blockchain applications have also evolved and become much easier to implement and manage and are opening the door for more enterprises to consider them as part of their large-scale digital transformation investments.
The Indian blockchain ecosystem is at a vibrant and exciting stage and all participants – the government (in its dual role as consumer and regulator), enterprises, service providers, startups, academia and investors – are making significant efforts to evolve and enhance the blockchain value proposition. The impact is already showing with over 14 Indian states already running blockchain pilots and projects, various organizations that have traditionally been competitors coalescing into industry consortiums to leverage the power of blockchain.
The NASSCOM-Avasant India Blockchain Report 2019 has been developed with inputs from practitioners and observers of this space and seeks to become a definitive reference for anybody looking for a thoughtful and deep assessment of the Indian Blockchain space.