Indians Eagerly Await For the Implementation of National Blockchain Strategy

Indians Eagerly Await For the Implementation of National Blockchain Strategy

It was just a few months back where India unveiled the National Blockchain Strategy and set straight their roadmap towards technological adoption. NITI AYOG, key institution identified blockchain use cases and identified key areas where it can be implemented.

Under the chairmanship of Prime Minister Narendra Modi, National Institution For Transforming India is intensely working to look forward to the blockchain-based technological solutions. Reserve Bank of India has already been instructed to launch its own digital currency.

Benefits to the Indian Economy with Shift towards Cryptocurrency and Blockchain

The cryptocurrency has proved to be more resilient than the traditional stock markets as users have more direct control. Blockchain is a decentralized economy where each of the asset owners can leverage their own decisions. With RBI directed to launch its own digital currency, the Indian community would be able to get the real taste of it.

Trading platforms like offers users much flexibility that they can multiply their money with ease if the right investment strategies are applied. The economic war tools such as currency devaluation and oil price wars have made the investors rethink their investment portfolio.

With blockchain networks not accessible by third parties, it offers much more resilience to economic instability. The digital economy is paving its way and the World Economic Forum Summit in January 2020 was mostly about discussing the future of Blockchain-based economy.

Technological makeshifts are important in the modern-day world. With the immensely populated databases, there is a great need to optimize processing speeds. If people have to move towards digital transactions, systems efficiency, and security measures are needed to be well in place. This has been the core benefit of Blockchain technology that millions of transactions can take place without causing any glitch.

The governance issues can be solved dramatically with the help of this as the government can store and access huge amounts of data without any hassle. The data analyses were the main lacking point where authorities were unable to cope up with the economic lockdown challenges. There are numerous challenges to the taxation authorities as people become more powerful with a digital-based economy. The national currencies are then replaced by cryptocurrencies for online trading. Bitcoin becoming a giant on its own and reached its landmark price of $20000 in 2017 and Facebook looking to launch its own after removing the concern of the authorities, the Digital Currency by Reserve Bank of India is inevitable.

The time is right for India to implement the National Blockchain Strategy Plan and diversify its economy even more. With the right strategies, policies, and tracing out the decisions, immense scalability opportunities will be unlocked in no time for the Indians to benefit from.