Artificial Intelligence and Blockchain Technology Presents Immense Growth Opportunities for Indian Economy
The Indian economy was being discussed to become a global giant until it has been hit badly due to Pandemic and political uncertainties. The governance issues remain a hindrance to the growth at large. This has been quite a problematic situation for the economic think tank and one way out seems towards technological adoption.
Powerful technologies are evolving and digital economies are becoming a new norm in the global village. Reserve Bank Of India has been instructed to launch its own digital currency after cryptocurrencies are now making a new case in the minds of investors after the collapse of traditional financial systems.
With Bitcoin becoming a digital currency giant and Facebook trying to get clearance for its Libra digital currency, it has become inevitable to adopt towards this large section of online currency exchange. For instance, Bitcoin Pro official site allows users to multiply their digital assets by implementing smart trading strategies with the help of artificial intelligence algorithms.
For India to make most out of this situation, they need to make a policy makeshift and get things done for themselves sooner. Blockchain-based networks present immense opportunities for scalability and provide centralized databases that can handle huge amounts of transactions without presenting any problems.
Scalability Is Possible Only With Technology
With current global economic fiasco due to COVID-19 and other internal problems of India, it is immensely important for authorities to increase their abilities in data analysis and maintaining a centralized database. A vastly populated country needs to get hands-on technology as soon as possible to be able to perform better analyses and predict future demands and supply curves.
With artificial intelligence and machine learning algorithms, the software can optimize itself on the basis of human interactions. Identifying patterns of data and extracting some useful insights becomes super easy with the help of this. The authorities would be self-aware about the needs of the masses and will help them remarkably to avert a crisis situation with minimum dependence on individuals.
Earlier this year, ANITI AYAG, headed by Prime Minister Narendra Modi launched the National Blockchain Strategy which has defined a roadmap for India to make a technological makeshift. The businesses in India also need to have an open-mindedness and invest to make a move towards these new technological trends.
Make-In-India policy would be more viable when the technology trained labor force can be provided. Also, the governance issues should present a minimum of a hindrance to foreign investments by large corporations.
The challenges initially are not that easy to overcome. It would require a focused implementation strategy for a few years before any benefits can be reaped out. The survival without technological adoption would become a mammoth of tasks if these evolving technologies do not integrate in the economy.
For India to truly become a global giant and lead its way all over then it has to present a much better proposition other than just a cheap labor force. Policies are devised at this stage and await a rigorous implementation period. It is the need of an hour and opting out of it would close the doors of immense potential unlocking opportunities.