Blockchain Technology: Highest Demand from the US and India

By siliconindia | Wednesday, 10 July 2019, 11:40 Hrs

Being a new distributed platform that helps to cement digital relationships, this technology has become one of the most conversed topics of the time, since its inception.

Fremont, CA: Don Tapscott, the co-founder of the Toronto-based think-tank Blockchain Research Institute (BRI), has said that the blockchain technology, has received the highest demand from the US and India as the people in these two countries are highly prone to the next generation technologies.

Blockchain, a revolutionary technology astonishingly impacting different industries was introduced in the markets by Satoshi Nakamoto, a mystical cypherpunk.

Being a new distributed platform that helps to cement digital relationships, this technology has become one of the most conversed topics of the time, since its inception. It has also gained a lot of attention and popularity in a variety of industries including financial services, charities and nonprofits, the arts, and e-commerce, within no time.

Major organizations and governments around the world even have been experimenting with this technology as it had become one of the most reliable platforms for them to store and manage crucial information. Through this, they are aiming to bring security, transparency, and decentralization in the system.

A 2015 World Economic Forum report has predicted that by the year of 2025, 10 per cent of GDP will be converted and stored on Blockchain or Blockchain-related technology.

The US market has opened itself up to this new technology, and significant organizations there have been filing patents after patents trying to trademark new products that they are building with this state of the art tech.

The factor that attracts the Indians towards this technology is nothing other than its potential to bring the entire country in the radar of development through capitalizing on the opportunities of this new internet. They are foreseeing that aforementioned technology can add a Midas touch upon the country's developmental aspirations.

One of the most substantial benefits of Blockchain Technology in India is its flair for data protection. The realization that the adoption of a better and systematic approach as Blockchain Technology will help the country to get rid of the undesirable tendencies such as alteration in votes; illegal immigration; undeclared income and property, cyber threats and corruption has made it a preferred option for the Indians.

It has become exigent for all the developing economies, including India,? where Blockchain technology is still at its nascent phase,? to foster such a culture and to train its youngsters to adopt that accordingly.

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