2023 is many years away but then we need to lay a strong foundation to make this happen. According to a report on ET, PwC - a global consulting firm conducted a survey which revealed that India could be in leadership ranks within the next 5-6 years.
However after speaking to a number of professionals from IT and start up arenas over the last two years across India, from the various presentations and events I've attended it's evident that currently India isn't the best place to setup a blockchain business. Whatever we have is a result of sheer determination by the founders of such companies.
Deterrents outweighs optimism and enthusiasm to build something new. There is a lot of reluctance from the government unless there's an incentive in all of this which benefits them somehow.
There are other reasons such as how we can assure accountability and transparency of blockchain projects built and run privately for the government?
Public blockchains needs to be decentralised, transparent and open for anyone to verify information that needs to be in the public domain. We need policies that defines what needs to be in public domain and what information needs to be kept in the private domain. How we can access these information through a query such as the RTI.
We need to ensure that those maintaining these private blockchains are not engaged in any fraudulent activities and the list goes on.
I say this because our system is broken and highly corrupt. There are so many avenues for theft of taxpayer money that implementation of blockchain technology has only happened so far in one case-Amravati land records. It's the only working case which is being considered for greater implementation now. Every other project that was announced is still on the fence as of date. That's again a topic for another post.
The only thing that can enable India to be at the forefront of these emerging technologies is to bring out policies and investments that support these goals. We need the government make it easier to setup blockchain companies. We need the government in India to recognise cryptocurrencies and decentralised blockchain technology and the fact that it remains out of government control needs to be digested by the government.
Maybe future decentralised blockchains built at scale needs to have the government as an invested party to ensure smooth functioning but all these are just whim and fancy. Fact is many engineers and startup guys are leaving India for greener pastures. There's a lot of demand for blockchain engineers in recent times and other nations and startups based outside of India are hiring these professionals for their expertise.
Several projects in the cryptocurrency space today have Indians working at some position or the other. We are in need of better governance if we are to tap into the hidden potential in this space and then allow India to become a hub for blockchain development in S.E. Asia.
However, realistically speaking it's a pipedream for now.
We need greater industry + government participation with someone to lead these initiatives. At press time RBI has barely managed to put together a team for researching into these emerging technologies. There is no sight of the regulatory draft and the Supreme Court might just uphold RBI's mandate against cryptocurrency exchanges in India.
Clearly, we have a long way to go while our neighbours such as Singapore have their pedal to the floor already!
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We hope so. We have talents in India but we don't have resources like USA and Japan that's why our IITians never want to stay in India. More than 20% in USA top field have Indian talents..
Indian government never focus on infrastructure and resources..
And Indian government only fights for reservations and all..
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Indian IT sector have lots of potential. Banks and RBI must thinking Blockchain technology is harmful for their growth.
Current Indian government is very favor for adoption of new technology but not shown any keen interest towards Blockchain technology.
Although the current scenario maybe unfavorable for now and you maybe right about this being a pipe dream ...... but it makes me think about what if the present situation changes.
Indian economy is well placed in terms of technology. Although adoption maybe a long time away but tokenization can still breach the 'old boys' network of the banks if the projects based from India can take off in the international market. This can result in a truly spectacular analysis of the situation by the Indian masses. They are bound to ask - 'how come our project is doing so well outside our country and yet we are deprived of the profits?'
Absolutely,we need better governance and better regulations with which blockchain market can make sustainable development .The knowledge of this market in a very wide level will be the core factor,for its better works.Thanks for your every efforts to make its popularity among people.One day we will definitely get success ,have a great time dear.
I am no way an Indian, but I believe that many Indians are brilliant especially when it comes to this opportunity. Many Indians have a lot of potential, I can even say that wherever you place an Indian he/she will find a way to survive and thrive. 😊 But, I have to agree with you that for now, India is no place to be for brilliant and genius Indians who want to grow and succeed.
But of course, I am with you @firepower in hoping that India will become much better in the near future. I hope you can have better leaders - leaders who are open-minded, optimistic, and lead not to see what's in it for them, but in it to do what they can for the betterment of the country and people.
Cheers!
You are at least boosting it... for sure. Sincerely I hope for India to at least make a good competition to China! Nothing against any of both.
And as always, thanks for breaking into the system, community wise, and bringing the best of decentralized flavours. =)
Talents are enough but govt. doent in mood to boost blockchain ,they are still studing it.
No sadly it can’t
The government there has made that extremely unlikely
This is very possible to happen