According to Charania, the sectors in India where the greatest potential for blockchain rests, are healthcare, education, and entertainment. In healthcare, he foresees a need for secure solutions for effective deployment of government programmes and drug distribution.
“Earlier this year, India’s government announced a health insurance program to cover roughly 500 million people. It would seem evident that a distributed-ledger solution should be considered as a future-forward, secure, and scalable idea. In pharmaceuticals, where India sits in the global top 5, limiting the spread of highly-dangerous counterfeit drugs becomes vital. As such, blockchain-based solutions that enhance speed of data and secure the supply chain become critical,” he says.
In edtech, he sees blockchain as valuable in keeping records unviolated as well as in entertainment and music. “In education, storing educational records seems to be an area where improvements can have multiple downstream benefits. Startups like Zebi have been demonstrating how blockchain tech can be a workable solution. In entertainment, areas, such as rights management and revenue loss across distribution, remain at the forefront in a country that is host to the world’s largest movie industry by volume, and a related music scene,” he says.
Blockchain might not be an instant solution to all of India’s issues, but, it can bring speed and efficiency to the various sectors. Charania says, “When we look at any sector in India, as with anywhere in the world, we must not look to blockchain technologies as a ‘magical cure’ or as a ‘one-size-fits-all’ solution to an industry’s woes. It can however be utilised in a meaningful way to correct issues that have plagued sectors for decades and also move industries forward into new realms.” He also sees the potential in weaving blockchain with other advanced technologies like AI. “It’s really exciting to see how innovators are mapping other exponential technologies such as AI with blockchain technologies to further accelerate industries in India,” he says.
Future of Blockchain in India
Currently, Rokk3r’s focus is in the LatAm region. However, in the future, the company has its own plans to enter the Indian market. “We will sustain efforts to build relationships and evaluate opportunities across the world, including Asia as a whole, and India as an emerging economy. As we strengthen these partnerships and relationships, we hope to be able to not only enter the Indian market in the near future, but also reciprocate opportunities for businesses, entrepreneurs and investors in India to participate in the LatAm region and across the world through Rokk3r’s platform and infrastructure,” Charania says.
India’s blockchain future may not be burning bright, but steadily, its usage might bring about change. Charania foresees a favourable future, “As these components fall into place, and as innovation continues to be empowered, successful blockchain implementations, global partnerships, and companies will proliferate, thus raising India’s prominence as a globally-recognized blockchain ecosystem and destination,” he says.
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