Get All Access for $5/mo

How 2023 Shaped Up For Blockchain The technology is seeing a rise in adoption in public and private sectors, particularly in finance, manufacturing, and logistics

By Paromita Gupta

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Blockchain, a digitally distributed, decentralized, public ledger technology which goes beyond powering cryptocurrency, was valued at a whopping USD 17.57 billion in 2023, according to Fortune Business Insights, the global blockchain technology market size. By 2030, it is going to soar higher and expected to touch USD 469.49 billion. The technology is seeing a rise in adoption in public and private sectors, particularly in finance, manufacturing, and logistics. A look at how 2023 shaped up for this technology.

1. Acknowledged by Central Bank

The Reserve Bank of India (RBI), one of the most innovative and powerful apex banking institutions in the world, acknowledged the utility of blockchain to build a better foundation. "To prepare for the future, Indian banks will need to focus on digital transformation, enhance customer experience, adopt innovative technologies such as AI and blockchain, invest in cybersecurity measures, look for opportunities to derive synergistic benefits through collaboration with other players as well as upskilling their workforce to meet the demands of the digital era," shared MK Jain, Deputy Governor, Reserve Bank of India earlier. The RBI has noted the technology to be one of the innovative technologies which can help build and test products in RBI's sandbox environment.

2. Active investment by companies

Blockchain technology reportedly is said to enhance trust among stakeholders, reduce the need for intermediaries and improve operational efficiencies. A report by HERE Technologies suggests that Indian firms are keen on drones, cloud, IoT and blockchain. A whopping 30 per cent of logistics companies in India are planning to invest in blockchain. Blockchain specifically helps supply chain firms to document production updates to a single shared ledger, providing complete data visibility and a single source of truth. This helps in preventing counterfeit goods, compliance violations, delays, and waste.

3. Rise in government initiatives

India is actively encouraging blockchain adoption across various sectors and industries. States like Maharashtra, Odisha, Telangana, Karnataka and Tamil Nadu introduced blockchain-based initiatives. Maharashtra leads the way with the recent introduction of a transparent Blockchain-Based System For RTO Inspector transfers.

The Tripura government introduced a Blockchain-based beneficiary management system to secure scheme-wise approved beneficiary lists, approved transaction requests, and scheme-wise details of successful transactions. The New Town Kolkata Development Authority (NKDA) partnered with Web3 startup Airchains to digitally record and track the land ownership and mutation system by using blockchain.

"Every state government is looking at technology which will ensure that the data of the citizens are sufficiently protected," shared Manoj Kumar Mishra, Principal Secretary - Electronics and IT, Government of Odisha.

NITI Aayog and the United Nations Development Programme launched a project to issue blockchain-based 65,000 caste certificates for the tribal population of Etapalli, Gadchiroli.

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

Dee Piping Goes Public: Announces Initial Public Offering

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

News and Trends

Unifi Capital Launches Two New Funds at GIFT City

Rangoli India Fund and G20 Portfolio are the two new funds launched by Unifi Capital, via its subsidiary UIML in GIFT City, to expand international investment opportunities.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Culture

I've Grown a High-Performing Team in Just 2 Years — Here's are 5 Growth Strategies I Learned

A team's strength lies in its people's individual skills and how they synergistically come together.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.