India Is Crying For Help, From Blockchain Technology

India is the 7th largest country in the world & probably the most diverse population in the world. These are just a few of the many good points about this place. Hailed among the world’s largest consumer base, because of which, every big company is betting on India as the next business hub. However, with such a huge landmass, diversity, culture, state politics & widely distributed buying capacity. Is it the right place to bet on?. One can not deny the fact that the per capita income of India is mere ~Rs 1,35,000; it has one person among the world’s 10 richest people. Thus, there is inequality in some sense & a hint of how unevenly distributed wealth, infrastructure & facilities are. As most of the people are yet to be educated, there is a problem in implementing revolutionary technologies. People here are reluctant to use new technology unless & until it becomes absolutely essential for their existence & for this reason, the focus on innovation & R&D is very limited. Because of reluctancy in adopting new technologies, India is still using generation-old practices to carry out works. Even today, there is no digital copy of important documents like case files, land records, past owners, government orders, etc. The inefficiency in working may not be limited to not adopting technology or trying a more efficient way to work, corruption at every level doesn’t make things simple either. India can be a place to experiment with this upcoming technology of blockchain. Some of the fields mentioned below, but not limited to these can be revolutionized with the use of blockchain. However, technology is one aspect, but making it user friendly, considering the limited knowledge is one aspect that is required to be solved.


Land Records:

India has a 7th largest land parcel & 2nd most populist country. In India, the land is generally is passed on from one generation to the other. But, with the rise of industrialization, SEZ (special economic zone), Industrial zone, etc. Many of the agricultural lands have been converted to these highly functioning areas. But, the snail pace of converting land ownership is still a bottleneck for this booming country. Ask anyone & the first thing they will say about India is its land reforms. So, why is it so difficult to make land available for the development. In fact, getting land is one of the major reasons for delays in the activities. The delay in obtaining land is due to unorganized land records. There is no concrete document to determine the ownership records or transfer or lease documents, anything that can determine the ownership with transparency. To add on, fake documents of the same land records with different owners is another nail in the coffin. Till now there is no centralized portal to keep the record for various reasons, but with blockchain, this can become very simple & transparent. A non-mutable decentralized chain that can store all the records till date & that can be accessed by everyone is the solution India is seeking for. This way land records will be clean & can not be manipulated by any greedy person, this will lead to transparency in the process & transactions in a much smoother way & will also show transparency in transactions.


Land Reforms India

Supply Chain:

Globalization is the reason why one can afford brands not manufactured in their country. With countries opening boundaries to big companies is not only boosting the business but also counterfeit products. China is one of the known players for counterfeit, they can literary produce counterfeit products of any brand you can think of. Not only finished products, but even the raw material can also be adulterated which can lead to bad quality products. A person who is paying a handsome amount of money for products wants to know if the product is genuine or not. Blockchain technology can successfully store all the information on the system. It can track the origin of the product, raw materials quality & if there some below-par ingredients used. This will ensure the quality & built trust with the consumers. With a QR code, one can check the whole history of the product.


Welfare schemes:

India is a massive country & a lot of its population depends on the welfare schemes & some sort of benefit. The system to help the needy ones is in the place. But, these are not direct schemes, there is a large chunk of these funds which are distributed from the governing authority which used to take a cut while distributing. This system is changing now, with govt sending benefits directly to the bank accounts, abolishing middlemen. Blockchain can simplify this process with smart contracts, a contract that starts & stops based on the conditions without anyone overlooking it. A simplified & efficient process that can be quick & will not take efforts to maintain it, as it will be automated based on the underlying principles. Also, the transactions will be completed in the fraction of time & the transaction charges will be peanuts compared to the existing terms.


Insurance:

Insurance is one industry that sells fear. Many people fall into this & take insurance for the time of misfortune. However, taking insurance is the easier part. The tricky part claims, so often relatives are not able to claim the amount against the misfortune. Review of reimbursements is a tedious process & it takes a lot of time to execute. All this can be transferred into the blockchain. Imagine a place, where a person signs a smart contract document & it gets executed automatically on complying predetermined conditions. This will build trust between the parties along with making it more efficient. Also, the contract will execute automatically once the conditions are met.


Real Estate:

Real estate one institute where people invest their large chunks of money. One of the costliest assets in the world, investing is not that easy in Real estate. One has to spend millions of Rs to invest in the property. However, imagine a situation where you can buy real estate property equivalent to 1000 INR, just like stocks you can buy part of the property. With blockchain & smart contracts, this is possible. One can buy a small portion of the property & can enjoy renting benefits. This will open up new avenues & investment opportunities & all these transactions will be automated which will encourage the trust & transparency in the transactions.


Banking the unbanks:

The banking system came into the picture to help people store & earn some interest for parking their money. But, a system that was supposed to help the needy decided to avoid them as they are not profitable enough. This has created a lot of problems for people who can’t afford to become part of this system due to some or the other issue. Blockchain doesn’t require any such protocol. The whole system is open & anyone can transact or use it. This will be massive for the people not only owning money they can lend money & earn some interest on it. Decentralized finance is a booming industry & the method of lending or collateral is slowly picking up the pace.


Banks Blockchain Mark My Adventure

User Privacy:

Privacy is now considered essential even for the digital age. There are so many reports that exposed big companies using data without your knowledge; companies like Facebook, Google, Tiktok, etc are blamed for stealing data without the user’s knowledge. Yet, there is no progress in privacy factors. Companies have amended the privacy policies, however, the trust is lost for the good. With blockchain, one can choose the avatar, that it wants to share with the world & allow things that he or she wants to share. A solution that is much needed in today’s time where the user has the power to control what or what not; he or she wants to share.


User Privacy Mark My Adventure

Online Games:

The success of fortnight, PubG, Pokemon Go, Cryptokitties, etc proved the craze of games in the life of a person. People buy accessories, weapons, clothes & whatnot in the virtual world. The gaming industry is still in the early phase, once technology like augmented reality & virtual reality industry becomes mainstream, people will prefer to stay in the virtual world more than the real world. It is that influential & realistic. But, with tokenization people can use tokens to buy virtual accessories & trade them. With blockchain overlooking various stakeholders, the transactions are always authentic & transparent. With the use of the tokens, the world will become truly borderless & will not require the conversion of currency. Using game tokens will be universally accepted & not only one can trade or buy from it. They can also earn while playing games. Brave browser is one such example that allows you to earn BAT token for viewing ads. Ads are the main source of income for Google, sports, news channels & many more. Earlier consumers were forced to watch ads without their liking & their data were shared with various marketing agencies. However, a brave browser changed this & it is one of the fastest-growing browsers. Using a brave browser & earning BAT tokens is just one example of the utility, there are a plethora of unventured avenues that can be touched with blockchain & made much more efficient & reliable.


Game Mark My Adventure

Conclusion:

Above are some of the few industries that can be revolutionized with the use of blockchain. Some of the industries have even started integrating blockchain into their ecosystem. Companies are realizing the benefits & use of this technology. Bitcoin which is a peer to peer digital currency has already captured 1/10th of the gold market, that too considering Gold is in the existence since 1000’s of years, whereas bitcoin, is only a decade older. Ethereum is another blockchain technology that is gaining expertise in developing smart contracts, decentralized finance. There are so many great ideas that could radically change the world from the current scenario. Blockchain is one such technology. Bitcoin has already proved to be efficient, a blockchain that is yet to miss a beat & working absolutely fine. Taking inspiration from this technology, we can use it in various industries & make it more efficient. There are so many companies that are using blockchain to create something & open up new avenues. The government in the developed nations is already taking giant steps towards blockchain & sooner or later this will change the shape of the world. Blockchain is still in the early phase, but with all the development & interest, this could really turn up the heat.



Blockchain can be a game-changer for the country like India. As there are many loopholes in the existing systems & due to loopholes, there are many inefficiencies. Because of inefficiencies, people are not trusting the system & as a result, people try to bypass the whole system. On the other hand, blockchain can be designed without any governing body & doesn’t require any trust to perform, as it works fine without anyone supervising the process. So, blockchain may be the hope that emerging countries are looking for. Anything that has middlemen & requires human intervention will be replaced by the trustless nature of blockchain.




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