How India and Other Emerging Economies can benefit from Blockchain Technology?

Developed countries are rushing to adopt Blockchain Technology. Recently, the land registry of Sweden officially started using Blockchain to register land and properties. A lot many companies in other countries are in the final stages of implementing Blockchain. One such example is Dubai. Blockchain revolution has even reached India. A few days back, Bajaj Allianz implemented a new Blockchain while deploying two new schemes for travelers and motorists.
Leapfrogging — To Push Emerging Economies to the Next Level
Leapfrogging is the concept of skipping a level of revolution and utilizing the absence of infrastructure as an opportunity to adopt latest & more advanced methods for a technology/industry which was completely absent earlier. Good examples of this are the countries like Kenya and South Africa, they have rolled out telephone access using 3G networks instead of starting from the basics of telephony by laying down copper cables and provided internet access via smartphone rather than the wired internet connections for the desktop PCs.

It will be worthwhile to mention here that Japan, a developed country, has leapfrogged so many times to deal with the aftermaths of the major natural disasters it has seen.
How can India use Blockchain Technology for Leapfrogging?
India’s Aadhaar biometric ID card system can be utilized as a means of Leapfrogging. Under the scheme of Aadhaar, a unique 12-digit number is assigned to all Indian citizens. This unique number is linked with the biometrics such as fingerprints and iris scans of the citizens. So to prove their identity, citizens can get their iris and fingerprint sensor scanned and verified against those which are linked to their Aadhaar number, thus proving their identity. Now, the Indian government is emphasizing linking Aadhaar with the mobile phone service to cut down on fraud and criminal activities.

This service is used by billions of people in India and is by far the most comprehensive collection of iris and fingerprint information. However, the information is stored in a centralized location, and if hacked, can possess a serious security concern for the whole nation. Also, iris and fingerprint information secures only the end of the transaction while a Blockchain enables security of each and every step of the transaction.
Aadhaar system built on Blockchain Technology can drastically reduce paper work, and many folds increase the efficiency and speed of a lot of the government processes & procedures which require verification of information. A single Blockchain for the whole country would provide information required in any part of the country, and likewise, any information updated on the Blockchain would be available to the whole Blockchain network. This will lead to better Inter-State coordination and reduction in crime.
Prolitus Technologies is one of the torch bearers in India when it comes to researching and developing Blockchain solutions. In a short span of time, they have got the opportunity to work on some of the important projects for the popular national and international names. To know more about Prolitus Blockchain development services, contact them at success@prolitus.com.
Other Blockchain Services by Prolitus:
Cryptocurrency Development Services
Smart Contracts Development

