The Future Unfolds for Blockchain Startups in India: Are Indians Ready?
Concerning the Blockchain, India has come significantly higher in ranking. Despite going through a tough phase of demonetization, the country has the potential to experiment with optimism in mind in the cryptocurrency and blockchain realm. Perhaps, investing in newer technology makes Indians feel secure about their money.
This trend has also shown its signs in Bitcoin industry as more and more people have spent in blockchain in this last year. While the average netizens limited their experiment to investing in Bitcoin, some advanced technology-savvy people did play with the Blockchain protocol.
The year 2017 was a catalyst year for the cryptocurrency. Many startups invested in blockchain technology and made it a national fantasy. As soon as bitcoin got prominent value in the market, blockchain allured many investors.
Indian Banking System and Blockchain
Indian banking system has played a significant role in supporting technology companies fostering blockchain startups India. The banks are active in developing in-house Proof-of-Concept projects. As per a PwC report, more than 56% Indian businesses are interested in investing in blockchain and incorporating it into their core business model. The technology is likely to affect payments and funds transfer infrastructure, digital identity management and post-trade settlements.
The Blockchain Evolution in India
Mahindra Group, the Indian Conglomerate along with IBM Group, developed a blockchain model to manage finances amid the Mahindra business points in India. As per the reports, the technology helped the company gain profits on operational costs by using distributed ledger technologies.
Later, YES Bank developed heralded with one of the blockchain systems of its kinds for Bajaj Electricals. The smart contract for this job was written by fintech startup Cateina Technologies.
The Future of Blockchain in the Largest Democracy of the World
The entire world is celebrating the power of bitcoin, and so is India. Many startups are popping in the market that aims to cater interested people with quality bitcoin investment solutions. However, like every other emerging trend and technology, Blockchain startups have to face some hurdles in their way to success. Experts quote that one such obstacle in the path of blockchain startups is the scalability.
The experts claim that Blockchain management is no more an exciting technology in India but has now become a value-added attribute for many businesses. It is also an easy way for companies to attract foreign investments. What is now in an introductory phase, can be profiteered in the long run to match the growing requirements of businesses.
Blockchain Foundation of India (BFI)
The recently launched Blockchain Foundation of India (BFI) has a firm belief that blockchain will have a bright future in India. The agency believes in building up a blockchain network with cutting-edge technology.
The country liking for the technology indicates that the economy will be strongly affected by the emerging startups. It is the right time to invest in a blockchain startup or start one of your own, as the support that it seeks from the government is an excellent indication that this technology is here to stay and thus will soon become a mainstream business.
Looking for blockchain supply chain finance solutions? Sofocle Technologies leads the market in offering best in class Blockchain solutions to fit the needs.
Visit for Blockchain Consulting- https://www.sofocle.com/solutions/blockchain-consulting/
