Blockchain-From being a country that has faced destitution and other hardships to becoming an advanced technological hub, India has indeed manoeuvred itself into a technological revolution. With initiatives such as Digital India, Make in India, Skills India and many other projects, the Indian government and the citizens, both, have embraced the adoption and implementation of various new technologies in the country. One such innovative and disruptive technology which has been a subject of advocacy by many government officials is the Blockchain Technology.
Blockchain Solutions Network, an upcoming blockchain technology facilitator, explains that India is home to 1.40 billion people and these people rely heavily on an impartial facilitator, in this case, the government and other regulatory bodies. The regulatory bodies enforce rules and regulations so that the needs of the citizens are fulfilled and met in a fair and equitable manner. Every transaction, monetary or non-monetary, that is carried out between two or more parties, requires intermediaries. These intermediaries could be government or non-government institutions or even sets of people who establish an environment of trust between the entities and make certain that the transactions are completed successfully. However, the processes involved in completing these transactions are long and complex. Additionally, by virtue of the size of the Indian population and the development taking place in the country, these processes are becoming increasingly complex and susceptible to disorganization and inefficiencies. The Indian government seeks to bring a shift and resolve these problems primarily through the technological advancements taking place in the country.
They are an ‘Instrument of Trust’ which work in favour of making the lives of citizens easier and better by providing an ease of doing business and carrying out transactions. Witnessing this potential of streamlining and simplifying processes and introducing unshakeable trust into the system, the Indian policymakers are keen in exploring this distributed ledger technology. State governments are approaching start-ups that could be of service in bringing forth Blockchain Technology into the legal systems. Blockchain Solutions Network is one of the pioneer companies in India that is assisting the Indian public sector to fully comprehend blockchain technology and explore its various use cases in the legal system.
Blockchain Solutions Network believes that blockchain-based solutions are the need of the hour, especially when it comes to storing and maintaining huge official databases, which have always been a point of contention.
Sharing his insights on the current challenges faced by the Indian public sector, Shailesh Rajput, Co-founder and Chief Technical Officer asserts that “the adoption of this technology in the public sector can be a game-changer. In a country like India, where the perceived level of corruption in the public sector is alarmingly high, introduction of blockchain technology can be a stepping stone towards tackling this issue. For example, while dealing with land records, there will be only one certificate issued for a piece of land which will be stored on a blockchain and it will serve as a single proof of land ownership to all the entities involved. Hence, the menace of land disputes and forgery of documents will experience a significant downfall due to transparent and streamlined processes.”
After making a name for themselves in the private sector, Blockchain Solutions Network now aims to serve the public sector through their efficient and cost-effective solutions such as Consulting and Proof of Concept, Blockchain Development, Decentralized Finance, Blockchain P2P Lending Platform, DApp, Smart Contracts and Audits, Blockchain in IoT and a lot more. The experienced team of professionals has lent their distinguished services to companies like Binance, Transak, Chainalysis, Simplex, Veriff, Ondato, Jumio and many other reputed names. Being one of the pioneer companies in blockchain technology, Blockchain Solutions Network has been acknowledged to provide the best blockchain-based solutions for real-world challenges.
