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Can Blockchain bring revolution in the economy ?

Blog: NASSCOM Official Blog


Just like the advent of the 21st century, the innovation consistently winds up streaming down to different divisions and over various ventures. Indeed, it has prompted the ascent new hybrid sectors like Fintech and Health-tech. Probably the greatest attribute of these industries is that they are driven by AI and innovation to give unparalleled client assistance. Keeping with the pattern, Block-chain is the following huge innovation trend that offers a great deal of potential to a wide scope of enterprises especially FIN-TECH.

Yearly spending on block chain arrangements will reach about $16B by 2023, as indicated by CB Insights’ Market Sizing Tool.

Block chain dives in which makes it more apt with what startups objectives are. It is estimated that 65% of new businesses today intend to execute block chain by the end of 2020 into their start-ups.

The question is what makes Block-chain so significant, that it is bringing a revolution?

 “This is the beginning of the decade of Block-chain and I think in 2020, we’ll start to see the global recognition of crypto assets in the FS industry.” Antonio Senatore, EMEA Block Chain Lead

Block chain is a core technology in FinTech. There is no doubt in saying that Block chain is the backbone technology which is revolutionizing the Fintech industry. And as the financial service industry is moving from exploration phase to application phase, it is very important for the financial institutions or experts to understand the role of Block chain in the Fintech if they want to take advantage of this financial revolution.




The future of block chain is near and banking isn’t the only industry affected. the Indian crypto community finally won the battle against the Reserve Bank of India (RBI) in 2020, and crypto enthusiasts are celebrating worldwide. This pandemic gave a good upbeat and will see new trends in Block-chain.

A recent World Economic Forum report predicts that by 2025, 10% of GDP will be stored on block chains or block chain-related technology.





According to LiveMint report, “This technology behind bitcoin is now the fastest-growing skill set demanded on job sites. Job growth rates to 2,000-6,000 % and salaries for block chain developers are 50 to 100% higher than regular developer jobs.”

Further More, Initial coin offerings (ICOs) have a far reaching potential for startup subsidizing, which can lead the nation into a block chain center point and a beneficiary of worldwide capital inflows. With positive guidelines, approval and reception of block chain innovation, India can arrive at the phase of huge scope usage, if there is an organized methodology, appropriate administration, environment improvement, talent incubation, and resource allocation. Given these developments, India seems well positioned as a market for block chain to flourish.

Brief Profile 

Palak Bhatnagar is a student , pursuing PGDM in Finance and Business Analytics at New Delhi Institute of Management , New Delhi . She is a finance enthusiast , a versatile person who likes to explore . She is a keen learner with an objective to learn and grow.

The post Can Blockchain bring revolution in the economy ? appeared first on NASSCOM Community |The Official Community of Indian IT Industry.

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