What Blocks The Blockchain Growth? Where Is The Innovation Needed?

Experts discuss the current scenario & future scope of blockchain in BFSI at Technoviti 2020. Edited excerpts:

Girish Bajaj, Blockchain Evangelist

I have seen tremendous improvements in the use of blockchain technology in India, particularly in the BFSI and other sectors. NITI Aayog has done a wonderful job and done several case studies in the fertilizer and healthcare industry. It has done POCs and pilot projects on the blockchain. Further, they are moving in to live projects in the next few months. In 2016, ICICI Bank did its first blockchain transaction and in 2018 HSBC did it's for Reliance Industries.

Indian banks are moving forward in the adoption of blockchain. Startups are vibrant and have given very revolutionary ideas on the use of blockchain. There are plenty of opportunities for blockchain because it is transparent, corruption-free, cost-effective, and operationally efficient. Blockchain will eliminate corruption completely and with required data to store, you can control what you want to release. Currently, the Telangana government has incorporated blockchain for land record registries. There are POC and live projects going on in the other Indian states.

The ROI for the blockchain technology is good in India. About 2-3 years ago, it was expensive to use blockchain. It is important to understand which sector you are in and what blockchain will suit your requirements, then move towards your aim and mission. The cost of blockchain technology will come down in 2- 3 years and banks, enterprises, and even end-users will demand blockchain. As a service, it is available from Amazon and Google. Blockchain helps to avoid security leaks, in terms of controlling what data can be seen by the stakeholders and which can be controlled.

Vikram Pandya, Director Fintech at SP Jain Global: