SlideShare a Scribd company logo
1 of 11
Download to read offline
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
77 This work is licensed under Creative Commons Attribution 4.0 International License.
Metamorphosing Indian Blockchain Ecosystem
Dr. Jyoti Mahajan1
, Dr. Rajesh Mahajan2
and Dr. Dileep Kumar Singh3
1
Assistant Professor, G.H. Raisoni Institute of Management & Research, Khaperkheda, Nagpur, INDIA
2
Associate Professor, Amity Business School, Amity University Chhattisgarh, INDIA
3
Assistant Professor, Amity Business School, Amity University Chhattisgarh, INDIA
3
Corresponding Author: dksingh@rpr.amity.edu
ABSTRACT
A blockchain is a decentralised database that is
shared across computer network nodes. A blockchain acts
as a database, storing information in a digital format. The
study primarily aims to explore how in the future, block
chain technology will alter several areas of the Indian
economy. The current study aims to obtain a deeper
understanding of blockchain technology's idea and
implementation in India, as well as the technology's
potential as a disruptive financial technological innovation.
Secondary sources such as reports, journals,
papers, and websites were used to compile all the data.
Current and relevant information were utilised to help
understand the research goals. All the information is
rationally organised to fulfil the objectives. The current
research focuses on recommendations for enhancing India's
Blockchain ecosystem so that it may become one of the best
in the world at utilising this new technology.
Keywords— Blockchain, Ecosystem, Banking Industry
I. INTRODUCTION
The functionality and complexity of Distributed
Ledger Technology (DLT) and blockchain have grown
significantly to provide solutions to a variety of
industries, including the financial sector. Some of the
banks have started pilot initiatives to understand more
about DLT and see how it may help their operations and
financial systems. Most of these projects have been
experimental in nature so far, with the goal of
determining the viability of performing inter-bank
settlements, digital asset and token settlements, and
cross-border payments over DLT platforms using
existing system functionality. In the Indian context,
boosting support for innovations and evolving
technologies from the Reserve Bank of India and the
Government of India through regulatory sandboxes and
other initiatives will pave the path for a new economic
system to emerge for a new economy enhanced with
technology-centric growth. The present research study
focuses on ideas for transforming India's Blockchain
ecosystem so that it may become one among the most
developed countries in terms of leveraging the benefits
of this emerging technology.
II. RESEARCH QUESTION
The present study addresses the research
questions mentioned below:
1. How will Block Chain technology transform
different sectors of Indian economy in future?
2. What challenges India will face for adoption of
Block Chain Technology and steps the
government of India have taken to implement
the Block Chain Technology?
III. OBJECTIVES
The study is fundamentally aimed at
understanding the following:
1. To understand the blockchain's technical
architecture and how it works.
2. To have a better understanding of the
technological and administrative aspects of
implementing Block Chain in India.
3. To study Opportunities and threats of Block
Chain Technology.
4. To understand transformation of India's
Blockchain ecosystem
IV. REVIEW OF LITERATURE
(Guo and Liang,2016)[1]
asserted that
blockchain technology has a bright future ahead of it in
the banking industry. It has the potential to improve and
improve the efficiency of the banking sector's payment
clearing and settlement system, as well as the credit
information system. Abou (Jaoude, J., & Saade, R.
G.,2019)[2]
identified that BCT originally conceived as a
mechanism to enable a frictionless cryptocurrency,
Bitcoin, blockchain has since unbound itself from its
original purpose as an increasing number of industries
and stakeholders see the technology as an appealing
alternative to solve existing business problems and
disrupt mature industries. The blockchain's unique
characteristics, such as privacy, security, anonymity,
decentralisation, and immutability, help a wide range of
disciplines and subjects. The exploration of blockchain's
application has barely begun with a few small studies in
domains including the Internet of Things, energy,
banking, healthcare, and government, all of which stand
to gain disproportionately from its deployment. (Yang, X.
M., Li, X., Wu, H. Q., & Zhao, K. Y., 2017) [3]
regarded
that the underlying technology of bitcoin, blockchain
technology is not only applied in the field of finance, but
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
78 This work is licensed under Creative Commons Attribution 4.0 International License.
also has potential in education. According to the
experience and enlightenment from the application of
blockchain in the financial field, the blockchain in
education is mainly embodied in the six application
modes: establishing individual knowledge big data,
creating intelligent educational platform of Taobao,
developing degree certificate system, constructing new
ecology of open education resources, achieving "self-
organization" operation of network learning community
and developing the decentralization of education system.
(Gupta and Gupta 2018) [4]
have stated that Indian
banking system can drastically change with the help of
blockchain technology. It has the ability to make
transactions to be more secured, transparent and cost
effective and to evolve towards digitizing the Indian
monetary system. (MM Queiroz and SF Wamba, 2019)
[5]
identified that blockchain technology can reshape the
future of the banking. Banks need to process and store
enormous data and therefore enhanced security and
transparency can be achieved by this technology.
Sharma (2020)[6]
stated that blockchain can bring in a
revolution in the Indian banking. A secured and
distributed database of clients helps in reducing the time
and cost in interbank transactions, KYC of customers,
and reduction in NPA of the banks. Hsani and Sherimon
(2021)[7]
have also noted that blockchain technology
helps in quickly completing complex clearing and
settlement system and make the process of
authentication easier through shared KYC infrastructure.
Madaan, L., Kumar, A., & Bhushan, B. (2020, April)[8]
investigated blockchain and its current scenario, it first
focuses on the emergence of blockchain and its working
and also briefly explains the characteristics and
challenges faced by technology.
The review of literature highlights that BCT
have been studied from different perspective by different
authors but very few studies focus on essential
ecosystem required to implement the BCT. Therefore the
current research focuses on ideas for transforming India's
Blockchain ecosystem so that it may become one of the
top countries in terms of leveraging the benefits of this
emerging technology.
V. RESEARCH METHODOLOGY
The current research focuses on gaining a better
knowledge of the concept and application of blockchain
technology in India, as well as the technology's prospects
as a disruptive financial technological advancement. By
focusing on the technological and administrative aspects
of block chain technology implementation in India, the
study also provides insight into the strategies for
metamorphosing the Indian Blockchain ecosystem to
make India one of the leading countries in terms of
harnessing the benefits of this emerging technology. The
current research is exploratory and descriptive. All the
information was gathered from secondary sources such
as reports, journals, papers, and websites. To
comprehend the research aims, tables were used. All the
data is logically organised to meet the given goals.
VI. RESULTS AND DISCUSSION
6.1 Understanding Block Chain Technology
"A blockchain is a distributed ledger that
records transactions in near real time and is digitally
unchangeable." The respective consensus of the network
participants (called nodes) is required for each future
transaction to be added to the ledger, hence generating a
continual process of control regarding manipulation,
errors, and data quality." Simply explained, Blockchain
is a technology for trading value without the use of a
middleman over the internet.
Figure 1: Blockchain Network and the process of adding new transaction to ledger (Source: National Strategy on
Blockchain, NISG, https://www.nisg.org/blockchain)
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
79 This work is licensed under Creative Commons Attribution 4.0 International License.
The immutability of a Blockchain makes it
nearly impossible to make changes after it has been
formed, increasing data integrity, and reducing fraud
potential. The basic data structure of a Blockchain,
known as a Merkle tree or Hash tree, provides
immutability and irreversibility.
Figure 2: Merkle Tree Structure ((Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain)
6.2 Merkle Tree Structure at the heart of Block Chain
Blockchain's cryptographic security is provided
by a binary data structure with hash pointers. Merkle
tree, also known as hash tree, is a distributed data
structure that groups data blocks into pairs and stores the
hash of each pair in a parent node. The hash codes are
grouped together until they reach the root node. The
immutability of a Blockchain is derived from the fact
that tampering of any block will result in manipulation
of all preceding hashes until the root node, which is
tamper proof. Another benefit of the Merkle tree is that it
provides proof of membership/ownership because
knowing the root member is sufficient to know all of the
tree's members.
Figure 3: Traditional database vs. Blockchain base distributed ledger
(Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain)
Traditional Database
In traditional database actual value is
transferred between two parties by central authorities. To
facilitate the transfer of assets and establish trust,
multiple intermediaries are required.
Blockchain Database
In Blockchain database distributed nodes that
maintain a shared source of Information. Trust enabled
by cryptographic algorithm
6.3 Types of Block Chain:
Blockchain can be set up in two ways: public /
permissionless or private / permissioned, each with its
own set of benefits and drawbacks. Figure 4
demonstrates the various architecture possibilities for
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
80 This work is licensed under Creative Commons Attribution 4.0 International License.
Blockchain deployments, illustrating that private
Blockchains allow only known entities to join the
network, whereas public Blockchains do not have a
central authority (Brant et al 2018) [9]
.
Figure 4: Block Chain Architecture Options
(Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain)
Public Block Chain
Fully decentralized and Transparent - Anyone
can read, send transactions & participate in the
consensus process.
Permissioned Block Chain
Quasi-decentralized, with a pre-selected number
of nodes controlling consensus and read permission
restricted to participants.
Private Block Chain
Centralized–requires a 'high trust' entity with
centralised Write access for one entity and Read
permissions for all participants.
6.4 Blockchain Applications of National Importance
In corporate operations, blockchain technology
enables transparency, security, and efficiency. It creates
a unique layer of trust across the Internet, which was
initially explored with the cryptocurrency Bitcoin. The
functionality of B2B, G2C, G2G, and B2G services
related to diverse application fields will be
revolutionised by Blockchain Technology. As shown in
Figure 5, it has applications in healthcare, governance,
cyber security, autos, media, travel, logistics &
hospitality, education, legal, energy, and smart cities.
Figure 5: Application of Block Chain Technology
(Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain)
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
81 This work is licensed under Creative Commons Attribution 4.0 International License.
Potential Block Chain Applications of National
Interest includes:
 Transfer of Land Records (Property Record
Management)
 Digital Certificates Management (Education,
Death, Birth, Agreements, and Sale deeds...)
are two potential Blockchain applications of
national relevance.
 e-Notary Service is a service that allows you to
sign documents electronically (Blockchain
enabled e-Sign Solution)
 Supply chain for pharmaceuticals
 Agricultural Insurance
 Managing your identity
 Distribution of power
 Payments of duties
 Supply networks in agriculture and other
industries
 eVoting (Electronic Voting)
 Management of Electronic Health Records
(EHR)
 System for Managing Digital Evidence
 Providing Public Services
 IoT Device Security and Management
 Vehicle lifecycle management
 Managing the operations of a chit fund
 Microfinance for Self-Help Organizations
(SHG)
6.5 Value addition through Blockchain in E-
Governance
1) In e-Government, blockchain may provide a lot
of value by improving transparency and
accountability, building trust with citizens,
speeding up transactions, protecting sensitive
data, and lowering costs and improving
efficiency.
2) In order to provide service to residents,
government procedures necessitate the
involvement of numerous agencies. Data
communication between departments must be
seamless if efficient service delivery is to be
achieved. Smart contract workflows and shared
ledgers can be used to track cross-departmental
procedures. As a result, through utilization of
Block Chain, the system becomes more
transparent and accountable.
3) Because blockchain is a single source of truth,
it may be used to authenticate and verify all
transactions and data generated by various
government agencies.
4) Smart contracts, supply chains for various
government procedures, trusted inter-
departmental communication, and tamper-
evident storage are all possible with blockchain.
5) By comparing the submitted document copy to
a version kept in a Blockchain, officials will be
able to validate the proof of existence of papers.
Storing digital artefacts / documents in a
Blockchain ensures that they are secure and
unaffected by alteration.
6.6 Global initiative in implementation of Block Chain
Many governments have implemented
Blockchain-based platforms and services, and many
vendors are already delivering Blockchain as a service to
their clients.
1) China's Blockchain-based Service Network
(BSN) programme intends to make it easier for
businesses and people to deploy Blockchain
applications more quickly and affordably. The
BSN includes components that provide
application development developer tools and
focuses on standardising them across public
networks, regions, and business sectors. The
goal is to assist efforts in the digital economy
and smart cities.
2) Another initiative of China has launched a
Blockchain-based identification system for
smart city infrastructure that was developed
independently. This technology will issue
Chinese smart cities a unique, global digital ID
in order to promote communication and data
sharing between them. The Blockchain-based
notary application has been operational in
China's offices since April 2019.
3) The European Blockchain Partnership (EBP)
aims to use blockchain and distributed ledger
technologies to build a trusted, secure, and
resilient European Blockchain Services
Infrastructure (EBSI) that meets the highest
standards in terms of privacy, cybersecurity,
interoperability, and policy implementation,
among other things.
4) The Estonian-developed Keyless Signature
Infrastructure (KSI) is a Blockchain technology.
In Estonian government networks, blockchain is
being used to mathematically guarantee the
legitimacy of electronic data (records). They
used X-Road, a "centrally managed distributed
Data Exchange Layer (DXL) connecting
information systems." Organizations can use X-
Road to share information over the Internet
while maintaining confidentiality, integrity, and
interoperability.
5) United Arab Emirates has “Smart Dubai”
initiative, which aims to become the first city
fully powered by Blockchain by 2021,” and
enhance everything from health care and
education to traffic management and
environmental sustainability.
6) In the United States, the Food and Drug
Administration is utilising Blockchain to
address the issue of lack of openness and
security in the processing of health data. The
Food Standards Agency in the United Kingdom
is utilising Blockchain to track the circulation
of meat in order to improve food traceability.
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
82 This work is licensed under Creative Commons Attribution 4.0 International License.
7) The Brazilian government has declared that
applications and popular voting would be
migrated to Ethereum. Brazil is also
concentrating on public bidding for government
contracts, on-line bid solutions to provide
secure and transparent negotiations for farm
applications, and student credentials and
performance tracking.
8) Chile uses Ethereum to track data and finances
from the energy infrastructure in order to
combat corruption and exploitation by making
data transparent and immutable for all citizens
to see. In 2017, Switzerland began offering and
registering digital IDs on Ethereum.
9) To alleviate voters' concerns about corruption,
Canada is adopting Ethereum to offer
transparency to the usage of government grants.
10) Sweden is concentrating on real estate
transactions, while Ghana is working on a
blockchain-based land registry and cadastral
record to collect property taxes.
11) Samsung Blockchain Wallet, which is powered
by COSMOCHAIN Blockchain, has created
CosmeeDApp, which allows users to purchase
content with bitcoin. If a corporation uses
information provided or developed by
customers, the information sources are
rewarded in a completely transparent manner
utilising Blockchain.
12) LG Blockchain is a company that specialises in
digital authentication, community tokens, and
enterprise supply chain management.
13) Some of the Blockchain services available
include Amazon Managed Blockchain,
Microsoft Azure Workbench, IBM Blockchain,
Oracle Blockchain, and BlockappsStrato.
14) Cosmos, Polkadot, Aion, Ark, Wanchain,
Atomic Swap, and Chainlink are just a few of
the global Blockchain Interoperability research
projects.
6.7 National Scenario in implementation of Block
Chain
Blockchain Technology has been selected by
the Ministry of Electronics and Information Technology
(MeitY) as one of the significant research fields with
application potential in several domains such as
governance, banking and finance, cyber security, and so
on. With C-DAC, IDRBT, and VJTI as executing
agencies, MeitY has financed a multi-institutional
project dubbed Distributed Centre of Excellence in
Blockchain Technology.
Agencies have conducted research on the
application of Blockchain Technology in designated
domains, built Proof-of-Concept solutions, and piloted
them as part of this programme. A blockchain-based
property registration solution has been successfully built
and is being tested in Telangana's Shamshabad District.
Proof-of-Concept solutions for Cloud Security
Assurance, CKYC, and trade financing are being
developed. A generic blockchain-based Proof-of-
Existence (PoE) Framework is being created to enable
PoE for digital artefacts, such as academic diplomas, sale
deed documents, and memorandums of understanding.
A method for authenticating academic
certificates has been built utilising the PoE framework,
and it is currently being tested at C-DAC Advanced
Computing Training School. In order to encourage the
growth of the Blockchain ecosystem, the team has
showcased the developed solutions to a number of
additional states and successfully conducted capacity
building programmes for user agencies. C-DAC is also a
founding member of Telangana State's Blockchain
District programme.
In collaboration with NICSI, NIC developed a
Centre of Excellence (CoE) in Blockchain technology.
The goals of the CoE are to speed up the adoption and
deployment of Blockchain technology in government, to
execute projects focused on various use cases, to pilot
deployment, to offer Blockchain-Platform as a Service to
speed up the design and development of solutions, and to
provide consultancy and capacity building. The Center
of Excellence is focusing on collaboration between the
government, the public sector, and the business sector.
Blood Bank, Digidhan, Public Distribution System, Land
Registration, GST Backoffice, Excise Management
System, and other application areas discovered and
developed by CoE.
Blockchain has been identified by the National
Institution for Transparency and Accountability (NITI
Aayog) as a promising technology that enables features
such as decentralisation, transparency, and
accountability. NITI Aayog has piloted a number of
Blockchain use cases in collaboration with various
government departments and private organisations. Land
records, pharmaceutical supply chains, fertiliser subsidy
disbursement, and educational diplomas are some of the
use cases.
C-DAC has completed successful proof-of-
concepts and pilot deployments, demonstrating that
Blockchain Technology will play a disruptive role in the
industry 4.0, government, and public sectors. One of the
mission areas specified by C-DAC is Blockchain
Technology. C-mission DAC's is to create Blockchain
Technology solutions that enable a trusted and auditable
shared infrastructure for cross-domain application
development and large-scale deployment. The top level
components of C-mission DAC's in Blockchain
Technology are as follows:
Unified Blockchain Framework: A cross-
domain blockchain platform that addresses performance,
scalability, interoperability, security, and privacy
concerns.
Block chain services: e Sign has related to a
blockchain-based Proof-of-Existence system (PoE).
Blockchain Applications for different
domains: Security for IoT Deployment, Blockchain for
Electronic Health Record (EHR), Blockchain based
Digital Evidence Management System, Blockchain for
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
83 This work is licensed under Creative Commons Attribution 4.0 International License.
Track and Trace, Blockchain for Electronic Health
Record (EHR), Blockchain for Electronic Health Record
(EHR), Blockchain for Electronic Health Record (EHR),
Blockchain for Electronic Health Record (EHR),
Blockchain for Electronic Health Record Self-Sovereign
Identity on the Blockchain APEDA Trace Net,
Government e-Marketplace (GeM) Platform, Blockchain
Technology for Voting, and Blockchain based Property
Record Management System all use blockchain
technology.
RBI & other initiatives: The Reserve Bank of
India (RBI) is investigating the use of Blockchain
technology in the banking sector. Mahindra and IBM are
working on a supply chain management system together.
For a Blockchain-based application trial, SBI has
partnered with commercial banks and financial
institutions. Blockchain is also being used by Yes Bank,
Axis Bank, and ICICI Bank in their financial operations.
NASSCOM: According to the NASSCOM Avasant
India Blockchain Report 2019, various states throughout
India have begun to implement Blockchain-based use
cases. The top three use cases are land registry, farm
insurance, and digital certificates.
6.7 Legal Challenges for implementation of Block
Chain Technology
1) The Reserve Bank of India (RBI) has imposed
restrictions on virtual currencies based on
Blockchain technology, and a circular has been
issued to prohibit crypto-currency transactions
in India. However, the feature of tokenization-
related actions is unclear.
2) In banking legislation, in-person verification is
required to satisfy non-repudiation standards,
and implementing technical solutions for such
requirements, particularly for crypto-currency
based on Blockchain, is difficult.
3) Blockchain networks and applications rely
heavily on digital signatures. There are
currently no specifics in Schedule I of the
Information Technology Act, 2000 in relation
to transactions involving immovable property,
wills, or negotiable instruments, hence this
clause excludes the technology's applicability to
such operations.
4) When it comes to Blockchain, Section 43A of
the IT Act currently does not have any
precautions indicated in terms of privacy. The
'Right to be Forgotten,' which is a common
aspect of data protection law such as the Draft
Personal Data Protection Bill, 2019, clashes
with Blockchain's intrinsic feature of data not
being able to be removed and data history being
constantly available.
5) Localization: Because the Blockchain
automatically stores data redundancy across all
nodes on a network, localization requirements
may pose a problem for the system, even if they
are limited to only important personal data, as
the Ministry of Electronics and Information
Technology is considering (MeitY).
6.8 Privacy, Security, and regulation Challenges for
implementation of Block Chain Technology
1) Privacy: Because data on the blockchain is kept
on every node in the network, privacy is not an
intrinsic characteristic of the blockchain. This is
an active research subject, with numerous
solutions being presented and evolving. Data
should be maintained in a way that does not
jeopardise an individual's privacy, and proper
permission methods should be implemented in
accordance with data protection legislation.
2) Regulations: The situation of Blockchain
application legislation and compliance is still
unclear. The restrictions primarily concern the
privacy of information transferred via
Blockchain, which might include health data or
user identity documents, among other things.
When the regulations are well-defined, adoption
will speed up.
3) Use of CA’s: Every entity in Blockchain,
including nodes and users, has public keys,
private keys, and certificates. The utilisation of
existing certificate authorities (CAs) is a crucial
integration point. The type of CA to use would
be determined by the application's nature.
Applications that require transaction signing
with certificates from a licenced CA should be
considered as part of the implementation from
the start.
(*The above challenges have been adopted from report
National Block Chain Strategic Report by NIC)
6.9 Technological Challenges for implementation of
Block Chain Technology
1) Performance & Scalability: The decentralised
architecture of Blockchain, in contrast to old
centralised systems, indicates that it will be
slower than traditional systems. As a result, it's
critical to create a system that allows for
speedier synchronisation. While extensive
research is being done in this area, the initial
use-cases should be carefully chosen such that
real-time processing and results are not
required. The architecture and configuration of
the Blockchain platform, as well as variable
computing power, network bandwidth, block
size, consensus, transaction validation
processes, privacy needs, file system, and data
storage, all impact the scalability of Blockchain
systems. These scalability needs should be
addressed in the architectural architecture of the
Blockchain network and platform.
2) Storage: Blockchain is regarded as an append-
only data storage system. Because data saved in
the Blockchain cannot be changed, it becomes
eternal and is duplicated across all network
nodes. This necessitates a lot of storage space
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
84 This work is licensed under Creative Commons Attribution 4.0 International License.
and may become an issue if the chain of blocks
grows.
3) Transaction details and interoperability: For
high performance gains, a design choice on
what part of the application data flows offchain
and what part goes onchain is critical. The
number of transaction details that must be
stored should be limited to a bare minimum,
and this may vary depending on the application.
Transaction standardisation for a certain class
of applications must be developed in order to
reap the benefits of interoperability across
comparable applications.
4) Resource Allocation: Due to the dispersed
nature of the network and node infrastructure,
resource allocations would vary and rely on the
cost of network maintenance, peripheral
security, and other critical criteria. In such
instances, lower resource allocations may have
a performance impact on the overall system.
Furthermore, problems associated with
establishing Blockchain Infrastructure across
the country must be addressed.
6.10 Skill Set Challenges for implementation of Block
Chain Technology
1) Awareness: A fundamental difficulty is a lack
of understanding of the nature of Blockchain
systems. There are a lot of open source
Blockchain platforms available, but many of
them lack well-documented features like as the
ability to add new components, security,
scalability, and speed. This need experienced
people in a variety of technologies in order to
comprehend and alter their performance to meet
specific needs.
2) Underlying Technology: The underlying
technology that powers Blockchain is still in its
infancy and is just now approaching the point
where it can be used in production. The benefits
of technology should be communicated to
users, as well as how it might be used to solve
issues in a certain domain of national relevance.
3) Supply Chain: Blockchain may be used to trace
supply chains, which is a useful and significant
use. Due to a lack of understanding and trust
concerns in technology, a lot of domain experts
are hesitant to accept the technology. As a
result, quicker Blockchain use necessitates
increased digitalization and knowledge.
4) Proof of Concept: Users must pay blockchain
professionals or data scientists to execute a
successful large-scale PoC (Proof of Concept),
which is more expensive than hiring software
engineers, making adoption challenging.
5) Manpower: It's difficult to locate people who
are both domain and technology experts. Many
projects that have begun to adopt Blockchain-
based applications are running into a skilled
labour shortage. India's scale and needs
(including catering to global needs) would be
significantly bigger, and if human requirements
are not met in a timely and adequate manner,
the nation's journey to adopt Blockchain will be
severely hampered.
6.11 Challenges in terms of security, privacy, and
legislation
Privacy: Because data on the blockchain is kept
on every node in the network, privacy is not an intrinsic
characteristic of the blockchain. This is an active
research subject, with numerous solutions being
presented and evolving. Data should be stored in a way
that does not jeopardise an individual's privacy, and
proper consent methods should be implemented in
accordance with data protection legislation.
1) Existing CA’s can be used: Every entity in
Blockchain, including nodes and users, has
public keys, private keys, and certificates. The
utilisation of existing certificate authorities
(CAs) is a crucial integration point. The type of
CA to use would be determined by the
application's nature. Applications that require
transaction signing with certificates from a
licenced CA should be considered as part of the
implementation from the start.
2) State Regulations: The state of Blockchain
application legislation and compliance is still
unclear. The restrictions primarily concern the
privacy of information transferred via
Blockchain, which could include health data or
user identity documents, among other things.
When the regulations are well-defined, adoption
will speed up.
6.12 Legislation challenges for adopting in India
1) The Reserve Bank of India (RBI) has imposed
restrictions on virtual currencies based on
Blockchain technology, and a circular has been
issued to prohibit crypto-currency transactions
in India. However, the feature of tokenization-
related actions is unclear.
2) In banking legislation, in-person verification is
required to satisfy non-repudiation standards,
and implementing technical solutions for such
requirements, particularly for crypto-currency
based on Blockchain, is difficult.
3) Blockchain networks and applications rely
heavily on digital signatures.
4) There are currently no specifics in Schedule I of
the Information Technology Act, 2000 in
relation to transactions involving immovable
property, wills, or negotiable instruments, hence
this clause excludes the technology's
applicability to such operations.
5) When it comes to Blockchain, Section 43A of
the IT Act currently does not have any
precautions indicated in terms of privacy. The
'Right to be Forgotten,' which is a common
aspect of data protection law such as the Draft
Personal Data Protection Bill, 2019, clashes
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
85 This work is licensed under Creative Commons Attribution 4.0 International License.
with Blockchain's intrinsic feature of data not
being able to be removed and data history being
constantly available.
6) Localization: Because public Blockchain
automatically stores data redundancies across
all nodes on a network, localization
requirements may pose a challenge for the
technology, even if they are limited to only
critical personal data, as the Ministry of
Electronics and Information Technology is
considering (MeitY).
6.13 SWOT Analysis
The SWOT analysis is taken from the Gartner
Trend Insight Report "Practical Blockchain."
Considering the SWOT analysis, it's critical to identify
and deploy Blockchain to the proper application that can
take advantage of the technology's advantages. Multiple
untrustworthy stakeholder engagement, such as
regulatory bodies, smart contracts that do not change
frequently, data that requires permanent storage, and so
on are all considerations to consider while developing a
blockchain application.
Strength Weakness
 Decentralized approach
 Speed and 100% transparency
 Open Source
 Security and modern cryptography
 Native Asset Creation
 No reliance on third party
 Low cost and risk
 Dynamic and fluid exchange value
 Access challenge
 Change Management
 Integration With Legacy Systems
 Lack of Standards
 Low capacity and processing speed
 Ownership challenge
 Recent technology (not 100% developed)
 Scalability
 Security against cyber criminals
 Storage
 Technology Maturity
Opportunities Threats
 Automations
 Business Process Optimisation
 Elimination of trust necessity
 Faster (international) payment transfer
 Improved customer experience
 Increased quality of products and services
 Innovation In Almost Every Industry Especially
Banking
 Instantaneous settlements
 KYC database
 New Intermediaries
 No reliance on rating agencies
 Opportunities In IoT
 Programmable control mechanisms
 Smart contracts in insurance
 Speedup bank processes
 A lot of research needs to be done
 Disappearance of existing bank jobs
 Govt. willingness to adopt
 High investments for implementations
 Huge regulatory impact
 Hype
 Legal/regulatory and compliance
 Privacy and security
 Time-consuming negotiations
 Uncertainty about the impact
6.14 Block Chain Adoption Road Map
Because Blockchain Technology is still in its
infancy, it faces a number of obstacles that must be
overcome in order for it to be adopted and used
efficiently in a variety of applications. Figure 1 shows a
road map for blockchain technology adoption, as well as
data on key milestones.
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
86 This work is licensed under Creative Commons Attribution 4.0 International License.
Figure 6: Block Chain Technology Adoption Road map (National Strategy on Blockchain, NISG,
https://www.nisg.org/blockchain)
Patient health records, for example, can be kept
on National Level Blockchain in a tamperproof way in
the health care arena. Patient data stored on Blockchain
can be granted role-based privacy enabled access. This
allows doctors at any hospital in India to view a patient's
medical history when the patient comes to them for
treatment. Shared Blockchain architecture prevents asset
data duplication and ensures that asset transaction
histories are consistent. Potential Roadblocks in the
Evolution of Shared Blockchain Infrastructure and
Cross-Domain Applications:
 Transaction Speed and Scalability (achieving
higher number of transactions per second)
 Interoperability and standardisation of data
security and privacy (cross-platform and cross-
chain protocols)
 Regulatory Aspects of AI and Data Analytics
 Ecosystem and enabling environment
 Infrastructure that is not centralised
VII. CONCLUSION
DLT and blockchain have evolved in
functionality and complexity to give solutions to a range
of industries, including the financial industry. Some
central banks have begun pilot projects to learn more
about distributed ledger technology and evaluate how it
may benefit their operations and financial systems. So
far, the majority of these initiatives have been
experimental, with the purpose of assessing the
practicality of completing inter-bank settlements, digital
asset and token settlements, and cross-border payments
through DLT platforms utilising current system
capabilities. In the Indian context, increasing Reserve
Bank of India and Government of India support for
innovations and emerging technologies through
regulatory sandboxes and other efforts would pave the
way for a new economy based on technology.
In the Indian context, increasing Reserve Bank
of India and Government of India support for
innovations and emerging technologies through
regulatory sandboxes and other efforts would pave the
way for a new economy based on technology-centric
growth. The present study focuses on proposals for
improving India's Blockchain ecosystem so that it may
become one of the best in the world at reaping the
benefits of this new technology.
REFERENCES
[1] Guo, Y., & Liang, C. (2016). Blockchain application
and outlook in the banking industry. Financial
innovation, 2(1), 1-12.
[2] Abou Jaoude, J. & Saade, R. G. (2019). Blockchain
applications–usage in different domains. IEEE Access, 7,
45360-45381.
[3] Yang, X. M., Li, X., Wu, H. Q. & Zhao, K. Y.
(2017). The application model and challenges of
blockchain technology in education. Modern distance
education research.
[4] Wang, X., Girshick, R., Gupta, A. & He, K. (2018).
Non-local neural networks. In: Proceedings of the IEEE
Conference on Computer Vision and Pattern
Recognition, pp. 7794-7803.
[5] Queiroz, M. M. & Wamba, S. F. (2019). Blockchain
adoption challenges in supply chain: An empirical
investigation of the main drivers in India and the
USA. International Journal of Information
Management, 46, 70-82.
[6] Poongodi, M., Sharma, A., Vijayakumar, V.,
Bhardwaj, V., Sharma, A. P., Iqbal, R. & Kumar, R.
(2020). Prediction of the price of Ethereum blockchain
International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962
Volume-12, Issue-1, (February 2022)
www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9
87 This work is licensed under Creative Commons Attribution 4.0 International License.
cryptocurrency in an industrial finance
system. Computers & Electrical Engineering, 81,
106527.
[7] Al Hsani, A. K. & Sherimon, V. (2021). An
examination of the utilization of blockchain innovation
in banking sector. ARIV-International Journal of
Technology, 1-9.
[8] Madaan, L., Kumar, A. & Bhushan, B. (2020).
Working principle, application areas and challenges for
blockchain technology. In: IEEE 9th International
Conference on Communication Systems and Network
Technologies (CSNT), pp. 254-259.
[9] Olnes, S. & Jansen, A. (2017). Blockchain
technology as s support infrastructure in e-government.
In: International Conference on Electronic
Government, pp. 215-227.
[10] https://www.nisg.org/blockchain
[11] National Blockchain Strategy, NIC
[12] Tamil Nadu Blockchain Policy. (2020). Available
at: https://tnega.tn.gov.in/assets/pdf/BlockChain2020.pdf
[13] Blockchain: The India Strategy: Part 1, NITI
Aayog. Available at:
https://niti.gov.in/sites/default/files/2020-
01/Blockchain_The_India_Strategy_Part_I.pdf.
[14] Practical Blockchain: A Gartner Trend Insight
Report. (2017). Available at:
https://www.gartner.com/en/documents/3628617/practic
al-blockchain-a-gartnertrend-insight-report.
[15] Blockchain Mission Document of C-DAC.
[16] Brant Carson, Giulio Romanelli, Patricia Walsh &
Askhat Zhumaev. (2018). Blockchain beyond the hype:
What is the strategic business value?. Available at:
https://www.mckinsey.com/business-
functions/mckinsey-digital/ourinsights/blockchain-
beyond-the-hype-what-is-the-strategic-business-value.
[17] Blockchain Market – Industry Analysis and
Forecast (2019-2027) _ by Provider (Application and
solution, Middleware, Infrastructure and protocol), by
Organization Size (SME and Large), by Application, by
Industry Vertical and by Geography, Report by
MAXIMIZE MARKET RESEARCH PVT. LTD.
[18] Which Governments Are Using Blockchain Right
Now?. Available at:
https://consensys.net/blog/enterprise-blockchain/which-
governments-are-usingblockchain.
[19] Borenstein, Joram. (2016). A risk- based view of
why banks are experimenting with bitcoin and the
blockchain. Spotlight on Risk Technology.
[20] Wild, Jane, Martin Arnold & Philip Stafford.
(2016). Technology: banks seek the key to blockchain -
FT.com. Financial Times. N.p., 1 Nov. 2015. Web. 03
May 2016.
[21] Why NASDAQ Private Market. (2016). Nasdaq
Private Market |. N.p., n.d. Web. 03 May 2016.
[22] Chain | Enterprise Blockchain Infrastructure. Chain
| Enterprise Blockchain Infrastructure. N.p., n.d. Web. 03
May 2016.
[23] Lee, Timothy B. (2016). Bitcoin’s value is surging.
here are 5 charts on the growing bitcoin economy. Vox.
N.p., 03 Nov. 2015. Web. 03 May 2016.
[24] Axis Bank (2017). Axis bank launches ripple-
powered instant payment service for retail and corporate
customers.
[25] Bank of Canada. (2017-19), Fintech experiments
and project. Available at: https://www.bankofcanada.
ca/research/digital-currencies-and-fintech/fintech-
experiments-and-projects/.
[26] Bank of Canada, the Monetary Authority of
Singapore, Accenture and J.P. Morgan. (2019). Jasper-
ubin design paper: Enabling cross-border high value
transfer using distributed ledger technologies.
[27] Reserve Bank of India. (2013). RBI cautions users
of virtual currencies against risks.
[28] Reserve Bank of India. (2017). RBI cautions users
of virtual currencies. Press Releases, February 01.
[29] Reserve Bank of India. (2018). Prohibition on
dealing in Virtual Currencies (VCs). Notifications, April
06.
[30] South African Reserve Bank. (2018). Project
Khokha: Exploring the use of distributed ledger
technology for interbank payments settlement in South
Africa.
[31] World Economic Forum. (2016). The future of
financial infrastructure: An ambitious look at how
blockchain can reshape financial services. Future of
Financial Services Series. Available at:
http://www3.weforum.org/docs/WEF_The_ future_of
financial_infrastructure.pdf.
[32] Yes Bank. (2019). Yes bank implements Asia’s first
commercial paper issuance on blockchain. Press
Release, July 11.

More Related Content

What's hot

Hyperledger development & smart contract development
Hyperledger development & smart contract developmentHyperledger development & smart contract development
Hyperledger development & smart contract developmentgavraskaranand
 
Blockchain, Hyperledger and the Oracle Blockchain Platform
Blockchain, Hyperledger and the Oracle Blockchain PlatformBlockchain, Hyperledger and the Oracle Blockchain Platform
Blockchain, Hyperledger and the Oracle Blockchain PlatformJuarez Junior
 
What is tokenization in blockchain?
What is tokenization in blockchain?What is tokenization in blockchain?
What is tokenization in blockchain?Ulf Mattsson
 
Blockchain : A Catalyst for New Approaches in Insurance
Blockchain : A Catalyst for New Approaches in Insurance Blockchain : A Catalyst for New Approaches in Insurance
Blockchain : A Catalyst for New Approaches in Insurance VIJAY MUTHU
 
8 Decimal Capital Enterprise Solution Overview
8 Decimal Capital Enterprise Solution Overview8 Decimal Capital Enterprise Solution Overview
8 Decimal Capital Enterprise Solution OverviewRemi Gai
 
Rieks Joosten
Rieks JoostenRieks Joosten
Rieks Joostenbcined
 
Building blockchain applications using Java
Building blockchain applications using JavaBuilding blockchain applications using Java
Building blockchain applications using JavaSimon Stone
 
Webinar: Blockchain – A Revolution You Can’t Stop | by Intellectsoft
Webinar: Blockchain – A Revolution You Can’t Stop | by IntellectsoftWebinar: Blockchain – A Revolution You Can’t Stop | by Intellectsoft
Webinar: Blockchain – A Revolution You Can’t Stop | by IntellectsoftIntellectsoft
 
7 Industries Influencing Blockchain Testing
7 Industries Influencing Blockchain Testing7 Industries Influencing Blockchain Testing
7 Industries Influencing Blockchain TestingCygnet Infotech
 
Everything Blockchain Presentation - Feb 2022
Everything Blockchain Presentation -  Feb 2022Everything Blockchain Presentation -  Feb 2022
Everything Blockchain Presentation - Feb 2022RedChip Companies, Inc.
 
DeFi Beyond the Hype
DeFi Beyond the HypeDeFi Beyond the Hype
DeFi Beyond the HypeHarsha MV
 
Blockchain in industry 4.0
Blockchain in industry 4.0Blockchain in industry 4.0
Blockchain in industry 4.0Mujahid Hussain
 
Blockchain Technology Report 2018
Blockchain Technology Report 2018Blockchain Technology Report 2018
Blockchain Technology Report 2018Ranvijay Singh
 
Blockchain technology overview
Blockchain technology overviewBlockchain technology overview
Blockchain technology overviewRishabhMalik32
 
Exploring Blockchain Technology, Risks, and Emerging Trends
Exploring Blockchain Technology, Risks, and Emerging TrendsExploring Blockchain Technology, Risks, and Emerging Trends
Exploring Blockchain Technology, Risks, and Emerging TrendsAmazon Web Services
 
Governance in the Blockchain Economy: A Framework and Research Agenda. Roman...
Governance in the Blockchain Economy: A Framework and Research Agenda.  Roman...Governance in the Blockchain Economy: A Framework and Research Agenda.  Roman...
Governance in the Blockchain Economy: A Framework and Research Agenda. Roman...eraser Juan José Calderón
 

What's hot (20)

Real world
Real worldReal world
Real world
 
Nist.ir.8202
Nist.ir.8202Nist.ir.8202
Nist.ir.8202
 
Hyperledger development & smart contract development
Hyperledger development & smart contract developmentHyperledger development & smart contract development
Hyperledger development & smart contract development
 
Blockchain, Hyperledger and the Oracle Blockchain Platform
Blockchain, Hyperledger and the Oracle Blockchain PlatformBlockchain, Hyperledger and the Oracle Blockchain Platform
Blockchain, Hyperledger and the Oracle Blockchain Platform
 
What is tokenization in blockchain?
What is tokenization in blockchain?What is tokenization in blockchain?
What is tokenization in blockchain?
 
Blockchain : A Catalyst for New Approaches in Insurance
Blockchain : A Catalyst for New Approaches in Insurance Blockchain : A Catalyst for New Approaches in Insurance
Blockchain : A Catalyst for New Approaches in Insurance
 
Blockchain & microsoft
Blockchain & microsoftBlockchain & microsoft
Blockchain & microsoft
 
8 Decimal Capital Enterprise Solution Overview
8 Decimal Capital Enterprise Solution Overview8 Decimal Capital Enterprise Solution Overview
8 Decimal Capital Enterprise Solution Overview
 
Rieks Joosten
Rieks JoostenRieks Joosten
Rieks Joosten
 
Building blockchain applications using Java
Building blockchain applications using JavaBuilding blockchain applications using Java
Building blockchain applications using Java
 
Webinar: Blockchain – A Revolution You Can’t Stop | by Intellectsoft
Webinar: Blockchain – A Revolution You Can’t Stop | by IntellectsoftWebinar: Blockchain – A Revolution You Can’t Stop | by Intellectsoft
Webinar: Blockchain – A Revolution You Can’t Stop | by Intellectsoft
 
7 Industries Influencing Blockchain Testing
7 Industries Influencing Blockchain Testing7 Industries Influencing Blockchain Testing
7 Industries Influencing Blockchain Testing
 
Everything Blockchain Presentation - Feb 2022
Everything Blockchain Presentation -  Feb 2022Everything Blockchain Presentation -  Feb 2022
Everything Blockchain Presentation - Feb 2022
 
DeFi Beyond the Hype
DeFi Beyond the HypeDeFi Beyond the Hype
DeFi Beyond the Hype
 
Blockchain in industry 4.0
Blockchain in industry 4.0Blockchain in industry 4.0
Blockchain in industry 4.0
 
Blockchain Technology Report 2018
Blockchain Technology Report 2018Blockchain Technology Report 2018
Blockchain Technology Report 2018
 
Blockchain technology overview
Blockchain technology overviewBlockchain technology overview
Blockchain technology overview
 
Blockchain Technology
Blockchain TechnologyBlockchain Technology
Blockchain Technology
 
Exploring Blockchain Technology, Risks, and Emerging Trends
Exploring Blockchain Technology, Risks, and Emerging TrendsExploring Blockchain Technology, Risks, and Emerging Trends
Exploring Blockchain Technology, Risks, and Emerging Trends
 
Governance in the Blockchain Economy: A Framework and Research Agenda. Roman...
Governance in the Blockchain Economy: A Framework and Research Agenda.  Roman...Governance in the Blockchain Economy: A Framework and Research Agenda.  Roman...
Governance in the Blockchain Economy: A Framework and Research Agenda. Roman...
 

Similar to Metamorphosing Indian Blockchain Ecosystem

IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...
IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...
IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...IRJET Journal
 
A REVIEW ON BLOCKCHAIN BASED CHARITIES
A REVIEW ON BLOCKCHAIN BASED CHARITIESA REVIEW ON BLOCKCHAIN BASED CHARITIES
A REVIEW ON BLOCKCHAIN BASED CHARITIESIRJET Journal
 
Blockchain based Government Schemes and Transaction Tracker
Blockchain based Government Schemes and Transaction TrackerBlockchain based Government Schemes and Transaction Tracker
Blockchain based Government Schemes and Transaction TrackerIRJET Journal
 
Improving blockchain security for the internet of things: challenges and sol...
Improving blockchain security for the internet of things:  challenges and sol...Improving blockchain security for the internet of things:  challenges and sol...
Improving blockchain security for the internet of things: challenges and sol...IJECEIAES
 
Feasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of Blockchain Ecosystem in Asia RegionFeasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of Blockchain Ecosystem in Asia RegionEffendy Zulkifly
 
A survey on security and policy aspects of blockchain technology
A survey on security and policy aspects of blockchain technologyA survey on security and policy aspects of blockchain technology
A survey on security and policy aspects of blockchain technologyTELKOMNIKA JOURNAL
 
Feasibilities Study Asia for BCCONF PDF
Feasibilities Study Asia for BCCONF PDFFeasibilities Study Asia for BCCONF PDF
Feasibilities Study Asia for BCCONF PDFEffendy Zulkifly
 
Blockchain Technology- A Conceptual Overview
Blockchain Technology- A Conceptual OverviewBlockchain Technology- A Conceptual Overview
Blockchain Technology- A Conceptual OverviewIRJET Journal
 
ENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGY
ENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGYENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGY
ENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGYIJDKP
 
Abcd is changing the world!
Abcd is changing the world!Abcd is changing the world!
Abcd is changing the world!Effendy Zulkifly
 
"Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech...
"Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech..."Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech...
"Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech...IRJET Journal
 
Blockchain's impact on accounting & banking industry research
Blockchain's impact on accounting & banking industry researchBlockchain's impact on accounting & banking industry research
Blockchain's impact on accounting & banking industry researchMehdiRizvi13
 
IRJET-Overview of Blockchain Technology in Government/Public Sectors
IRJET-Overview of Blockchain Technology in Government/Public SectorsIRJET-Overview of Blockchain Technology in Government/Public Sectors
IRJET-Overview of Blockchain Technology in Government/Public SectorsIRJET Journal
 
Bibliometric review of application of blockchain in supply chain management
Bibliometric review of application of blockchain in supply chain managementBibliometric review of application of blockchain in supply chain management
Bibliometric review of application of blockchain in supply chain managementIRJET Journal
 
Challenges In BlockChain Technology For Future Supply Chain- Future Research ...
Challenges In BlockChain Technology For Future Supply Chain- Future Research ...Challenges In BlockChain Technology For Future Supply Chain- Future Research ...
Challenges In BlockChain Technology For Future Supply Chain- Future Research ...PhD Assistance
 
block chain in indian public sector.pdf
block chain in indian public sector.pdfblock chain in indian public sector.pdf
block chain in indian public sector.pdfakshay pateriya
 
Diseño del Smart Contract Blockchain: ejemplo para Real Estate
Diseño del Smart Contract Blockchain: ejemplo para Real EstateDiseño del Smart Contract Blockchain: ejemplo para Real Estate
Diseño del Smart Contract Blockchain: ejemplo para Real EstateJosé Luis Casal
 
IRJET- Secure Online Voting Systems using Block of Chunks
IRJET-  	  Secure Online Voting Systems using Block of ChunksIRJET-  	  Secure Online Voting Systems using Block of Chunks
IRJET- Secure Online Voting Systems using Block of ChunksIRJET Journal
 

Similar to Metamorphosing Indian Blockchain Ecosystem (20)

IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...
IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...
IRJET- A Survey on IoT Reference Architecture with Block Chain for Automatic ...
 
A REVIEW ON BLOCKCHAIN BASED CHARITIES
A REVIEW ON BLOCKCHAIN BASED CHARITIESA REVIEW ON BLOCKCHAIN BASED CHARITIES
A REVIEW ON BLOCKCHAIN BASED CHARITIES
 
Blockchain based Government Schemes and Transaction Tracker
Blockchain based Government Schemes and Transaction TrackerBlockchain based Government Schemes and Transaction Tracker
Blockchain based Government Schemes and Transaction Tracker
 
Improving blockchain security for the internet of things: challenges and sol...
Improving blockchain security for the internet of things:  challenges and sol...Improving blockchain security for the internet of things:  challenges and sol...
Improving blockchain security for the internet of things: challenges and sol...
 
Assessment of Blockchain Technology Readiness Level of Banking Industry: Case...
Assessment of Blockchain Technology Readiness Level of Banking Industry: Case...Assessment of Blockchain Technology Readiness Level of Banking Industry: Case...
Assessment of Blockchain Technology Readiness Level of Banking Industry: Case...
 
Feasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of Blockchain Ecosystem in Asia RegionFeasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of Blockchain Ecosystem in Asia Region
 
A survey on security and policy aspects of blockchain technology
A survey on security and policy aspects of blockchain technologyA survey on security and policy aspects of blockchain technology
A survey on security and policy aspects of blockchain technology
 
Feasibilities Study Asia for BCCONF PDF
Feasibilities Study Asia for BCCONF PDFFeasibilities Study Asia for BCCONF PDF
Feasibilities Study Asia for BCCONF PDF
 
Blockchain Technology- A Conceptual Overview
Blockchain Technology- A Conceptual OverviewBlockchain Technology- A Conceptual Overview
Blockchain Technology- A Conceptual Overview
 
ENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGY
ENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGYENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGY
ENABLING SUPPLY CHAINS BY ADOPTING BLOCKCHAIN TECHNOLOGY
 
Abcd is changing the world!
Abcd is changing the world!Abcd is changing the world!
Abcd is changing the world!
 
"Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech...
"Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech..."Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech...
"Unravelling the Challenges: A Deep Dive into the Problems of Blockchain Tech...
 
Blockchain's impact on accounting & banking industry research
Blockchain's impact on accounting & banking industry researchBlockchain's impact on accounting & banking industry research
Blockchain's impact on accounting & banking industry research
 
IRJET-Overview of Blockchain Technology in Government/Public Sectors
IRJET-Overview of Blockchain Technology in Government/Public SectorsIRJET-Overview of Blockchain Technology in Government/Public Sectors
IRJET-Overview of Blockchain Technology in Government/Public Sectors
 
Bibliometric review of application of blockchain in supply chain management
Bibliometric review of application of blockchain in supply chain managementBibliometric review of application of blockchain in supply chain management
Bibliometric review of application of blockchain in supply chain management
 
Challenges In BlockChain Technology For Future Supply Chain- Future Research ...
Challenges In BlockChain Technology For Future Supply Chain- Future Research ...Challenges In BlockChain Technology For Future Supply Chain- Future Research ...
Challenges In BlockChain Technology For Future Supply Chain- Future Research ...
 
block chain in indian public sector.pdf
block chain in indian public sector.pdfblock chain in indian public sector.pdf
block chain in indian public sector.pdf
 
Blockchain
BlockchainBlockchain
Blockchain
 
Diseño del Smart Contract Blockchain: ejemplo para Real Estate
Diseño del Smart Contract Blockchain: ejemplo para Real EstateDiseño del Smart Contract Blockchain: ejemplo para Real Estate
Diseño del Smart Contract Blockchain: ejemplo para Real Estate
 
IRJET- Secure Online Voting Systems using Block of Chunks
IRJET-  	  Secure Online Voting Systems using Block of ChunksIRJET-  	  Secure Online Voting Systems using Block of Chunks
IRJET- Secure Online Voting Systems using Block of Chunks
 

More from Dr. Amarjeet Singh

Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...
Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...
Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...Dr. Amarjeet Singh
 
A Case Study on Small Town Big Player – Enjay IT Solutions Ltd., Bhilad
A Case Study on Small Town Big Player – Enjay IT Solutions Ltd., BhiladA Case Study on Small Town Big Player – Enjay IT Solutions Ltd., Bhilad
A Case Study on Small Town Big Player – Enjay IT Solutions Ltd., BhiladDr. Amarjeet Singh
 
Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...
Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...
Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...Dr. Amarjeet Singh
 
Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...
Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...
Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...Dr. Amarjeet Singh
 
Factors Influencing Ownership Pattern and its Impact on Corporate Performance...
Factors Influencing Ownership Pattern and its Impact on Corporate Performance...Factors Influencing Ownership Pattern and its Impact on Corporate Performance...
Factors Influencing Ownership Pattern and its Impact on Corporate Performance...Dr. Amarjeet Singh
 
An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...
An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...
An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...Dr. Amarjeet Singh
 
A Study on Factors Influencing the Financial Performance Analysis Selected Pr...
A Study on Factors Influencing the Financial Performance Analysis Selected Pr...A Study on Factors Influencing the Financial Performance Analysis Selected Pr...
A Study on Factors Influencing the Financial Performance Analysis Selected Pr...Dr. Amarjeet Singh
 
An Empirical Analysis of Financial Performance of Selected Oil Exploration an...
An Empirical Analysis of Financial Performance of Selected Oil Exploration an...An Empirical Analysis of Financial Performance of Selected Oil Exploration an...
An Empirical Analysis of Financial Performance of Selected Oil Exploration an...Dr. Amarjeet Singh
 
A Study on Derivative Market in India
A Study on Derivative Market in IndiaA Study on Derivative Market in India
A Study on Derivative Market in IndiaDr. Amarjeet Singh
 
Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...
Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...
Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...Dr. Amarjeet Singh
 
Analytical Mechanics of Magnetic Particles Suspended in Magnetorheological Fluid
Analytical Mechanics of Magnetic Particles Suspended in Magnetorheological FluidAnalytical Mechanics of Magnetic Particles Suspended in Magnetorheological Fluid
Analytical Mechanics of Magnetic Particles Suspended in Magnetorheological FluidDr. Amarjeet Singh
 
Techno-Economic Aspects of Solid Food Wastes into Bio-Manure
Techno-Economic Aspects of Solid Food Wastes into Bio-ManureTechno-Economic Aspects of Solid Food Wastes into Bio-Manure
Techno-Economic Aspects of Solid Food Wastes into Bio-ManureDr. Amarjeet Singh
 
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?Crypto-Currencies: Can Investors Rely on them as Investment Avenue?
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?Dr. Amarjeet Singh
 
Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...
Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...
Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...Dr. Amarjeet Singh
 
Role of Indians in the Battle of 1857
Role of Indians in the Battle of 1857Role of Indians in the Battle of 1857
Role of Indians in the Battle of 1857Dr. Amarjeet Singh
 
Haryana's Honour Killings: A Social and Legal Point of View
Haryana's Honour Killings: A Social and Legal Point of ViewHaryana's Honour Killings: A Social and Legal Point of View
Haryana's Honour Killings: A Social and Legal Point of ViewDr. Amarjeet Singh
 
Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...
Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...
Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...Dr. Amarjeet Singh
 
Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...
Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...
Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...Dr. Amarjeet Singh
 
Capacity Expansion Banes in Indian Steel Industry
Capacity Expansion Banes in Indian Steel IndustryCapacity Expansion Banes in Indian Steel Industry
Capacity Expansion Banes in Indian Steel IndustryDr. Amarjeet Singh
 
Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...
Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...
Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...Dr. Amarjeet Singh
 

More from Dr. Amarjeet Singh (20)

Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...
Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...
Total Ionization Cross Sections due to Electron Impact of Ammonia from Thresh...
 
A Case Study on Small Town Big Player – Enjay IT Solutions Ltd., Bhilad
A Case Study on Small Town Big Player – Enjay IT Solutions Ltd., BhiladA Case Study on Small Town Big Player – Enjay IT Solutions Ltd., Bhilad
A Case Study on Small Town Big Player – Enjay IT Solutions Ltd., Bhilad
 
Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...
Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...
Effect of Biopesticide from the Stems of Gossypium Arboreum on Pink Bollworm ...
 
Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...
Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...
Artificial Intelligence Techniques in E-Commerce: The Possibility of Exploiti...
 
Factors Influencing Ownership Pattern and its Impact on Corporate Performance...
Factors Influencing Ownership Pattern and its Impact on Corporate Performance...Factors Influencing Ownership Pattern and its Impact on Corporate Performance...
Factors Influencing Ownership Pattern and its Impact on Corporate Performance...
 
An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...
An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...
An Analytical Study on Ratios Influencing Profitability of Selected Indian Au...
 
A Study on Factors Influencing the Financial Performance Analysis Selected Pr...
A Study on Factors Influencing the Financial Performance Analysis Selected Pr...A Study on Factors Influencing the Financial Performance Analysis Selected Pr...
A Study on Factors Influencing the Financial Performance Analysis Selected Pr...
 
An Empirical Analysis of Financial Performance of Selected Oil Exploration an...
An Empirical Analysis of Financial Performance of Selected Oil Exploration an...An Empirical Analysis of Financial Performance of Selected Oil Exploration an...
An Empirical Analysis of Financial Performance of Selected Oil Exploration an...
 
A Study on Derivative Market in India
A Study on Derivative Market in IndiaA Study on Derivative Market in India
A Study on Derivative Market in India
 
Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...
Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...
Theoretical Estimation of CO2 Compression and Transport Costs for an hypothet...
 
Analytical Mechanics of Magnetic Particles Suspended in Magnetorheological Fluid
Analytical Mechanics of Magnetic Particles Suspended in Magnetorheological FluidAnalytical Mechanics of Magnetic Particles Suspended in Magnetorheological Fluid
Analytical Mechanics of Magnetic Particles Suspended in Magnetorheological Fluid
 
Techno-Economic Aspects of Solid Food Wastes into Bio-Manure
Techno-Economic Aspects of Solid Food Wastes into Bio-ManureTechno-Economic Aspects of Solid Food Wastes into Bio-Manure
Techno-Economic Aspects of Solid Food Wastes into Bio-Manure
 
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?Crypto-Currencies: Can Investors Rely on them as Investment Avenue?
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?
 
Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...
Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...
Awareness of Disaster Risk Reduction (DRR) among Student of the Catanduanes S...
 
Role of Indians in the Battle of 1857
Role of Indians in the Battle of 1857Role of Indians in the Battle of 1857
Role of Indians in the Battle of 1857
 
Haryana's Honour Killings: A Social and Legal Point of View
Haryana's Honour Killings: A Social and Legal Point of ViewHaryana's Honour Killings: A Social and Legal Point of View
Haryana's Honour Killings: A Social and Legal Point of View
 
Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...
Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...
Optimization of Digital-Based MSME E-Commerce: Challenges and Opportunities i...
 
Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...
Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...
Modal Space Controller for Hydraulically Driven Six Degree of Freedom Paralle...
 
Capacity Expansion Banes in Indian Steel Industry
Capacity Expansion Banes in Indian Steel IndustryCapacity Expansion Banes in Indian Steel Industry
Capacity Expansion Banes in Indian Steel Industry
 
Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...
Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...
Data Analysis study based on Consumer Behavior on Soft Drinks Produced by Coc...
 

Recently uploaded

The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...Operational Excellence Consulting
 
Excvation Safety for safety officers reference
Excvation Safety for safety officers referenceExcvation Safety for safety officers reference
Excvation Safety for safety officers referencessuser2c065e
 
Customizable Contents Restoration Training
Customizable Contents Restoration TrainingCustomizable Contents Restoration Training
Customizable Contents Restoration TrainingCalvinarnold843
 
Welding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsWelding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsIndiaMART InterMESH Limited
 
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdfGUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdfDanny Diep To
 
WSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfWSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfJamesConcepcion7
 
Paul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate ProfessionalPaul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate ProfessionalPaul Turovsky
 
20200128 Ethical by Design - Whitepaper.pdf
20200128 Ethical by Design - Whitepaper.pdf20200128 Ethical by Design - Whitepaper.pdf
20200128 Ethical by Design - Whitepaper.pdfChris Skinner
 
Go for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptx
Go for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptxGo for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptx
Go for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptxRakhi Bazaar
 
NAB Show Exhibitor List 2024 - Exhibitors Data
NAB Show Exhibitor List 2024 - Exhibitors DataNAB Show Exhibitor List 2024 - Exhibitors Data
NAB Show Exhibitor List 2024 - Exhibitors DataExhibitors Data
 
Fundamentals Welcome and Inclusive DEIB
Fundamentals Welcome and  Inclusive DEIBFundamentals Welcome and  Inclusive DEIB
Fundamentals Welcome and Inclusive DEIBGregory DeShields
 
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...Aggregage
 
digital marketing , introduction of digital marketing
digital marketing , introduction of digital marketingdigital marketing , introduction of digital marketing
digital marketing , introduction of digital marketingrajputmeenakshi733
 
Types of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfTypes of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfASGITConsulting
 
EUDR Info Meeting Ethiopian coffee exporters
EUDR Info Meeting Ethiopian coffee exportersEUDR Info Meeting Ethiopian coffee exporters
EUDR Info Meeting Ethiopian coffee exportersPeter Horsten
 
WSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdfWSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdfJamesConcepcion7
 
Healthcare Feb. & Mar. Healthcare Newsletter
Healthcare Feb. & Mar. Healthcare NewsletterHealthcare Feb. & Mar. Healthcare Newsletter
Healthcare Feb. & Mar. Healthcare NewsletterJamesConcepcion7
 
1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdf1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdfShaun Heinrichs
 

Recently uploaded (20)

The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
The McKinsey 7S Framework: A Holistic Approach to Harmonizing All Parts of th...
 
WAM Corporate Presentation April 12 2024.pdf
WAM Corporate Presentation April 12 2024.pdfWAM Corporate Presentation April 12 2024.pdf
WAM Corporate Presentation April 12 2024.pdf
 
Excvation Safety for safety officers reference
Excvation Safety for safety officers referenceExcvation Safety for safety officers reference
Excvation Safety for safety officers reference
 
Customizable Contents Restoration Training
Customizable Contents Restoration TrainingCustomizable Contents Restoration Training
Customizable Contents Restoration Training
 
Welding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsWelding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan Dynamics
 
The Bizz Quiz-E-Summit-E-Cell-IITPatna.pptx
The Bizz Quiz-E-Summit-E-Cell-IITPatna.pptxThe Bizz Quiz-E-Summit-E-Cell-IITPatna.pptx
The Bizz Quiz-E-Summit-E-Cell-IITPatna.pptx
 
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdfGUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
 
WSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfWSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdf
 
Paul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate ProfessionalPaul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate Professional
 
20200128 Ethical by Design - Whitepaper.pdf
20200128 Ethical by Design - Whitepaper.pdf20200128 Ethical by Design - Whitepaper.pdf
20200128 Ethical by Design - Whitepaper.pdf
 
Go for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptx
Go for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptxGo for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptx
Go for Rakhi Bazaar and Pick the Latest Bhaiya Bhabhi Rakhi.pptx
 
NAB Show Exhibitor List 2024 - Exhibitors Data
NAB Show Exhibitor List 2024 - Exhibitors DataNAB Show Exhibitor List 2024 - Exhibitors Data
NAB Show Exhibitor List 2024 - Exhibitors Data
 
Fundamentals Welcome and Inclusive DEIB
Fundamentals Welcome and  Inclusive DEIBFundamentals Welcome and  Inclusive DEIB
Fundamentals Welcome and Inclusive DEIB
 
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
 
digital marketing , introduction of digital marketing
digital marketing , introduction of digital marketingdigital marketing , introduction of digital marketing
digital marketing , introduction of digital marketing
 
Types of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfTypes of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdf
 
EUDR Info Meeting Ethiopian coffee exporters
EUDR Info Meeting Ethiopian coffee exportersEUDR Info Meeting Ethiopian coffee exporters
EUDR Info Meeting Ethiopian coffee exporters
 
WSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdfWSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdf
 
Healthcare Feb. & Mar. Healthcare Newsletter
Healthcare Feb. & Mar. Healthcare NewsletterHealthcare Feb. & Mar. Healthcare Newsletter
Healthcare Feb. & Mar. Healthcare Newsletter
 
1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdf1911 Gold Corporate Presentation Apr 2024.pdf
1911 Gold Corporate Presentation Apr 2024.pdf
 

Metamorphosing Indian Blockchain Ecosystem

  • 1. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 77 This work is licensed under Creative Commons Attribution 4.0 International License. Metamorphosing Indian Blockchain Ecosystem Dr. Jyoti Mahajan1 , Dr. Rajesh Mahajan2 and Dr. Dileep Kumar Singh3 1 Assistant Professor, G.H. Raisoni Institute of Management & Research, Khaperkheda, Nagpur, INDIA 2 Associate Professor, Amity Business School, Amity University Chhattisgarh, INDIA 3 Assistant Professor, Amity Business School, Amity University Chhattisgarh, INDIA 3 Corresponding Author: dksingh@rpr.amity.edu ABSTRACT A blockchain is a decentralised database that is shared across computer network nodes. A blockchain acts as a database, storing information in a digital format. The study primarily aims to explore how in the future, block chain technology will alter several areas of the Indian economy. The current study aims to obtain a deeper understanding of blockchain technology's idea and implementation in India, as well as the technology's potential as a disruptive financial technological innovation. Secondary sources such as reports, journals, papers, and websites were used to compile all the data. Current and relevant information were utilised to help understand the research goals. All the information is rationally organised to fulfil the objectives. The current research focuses on recommendations for enhancing India's Blockchain ecosystem so that it may become one of the best in the world at utilising this new technology. Keywords— Blockchain, Ecosystem, Banking Industry I. INTRODUCTION The functionality and complexity of Distributed Ledger Technology (DLT) and blockchain have grown significantly to provide solutions to a variety of industries, including the financial sector. Some of the banks have started pilot initiatives to understand more about DLT and see how it may help their operations and financial systems. Most of these projects have been experimental in nature so far, with the goal of determining the viability of performing inter-bank settlements, digital asset and token settlements, and cross-border payments over DLT platforms using existing system functionality. In the Indian context, boosting support for innovations and evolving technologies from the Reserve Bank of India and the Government of India through regulatory sandboxes and other initiatives will pave the path for a new economic system to emerge for a new economy enhanced with technology-centric growth. The present research study focuses on ideas for transforming India's Blockchain ecosystem so that it may become one among the most developed countries in terms of leveraging the benefits of this emerging technology. II. RESEARCH QUESTION The present study addresses the research questions mentioned below: 1. How will Block Chain technology transform different sectors of Indian economy in future? 2. What challenges India will face for adoption of Block Chain Technology and steps the government of India have taken to implement the Block Chain Technology? III. OBJECTIVES The study is fundamentally aimed at understanding the following: 1. To understand the blockchain's technical architecture and how it works. 2. To have a better understanding of the technological and administrative aspects of implementing Block Chain in India. 3. To study Opportunities and threats of Block Chain Technology. 4. To understand transformation of India's Blockchain ecosystem IV. REVIEW OF LITERATURE (Guo and Liang,2016)[1] asserted that blockchain technology has a bright future ahead of it in the banking industry. It has the potential to improve and improve the efficiency of the banking sector's payment clearing and settlement system, as well as the credit information system. Abou (Jaoude, J., & Saade, R. G.,2019)[2] identified that BCT originally conceived as a mechanism to enable a frictionless cryptocurrency, Bitcoin, blockchain has since unbound itself from its original purpose as an increasing number of industries and stakeholders see the technology as an appealing alternative to solve existing business problems and disrupt mature industries. The blockchain's unique characteristics, such as privacy, security, anonymity, decentralisation, and immutability, help a wide range of disciplines and subjects. The exploration of blockchain's application has barely begun with a few small studies in domains including the Internet of Things, energy, banking, healthcare, and government, all of which stand to gain disproportionately from its deployment. (Yang, X. M., Li, X., Wu, H. Q., & Zhao, K. Y., 2017) [3] regarded that the underlying technology of bitcoin, blockchain technology is not only applied in the field of finance, but
  • 2. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 78 This work is licensed under Creative Commons Attribution 4.0 International License. also has potential in education. According to the experience and enlightenment from the application of blockchain in the financial field, the blockchain in education is mainly embodied in the six application modes: establishing individual knowledge big data, creating intelligent educational platform of Taobao, developing degree certificate system, constructing new ecology of open education resources, achieving "self- organization" operation of network learning community and developing the decentralization of education system. (Gupta and Gupta 2018) [4] have stated that Indian banking system can drastically change with the help of blockchain technology. It has the ability to make transactions to be more secured, transparent and cost effective and to evolve towards digitizing the Indian monetary system. (MM Queiroz and SF Wamba, 2019) [5] identified that blockchain technology can reshape the future of the banking. Banks need to process and store enormous data and therefore enhanced security and transparency can be achieved by this technology. Sharma (2020)[6] stated that blockchain can bring in a revolution in the Indian banking. A secured and distributed database of clients helps in reducing the time and cost in interbank transactions, KYC of customers, and reduction in NPA of the banks. Hsani and Sherimon (2021)[7] have also noted that blockchain technology helps in quickly completing complex clearing and settlement system and make the process of authentication easier through shared KYC infrastructure. Madaan, L., Kumar, A., & Bhushan, B. (2020, April)[8] investigated blockchain and its current scenario, it first focuses on the emergence of blockchain and its working and also briefly explains the characteristics and challenges faced by technology. The review of literature highlights that BCT have been studied from different perspective by different authors but very few studies focus on essential ecosystem required to implement the BCT. Therefore the current research focuses on ideas for transforming India's Blockchain ecosystem so that it may become one of the top countries in terms of leveraging the benefits of this emerging technology. V. RESEARCH METHODOLOGY The current research focuses on gaining a better knowledge of the concept and application of blockchain technology in India, as well as the technology's prospects as a disruptive financial technological advancement. By focusing on the technological and administrative aspects of block chain technology implementation in India, the study also provides insight into the strategies for metamorphosing the Indian Blockchain ecosystem to make India one of the leading countries in terms of harnessing the benefits of this emerging technology. The current research is exploratory and descriptive. All the information was gathered from secondary sources such as reports, journals, papers, and websites. To comprehend the research aims, tables were used. All the data is logically organised to meet the given goals. VI. RESULTS AND DISCUSSION 6.1 Understanding Block Chain Technology "A blockchain is a distributed ledger that records transactions in near real time and is digitally unchangeable." The respective consensus of the network participants (called nodes) is required for each future transaction to be added to the ledger, hence generating a continual process of control regarding manipulation, errors, and data quality." Simply explained, Blockchain is a technology for trading value without the use of a middleman over the internet. Figure 1: Blockchain Network and the process of adding new transaction to ledger (Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain)
  • 3. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 79 This work is licensed under Creative Commons Attribution 4.0 International License. The immutability of a Blockchain makes it nearly impossible to make changes after it has been formed, increasing data integrity, and reducing fraud potential. The basic data structure of a Blockchain, known as a Merkle tree or Hash tree, provides immutability and irreversibility. Figure 2: Merkle Tree Structure ((Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain) 6.2 Merkle Tree Structure at the heart of Block Chain Blockchain's cryptographic security is provided by a binary data structure with hash pointers. Merkle tree, also known as hash tree, is a distributed data structure that groups data blocks into pairs and stores the hash of each pair in a parent node. The hash codes are grouped together until they reach the root node. The immutability of a Blockchain is derived from the fact that tampering of any block will result in manipulation of all preceding hashes until the root node, which is tamper proof. Another benefit of the Merkle tree is that it provides proof of membership/ownership because knowing the root member is sufficient to know all of the tree's members. Figure 3: Traditional database vs. Blockchain base distributed ledger (Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain) Traditional Database In traditional database actual value is transferred between two parties by central authorities. To facilitate the transfer of assets and establish trust, multiple intermediaries are required. Blockchain Database In Blockchain database distributed nodes that maintain a shared source of Information. Trust enabled by cryptographic algorithm 6.3 Types of Block Chain: Blockchain can be set up in two ways: public / permissionless or private / permissioned, each with its own set of benefits and drawbacks. Figure 4 demonstrates the various architecture possibilities for
  • 4. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 80 This work is licensed under Creative Commons Attribution 4.0 International License. Blockchain deployments, illustrating that private Blockchains allow only known entities to join the network, whereas public Blockchains do not have a central authority (Brant et al 2018) [9] . Figure 4: Block Chain Architecture Options (Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain) Public Block Chain Fully decentralized and Transparent - Anyone can read, send transactions & participate in the consensus process. Permissioned Block Chain Quasi-decentralized, with a pre-selected number of nodes controlling consensus and read permission restricted to participants. Private Block Chain Centralized–requires a 'high trust' entity with centralised Write access for one entity and Read permissions for all participants. 6.4 Blockchain Applications of National Importance In corporate operations, blockchain technology enables transparency, security, and efficiency. It creates a unique layer of trust across the Internet, which was initially explored with the cryptocurrency Bitcoin. The functionality of B2B, G2C, G2G, and B2G services related to diverse application fields will be revolutionised by Blockchain Technology. As shown in Figure 5, it has applications in healthcare, governance, cyber security, autos, media, travel, logistics & hospitality, education, legal, energy, and smart cities. Figure 5: Application of Block Chain Technology (Source: National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain)
  • 5. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 81 This work is licensed under Creative Commons Attribution 4.0 International License. Potential Block Chain Applications of National Interest includes:  Transfer of Land Records (Property Record Management)  Digital Certificates Management (Education, Death, Birth, Agreements, and Sale deeds...) are two potential Blockchain applications of national relevance.  e-Notary Service is a service that allows you to sign documents electronically (Blockchain enabled e-Sign Solution)  Supply chain for pharmaceuticals  Agricultural Insurance  Managing your identity  Distribution of power  Payments of duties  Supply networks in agriculture and other industries  eVoting (Electronic Voting)  Management of Electronic Health Records (EHR)  System for Managing Digital Evidence  Providing Public Services  IoT Device Security and Management  Vehicle lifecycle management  Managing the operations of a chit fund  Microfinance for Self-Help Organizations (SHG) 6.5 Value addition through Blockchain in E- Governance 1) In e-Government, blockchain may provide a lot of value by improving transparency and accountability, building trust with citizens, speeding up transactions, protecting sensitive data, and lowering costs and improving efficiency. 2) In order to provide service to residents, government procedures necessitate the involvement of numerous agencies. Data communication between departments must be seamless if efficient service delivery is to be achieved. Smart contract workflows and shared ledgers can be used to track cross-departmental procedures. As a result, through utilization of Block Chain, the system becomes more transparent and accountable. 3) Because blockchain is a single source of truth, it may be used to authenticate and verify all transactions and data generated by various government agencies. 4) Smart contracts, supply chains for various government procedures, trusted inter- departmental communication, and tamper- evident storage are all possible with blockchain. 5) By comparing the submitted document copy to a version kept in a Blockchain, officials will be able to validate the proof of existence of papers. Storing digital artefacts / documents in a Blockchain ensures that they are secure and unaffected by alteration. 6.6 Global initiative in implementation of Block Chain Many governments have implemented Blockchain-based platforms and services, and many vendors are already delivering Blockchain as a service to their clients. 1) China's Blockchain-based Service Network (BSN) programme intends to make it easier for businesses and people to deploy Blockchain applications more quickly and affordably. The BSN includes components that provide application development developer tools and focuses on standardising them across public networks, regions, and business sectors. The goal is to assist efforts in the digital economy and smart cities. 2) Another initiative of China has launched a Blockchain-based identification system for smart city infrastructure that was developed independently. This technology will issue Chinese smart cities a unique, global digital ID in order to promote communication and data sharing between them. The Blockchain-based notary application has been operational in China's offices since April 2019. 3) The European Blockchain Partnership (EBP) aims to use blockchain and distributed ledger technologies to build a trusted, secure, and resilient European Blockchain Services Infrastructure (EBSI) that meets the highest standards in terms of privacy, cybersecurity, interoperability, and policy implementation, among other things. 4) The Estonian-developed Keyless Signature Infrastructure (KSI) is a Blockchain technology. In Estonian government networks, blockchain is being used to mathematically guarantee the legitimacy of electronic data (records). They used X-Road, a "centrally managed distributed Data Exchange Layer (DXL) connecting information systems." Organizations can use X- Road to share information over the Internet while maintaining confidentiality, integrity, and interoperability. 5) United Arab Emirates has “Smart Dubai” initiative, which aims to become the first city fully powered by Blockchain by 2021,” and enhance everything from health care and education to traffic management and environmental sustainability. 6) In the United States, the Food and Drug Administration is utilising Blockchain to address the issue of lack of openness and security in the processing of health data. The Food Standards Agency in the United Kingdom is utilising Blockchain to track the circulation of meat in order to improve food traceability.
  • 6. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 82 This work is licensed under Creative Commons Attribution 4.0 International License. 7) The Brazilian government has declared that applications and popular voting would be migrated to Ethereum. Brazil is also concentrating on public bidding for government contracts, on-line bid solutions to provide secure and transparent negotiations for farm applications, and student credentials and performance tracking. 8) Chile uses Ethereum to track data and finances from the energy infrastructure in order to combat corruption and exploitation by making data transparent and immutable for all citizens to see. In 2017, Switzerland began offering and registering digital IDs on Ethereum. 9) To alleviate voters' concerns about corruption, Canada is adopting Ethereum to offer transparency to the usage of government grants. 10) Sweden is concentrating on real estate transactions, while Ghana is working on a blockchain-based land registry and cadastral record to collect property taxes. 11) Samsung Blockchain Wallet, which is powered by COSMOCHAIN Blockchain, has created CosmeeDApp, which allows users to purchase content with bitcoin. If a corporation uses information provided or developed by customers, the information sources are rewarded in a completely transparent manner utilising Blockchain. 12) LG Blockchain is a company that specialises in digital authentication, community tokens, and enterprise supply chain management. 13) Some of the Blockchain services available include Amazon Managed Blockchain, Microsoft Azure Workbench, IBM Blockchain, Oracle Blockchain, and BlockappsStrato. 14) Cosmos, Polkadot, Aion, Ark, Wanchain, Atomic Swap, and Chainlink are just a few of the global Blockchain Interoperability research projects. 6.7 National Scenario in implementation of Block Chain Blockchain Technology has been selected by the Ministry of Electronics and Information Technology (MeitY) as one of the significant research fields with application potential in several domains such as governance, banking and finance, cyber security, and so on. With C-DAC, IDRBT, and VJTI as executing agencies, MeitY has financed a multi-institutional project dubbed Distributed Centre of Excellence in Blockchain Technology. Agencies have conducted research on the application of Blockchain Technology in designated domains, built Proof-of-Concept solutions, and piloted them as part of this programme. A blockchain-based property registration solution has been successfully built and is being tested in Telangana's Shamshabad District. Proof-of-Concept solutions for Cloud Security Assurance, CKYC, and trade financing are being developed. A generic blockchain-based Proof-of- Existence (PoE) Framework is being created to enable PoE for digital artefacts, such as academic diplomas, sale deed documents, and memorandums of understanding. A method for authenticating academic certificates has been built utilising the PoE framework, and it is currently being tested at C-DAC Advanced Computing Training School. In order to encourage the growth of the Blockchain ecosystem, the team has showcased the developed solutions to a number of additional states and successfully conducted capacity building programmes for user agencies. C-DAC is also a founding member of Telangana State's Blockchain District programme. In collaboration with NICSI, NIC developed a Centre of Excellence (CoE) in Blockchain technology. The goals of the CoE are to speed up the adoption and deployment of Blockchain technology in government, to execute projects focused on various use cases, to pilot deployment, to offer Blockchain-Platform as a Service to speed up the design and development of solutions, and to provide consultancy and capacity building. The Center of Excellence is focusing on collaboration between the government, the public sector, and the business sector. Blood Bank, Digidhan, Public Distribution System, Land Registration, GST Backoffice, Excise Management System, and other application areas discovered and developed by CoE. Blockchain has been identified by the National Institution for Transparency and Accountability (NITI Aayog) as a promising technology that enables features such as decentralisation, transparency, and accountability. NITI Aayog has piloted a number of Blockchain use cases in collaboration with various government departments and private organisations. Land records, pharmaceutical supply chains, fertiliser subsidy disbursement, and educational diplomas are some of the use cases. C-DAC has completed successful proof-of- concepts and pilot deployments, demonstrating that Blockchain Technology will play a disruptive role in the industry 4.0, government, and public sectors. One of the mission areas specified by C-DAC is Blockchain Technology. C-mission DAC's is to create Blockchain Technology solutions that enable a trusted and auditable shared infrastructure for cross-domain application development and large-scale deployment. The top level components of C-mission DAC's in Blockchain Technology are as follows: Unified Blockchain Framework: A cross- domain blockchain platform that addresses performance, scalability, interoperability, security, and privacy concerns. Block chain services: e Sign has related to a blockchain-based Proof-of-Existence system (PoE). Blockchain Applications for different domains: Security for IoT Deployment, Blockchain for Electronic Health Record (EHR), Blockchain based Digital Evidence Management System, Blockchain for
  • 7. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 83 This work is licensed under Creative Commons Attribution 4.0 International License. Track and Trace, Blockchain for Electronic Health Record (EHR), Blockchain for Electronic Health Record (EHR), Blockchain for Electronic Health Record (EHR), Blockchain for Electronic Health Record (EHR), Blockchain for Electronic Health Record Self-Sovereign Identity on the Blockchain APEDA Trace Net, Government e-Marketplace (GeM) Platform, Blockchain Technology for Voting, and Blockchain based Property Record Management System all use blockchain technology. RBI & other initiatives: The Reserve Bank of India (RBI) is investigating the use of Blockchain technology in the banking sector. Mahindra and IBM are working on a supply chain management system together. For a Blockchain-based application trial, SBI has partnered with commercial banks and financial institutions. Blockchain is also being used by Yes Bank, Axis Bank, and ICICI Bank in their financial operations. NASSCOM: According to the NASSCOM Avasant India Blockchain Report 2019, various states throughout India have begun to implement Blockchain-based use cases. The top three use cases are land registry, farm insurance, and digital certificates. 6.7 Legal Challenges for implementation of Block Chain Technology 1) The Reserve Bank of India (RBI) has imposed restrictions on virtual currencies based on Blockchain technology, and a circular has been issued to prohibit crypto-currency transactions in India. However, the feature of tokenization- related actions is unclear. 2) In banking legislation, in-person verification is required to satisfy non-repudiation standards, and implementing technical solutions for such requirements, particularly for crypto-currency based on Blockchain, is difficult. 3) Blockchain networks and applications rely heavily on digital signatures. There are currently no specifics in Schedule I of the Information Technology Act, 2000 in relation to transactions involving immovable property, wills, or negotiable instruments, hence this clause excludes the technology's applicability to such operations. 4) When it comes to Blockchain, Section 43A of the IT Act currently does not have any precautions indicated in terms of privacy. The 'Right to be Forgotten,' which is a common aspect of data protection law such as the Draft Personal Data Protection Bill, 2019, clashes with Blockchain's intrinsic feature of data not being able to be removed and data history being constantly available. 5) Localization: Because the Blockchain automatically stores data redundancy across all nodes on a network, localization requirements may pose a problem for the system, even if they are limited to only important personal data, as the Ministry of Electronics and Information Technology is considering (MeitY). 6.8 Privacy, Security, and regulation Challenges for implementation of Block Chain Technology 1) Privacy: Because data on the blockchain is kept on every node in the network, privacy is not an intrinsic characteristic of the blockchain. This is an active research subject, with numerous solutions being presented and evolving. Data should be maintained in a way that does not jeopardise an individual's privacy, and proper permission methods should be implemented in accordance with data protection legislation. 2) Regulations: The situation of Blockchain application legislation and compliance is still unclear. The restrictions primarily concern the privacy of information transferred via Blockchain, which might include health data or user identity documents, among other things. When the regulations are well-defined, adoption will speed up. 3) Use of CA’s: Every entity in Blockchain, including nodes and users, has public keys, private keys, and certificates. The utilisation of existing certificate authorities (CAs) is a crucial integration point. The type of CA to use would be determined by the application's nature. Applications that require transaction signing with certificates from a licenced CA should be considered as part of the implementation from the start. (*The above challenges have been adopted from report National Block Chain Strategic Report by NIC) 6.9 Technological Challenges for implementation of Block Chain Technology 1) Performance & Scalability: The decentralised architecture of Blockchain, in contrast to old centralised systems, indicates that it will be slower than traditional systems. As a result, it's critical to create a system that allows for speedier synchronisation. While extensive research is being done in this area, the initial use-cases should be carefully chosen such that real-time processing and results are not required. The architecture and configuration of the Blockchain platform, as well as variable computing power, network bandwidth, block size, consensus, transaction validation processes, privacy needs, file system, and data storage, all impact the scalability of Blockchain systems. These scalability needs should be addressed in the architectural architecture of the Blockchain network and platform. 2) Storage: Blockchain is regarded as an append- only data storage system. Because data saved in the Blockchain cannot be changed, it becomes eternal and is duplicated across all network nodes. This necessitates a lot of storage space
  • 8. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 84 This work is licensed under Creative Commons Attribution 4.0 International License. and may become an issue if the chain of blocks grows. 3) Transaction details and interoperability: For high performance gains, a design choice on what part of the application data flows offchain and what part goes onchain is critical. The number of transaction details that must be stored should be limited to a bare minimum, and this may vary depending on the application. Transaction standardisation for a certain class of applications must be developed in order to reap the benefits of interoperability across comparable applications. 4) Resource Allocation: Due to the dispersed nature of the network and node infrastructure, resource allocations would vary and rely on the cost of network maintenance, peripheral security, and other critical criteria. In such instances, lower resource allocations may have a performance impact on the overall system. Furthermore, problems associated with establishing Blockchain Infrastructure across the country must be addressed. 6.10 Skill Set Challenges for implementation of Block Chain Technology 1) Awareness: A fundamental difficulty is a lack of understanding of the nature of Blockchain systems. There are a lot of open source Blockchain platforms available, but many of them lack well-documented features like as the ability to add new components, security, scalability, and speed. This need experienced people in a variety of technologies in order to comprehend and alter their performance to meet specific needs. 2) Underlying Technology: The underlying technology that powers Blockchain is still in its infancy and is just now approaching the point where it can be used in production. The benefits of technology should be communicated to users, as well as how it might be used to solve issues in a certain domain of national relevance. 3) Supply Chain: Blockchain may be used to trace supply chains, which is a useful and significant use. Due to a lack of understanding and trust concerns in technology, a lot of domain experts are hesitant to accept the technology. As a result, quicker Blockchain use necessitates increased digitalization and knowledge. 4) Proof of Concept: Users must pay blockchain professionals or data scientists to execute a successful large-scale PoC (Proof of Concept), which is more expensive than hiring software engineers, making adoption challenging. 5) Manpower: It's difficult to locate people who are both domain and technology experts. Many projects that have begun to adopt Blockchain- based applications are running into a skilled labour shortage. India's scale and needs (including catering to global needs) would be significantly bigger, and if human requirements are not met in a timely and adequate manner, the nation's journey to adopt Blockchain will be severely hampered. 6.11 Challenges in terms of security, privacy, and legislation Privacy: Because data on the blockchain is kept on every node in the network, privacy is not an intrinsic characteristic of the blockchain. This is an active research subject, with numerous solutions being presented and evolving. Data should be stored in a way that does not jeopardise an individual's privacy, and proper consent methods should be implemented in accordance with data protection legislation. 1) Existing CA’s can be used: Every entity in Blockchain, including nodes and users, has public keys, private keys, and certificates. The utilisation of existing certificate authorities (CAs) is a crucial integration point. The type of CA to use would be determined by the application's nature. Applications that require transaction signing with certificates from a licenced CA should be considered as part of the implementation from the start. 2) State Regulations: The state of Blockchain application legislation and compliance is still unclear. The restrictions primarily concern the privacy of information transferred via Blockchain, which could include health data or user identity documents, among other things. When the regulations are well-defined, adoption will speed up. 6.12 Legislation challenges for adopting in India 1) The Reserve Bank of India (RBI) has imposed restrictions on virtual currencies based on Blockchain technology, and a circular has been issued to prohibit crypto-currency transactions in India. However, the feature of tokenization- related actions is unclear. 2) In banking legislation, in-person verification is required to satisfy non-repudiation standards, and implementing technical solutions for such requirements, particularly for crypto-currency based on Blockchain, is difficult. 3) Blockchain networks and applications rely heavily on digital signatures. 4) There are currently no specifics in Schedule I of the Information Technology Act, 2000 in relation to transactions involving immovable property, wills, or negotiable instruments, hence this clause excludes the technology's applicability to such operations. 5) When it comes to Blockchain, Section 43A of the IT Act currently does not have any precautions indicated in terms of privacy. The 'Right to be Forgotten,' which is a common aspect of data protection law such as the Draft Personal Data Protection Bill, 2019, clashes
  • 9. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 85 This work is licensed under Creative Commons Attribution 4.0 International License. with Blockchain's intrinsic feature of data not being able to be removed and data history being constantly available. 6) Localization: Because public Blockchain automatically stores data redundancies across all nodes on a network, localization requirements may pose a challenge for the technology, even if they are limited to only critical personal data, as the Ministry of Electronics and Information Technology is considering (MeitY). 6.13 SWOT Analysis The SWOT analysis is taken from the Gartner Trend Insight Report "Practical Blockchain." Considering the SWOT analysis, it's critical to identify and deploy Blockchain to the proper application that can take advantage of the technology's advantages. Multiple untrustworthy stakeholder engagement, such as regulatory bodies, smart contracts that do not change frequently, data that requires permanent storage, and so on are all considerations to consider while developing a blockchain application. Strength Weakness  Decentralized approach  Speed and 100% transparency  Open Source  Security and modern cryptography  Native Asset Creation  No reliance on third party  Low cost and risk  Dynamic and fluid exchange value  Access challenge  Change Management  Integration With Legacy Systems  Lack of Standards  Low capacity and processing speed  Ownership challenge  Recent technology (not 100% developed)  Scalability  Security against cyber criminals  Storage  Technology Maturity Opportunities Threats  Automations  Business Process Optimisation  Elimination of trust necessity  Faster (international) payment transfer  Improved customer experience  Increased quality of products and services  Innovation In Almost Every Industry Especially Banking  Instantaneous settlements  KYC database  New Intermediaries  No reliance on rating agencies  Opportunities In IoT  Programmable control mechanisms  Smart contracts in insurance  Speedup bank processes  A lot of research needs to be done  Disappearance of existing bank jobs  Govt. willingness to adopt  High investments for implementations  Huge regulatory impact  Hype  Legal/regulatory and compliance  Privacy and security  Time-consuming negotiations  Uncertainty about the impact 6.14 Block Chain Adoption Road Map Because Blockchain Technology is still in its infancy, it faces a number of obstacles that must be overcome in order for it to be adopted and used efficiently in a variety of applications. Figure 1 shows a road map for blockchain technology adoption, as well as data on key milestones.
  • 10. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 86 This work is licensed under Creative Commons Attribution 4.0 International License. Figure 6: Block Chain Technology Adoption Road map (National Strategy on Blockchain, NISG, https://www.nisg.org/blockchain) Patient health records, for example, can be kept on National Level Blockchain in a tamperproof way in the health care arena. Patient data stored on Blockchain can be granted role-based privacy enabled access. This allows doctors at any hospital in India to view a patient's medical history when the patient comes to them for treatment. Shared Blockchain architecture prevents asset data duplication and ensures that asset transaction histories are consistent. Potential Roadblocks in the Evolution of Shared Blockchain Infrastructure and Cross-Domain Applications:  Transaction Speed and Scalability (achieving higher number of transactions per second)  Interoperability and standardisation of data security and privacy (cross-platform and cross- chain protocols)  Regulatory Aspects of AI and Data Analytics  Ecosystem and enabling environment  Infrastructure that is not centralised VII. CONCLUSION DLT and blockchain have evolved in functionality and complexity to give solutions to a range of industries, including the financial industry. Some central banks have begun pilot projects to learn more about distributed ledger technology and evaluate how it may benefit their operations and financial systems. So far, the majority of these initiatives have been experimental, with the purpose of assessing the practicality of completing inter-bank settlements, digital asset and token settlements, and cross-border payments through DLT platforms utilising current system capabilities. In the Indian context, increasing Reserve Bank of India and Government of India support for innovations and emerging technologies through regulatory sandboxes and other efforts would pave the way for a new economy based on technology. In the Indian context, increasing Reserve Bank of India and Government of India support for innovations and emerging technologies through regulatory sandboxes and other efforts would pave the way for a new economy based on technology-centric growth. The present study focuses on proposals for improving India's Blockchain ecosystem so that it may become one of the best in the world at reaping the benefits of this new technology. REFERENCES [1] Guo, Y., & Liang, C. (2016). Blockchain application and outlook in the banking industry. Financial innovation, 2(1), 1-12. [2] Abou Jaoude, J. & Saade, R. G. (2019). Blockchain applications–usage in different domains. IEEE Access, 7, 45360-45381. [3] Yang, X. M., Li, X., Wu, H. Q. & Zhao, K. Y. (2017). The application model and challenges of blockchain technology in education. Modern distance education research. [4] Wang, X., Girshick, R., Gupta, A. & He, K. (2018). Non-local neural networks. In: Proceedings of the IEEE Conference on Computer Vision and Pattern Recognition, pp. 7794-7803. [5] Queiroz, M. M. & Wamba, S. F. (2019). Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA. International Journal of Information Management, 46, 70-82. [6] Poongodi, M., Sharma, A., Vijayakumar, V., Bhardwaj, V., Sharma, A. P., Iqbal, R. & Kumar, R. (2020). Prediction of the price of Ethereum blockchain
  • 11. International Journal of Engineering and Management Research e-ISSN: 2250-0758 | p-ISSN: 2394-6962 Volume-12, Issue-1, (February 2022) www.ijemr.net https://doi.org/10.31033/ijemr.12.1.9 87 This work is licensed under Creative Commons Attribution 4.0 International License. cryptocurrency in an industrial finance system. Computers & Electrical Engineering, 81, 106527. [7] Al Hsani, A. K. & Sherimon, V. (2021). An examination of the utilization of blockchain innovation in banking sector. ARIV-International Journal of Technology, 1-9. [8] Madaan, L., Kumar, A. & Bhushan, B. (2020). Working principle, application areas and challenges for blockchain technology. In: IEEE 9th International Conference on Communication Systems and Network Technologies (CSNT), pp. 254-259. [9] Olnes, S. & Jansen, A. (2017). Blockchain technology as s support infrastructure in e-government. In: International Conference on Electronic Government, pp. 215-227. [10] https://www.nisg.org/blockchain [11] National Blockchain Strategy, NIC [12] Tamil Nadu Blockchain Policy. (2020). Available at: https://tnega.tn.gov.in/assets/pdf/BlockChain2020.pdf [13] Blockchain: The India Strategy: Part 1, NITI Aayog. Available at: https://niti.gov.in/sites/default/files/2020- 01/Blockchain_The_India_Strategy_Part_I.pdf. [14] Practical Blockchain: A Gartner Trend Insight Report. (2017). Available at: https://www.gartner.com/en/documents/3628617/practic al-blockchain-a-gartnertrend-insight-report. [15] Blockchain Mission Document of C-DAC. [16] Brant Carson, Giulio Romanelli, Patricia Walsh & Askhat Zhumaev. (2018). Blockchain beyond the hype: What is the strategic business value?. Available at: https://www.mckinsey.com/business- functions/mckinsey-digital/ourinsights/blockchain- beyond-the-hype-what-is-the-strategic-business-value. [17] Blockchain Market – Industry Analysis and Forecast (2019-2027) _ by Provider (Application and solution, Middleware, Infrastructure and protocol), by Organization Size (SME and Large), by Application, by Industry Vertical and by Geography, Report by MAXIMIZE MARKET RESEARCH PVT. LTD. [18] Which Governments Are Using Blockchain Right Now?. Available at: https://consensys.net/blog/enterprise-blockchain/which- governments-are-usingblockchain. [19] Borenstein, Joram. (2016). A risk- based view of why banks are experimenting with bitcoin and the blockchain. Spotlight on Risk Technology. [20] Wild, Jane, Martin Arnold & Philip Stafford. (2016). Technology: banks seek the key to blockchain - FT.com. Financial Times. N.p., 1 Nov. 2015. Web. 03 May 2016. [21] Why NASDAQ Private Market. (2016). Nasdaq Private Market |. N.p., n.d. Web. 03 May 2016. [22] Chain | Enterprise Blockchain Infrastructure. Chain | Enterprise Blockchain Infrastructure. N.p., n.d. Web. 03 May 2016. [23] Lee, Timothy B. (2016). Bitcoin’s value is surging. here are 5 charts on the growing bitcoin economy. Vox. N.p., 03 Nov. 2015. Web. 03 May 2016. [24] Axis Bank (2017). Axis bank launches ripple- powered instant payment service for retail and corporate customers. [25] Bank of Canada. (2017-19), Fintech experiments and project. Available at: https://www.bankofcanada. ca/research/digital-currencies-and-fintech/fintech- experiments-and-projects/. [26] Bank of Canada, the Monetary Authority of Singapore, Accenture and J.P. Morgan. (2019). Jasper- ubin design paper: Enabling cross-border high value transfer using distributed ledger technologies. [27] Reserve Bank of India. (2013). RBI cautions users of virtual currencies against risks. [28] Reserve Bank of India. (2017). RBI cautions users of virtual currencies. Press Releases, February 01. [29] Reserve Bank of India. (2018). Prohibition on dealing in Virtual Currencies (VCs). Notifications, April 06. [30] South African Reserve Bank. (2018). Project Khokha: Exploring the use of distributed ledger technology for interbank payments settlement in South Africa. [31] World Economic Forum. (2016). The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services. Future of Financial Services Series. Available at: http://www3.weforum.org/docs/WEF_The_ future_of financial_infrastructure.pdf. [32] Yes Bank. (2019). Yes bank implements Asia’s first commercial paper issuance on blockchain. Press Release, July 11.