2023 is many years away but then we need to lay a strong foundation to make this happen. According to a report on ET, PwC - a global consulting firm conducted a survey which revealed that India could be in leadership ranks within the next 5-6 years.
However after speaking to a number of professionals from IT and start up arenas over the last two years across India, from the various presentations and events I've attended it's evident that currently India isn't the best place to setup a blockchain business. Whatever we have is a result of sheer determination by the founders of such companies.
Deterrents outweighs optimism and enthusiasm to build something new. There is a lot of reluctance from the government unless there's an incentive in all of this which benefits them somehow.
There are other reasons such as how we can assure accountability and transparency of blockchain projects built and run privately for the government?
Public blockchains needs to be decentralised, transparent and open for anyone to verify information that needs to be in the public domain. We need policies that defines what needs to be in public domain and what information needs to be kept in the private domain. How we can access these information through a query such as the RTI.
We need to ensure that those maintaining these private blockchains are not engaged in any fraudulent activities and the list goes on.
I say this because our system is broken and highly corrupt. There are so many avenues for theft of taxpayer money that implementation of blockchain technology has only happened so far in one case-Amravati land records. It's the only working case which is being considered for greater implementation now. Every other project that was announced is still on the fence as of date. That's again a topic for another post.
The only thing that can enable India to be at the forefront of these emerging technologies is to bring out policies and investments that support these goals. We need the government make it easier to setup blockchain companies. We need the government in India to recognise cryptocurrencies and decentralised blockchain technology and the fact that it remains out of government control needs to be digested by the government.
Maybe future decentralised blockchains built at scale needs to have the government as an invested party to ensure smooth functioning but all these are just whim and fancy. Fact is many engineers and startup guys are leaving India for greener pastures. There's a lot of demand for blockchain engineers in recent times and other nations and startups based outside of India are hiring these professionals for their expertise.
Several projects in the cryptocurrency space today have Indians working at some position or the other. We are in need of better governance if we are to tap into the hidden potential in this space and then allow India to become a hub for blockchain development in S.E. Asia.
However, realistically speaking it's a pipedream for now.
We need greater industry + government participation with someone to lead these initiatives. At press time RBI has barely managed to put together a team for researching into these emerging technologies. There is no sight of the regulatory draft and the Supreme Court might just uphold RBI's mandate against cryptocurrency exchanges in India.
Clearly, we have a long way to go while our neighbours such as Singapore have their pedal to the floor already!
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