Applications of Blockchain Technology in India:

A Blockchain and a government have a lot of striking similarities between them. Like a Blockchain, a government has several nodes (State Government bodies, District Government bodies, et cetera). Each node performs various tasks, stores the data, and accesses the data on network. Traditionally all these nodes are performing their task in their network.

Potential Areas of Implementing Blockchain Technology in Indian Sectors:

Sector Potential Areas of Implementation
Automobile
  • Registration and transfer of ownership of vehicle
  • Managing vehicle parameters like make, model, chassis number, engine number, battery number
  • Efficient, secure, transparent and cost effective dealing between manufacturer and dealer using Smart Contracts
  • Ease of doing business on purchasing through lease
  • Insurance related process can be made efficient using Smart Contracts
 

 

 

 

Manufacturing

  • Smart Contract functionality to execute contracts and payments of credit
  • To track inventory and lead time and based on that information, Smart Contract can automatically function for Procurement. Accurate Bill of Material records can be maintained
  • Exchange of Information between various departments (design, planning, production et cetera)
  • Sales division can use Smart Contracts with their Dealers
Banking
  • Cross border payments
  • Trade finance
  • KYC process
  • Capital market trading
  • Financial reporting and compliance
  • Issuing letter of credit
  • Eliminate Asset duplication
  • Accounting and Auditing
 

 

 

Supply Chain

  • Tracking of each and every component from manufacturer to end user
  • Increased trust due to reliability of data
  • Increased production as time to identify fault is reduced
  • Execute Smart Contract between manufacturer and transporter for better and efficient working and payments
  • Eliminate fraudulent activities as each node can monitor every transaction in real time
HealthCare
  • Management of medical records, test reports, patient’s medical history
  • Processing payments and insurance claim settlements
  • Reduced risk of security breach due to decentralization of data
  • Link with Aadhar to provide 100 percent benefit of various schemes to each and every citizen of India
 

 

 

Notary

  • Validation of Public documents for certification
  • Proof of ownership (to whom record belongs), proof of existence (one’s record exist and is not fraud) and Proof of Integrity (one’s record is not tampered with) of documents can be provided efficiently, secure and trusted manner.
  • Transfer/ Exchange of documents in real time with greater efficiency
 

Music

  • Generating and maintaining accurate music rights ownership in a public ledger
  • Royalty payments through Smart Contract
Cloud Storage
  • Overcome challenges such as security, privacy, data integrity
  • Issue of trust with sharing one’s confidential data on cloud storage (Third party) can be overcome
Internet of Things
  • Traditionally a centralized system which controls the exchange of information amongst devices
  • Not useful in cases where devices need to act autonomously
  • Need for an decentralize IoT, which will serve as an general ledger storing accurate data of the information exchanged between devices

Author Bio

Qualification: CA in Job / Business
Company: N/A
Location: Udaipur, Rajasthan, India
Member Since: 12 Sep 2022 | Total Posts: 1

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Review us on Google

More Under Corporate Law

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

September 2022
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930