A Study of Emerging Areas in Adoption of Blockchain Technology and it’s Prospective Challenges in India

摘要

Blockchain technology is a decentralized distributed system meant for secure computation and information sharing platform free from any central authority that enables multiple authoritative domain which do not trust each other, to cooperate, coordinate and collaborate in rational decision-making process. Bitcoin is pioneer crypto currency platform that uses blockchain technology but over the time it has moved beyond Bitcoin and has successfully bypassed to other application domain. Beside Bitcoin, Ethereum, Hyperledger and Corda, Quorum have emerged as a successful distributive computing platform. Major consortium like Enterprise Ethereum Alliance, Hyperledger and R3 are formed with aim to come up with business solution. Today we have different blockchain application in public sector, finance, supply-chain, healthcare and IoT. In many industries people think blockchain will be transformative. Financial sector is most enthusiastic in adopting blockchain followed by supply chain management. Blockchain is closely looked at in India too. In 2018 Reserve Bank of India (RBI) has issued a white paper in order to identify the potential application areas of blockchain in Indian banking. NITI Aayog is working on national strategy for blockchain which will identify the area where country can implement blockchain. Blockchain is still new and has issues like scalability, security and privacy breaches, limited transaction loads, and high (computational) costs, besides its technical problem, adopting blockchain into Indian market system has its own specific challenges. This paper discusses the prospect of blockchain technology in India, its current position and likely problem in its adoptation to Indian market place. This paper also give overview about blockchain and its fundamental technologies and prominent blockchain platform, it also gives account of application area’s in which blockchain is implemented successfully around the world.