This was announced by the National Association of Software and Services Companies (NASSCOM) on Tuesday in its India Blockchain Report 2019, which highlights the developments in the global and Indian blockchain market and ecosystem.
According to the report, the Indian public sector has driven blockchain-based projects with nearly half the Indian states involved. Moreover, the state governments are also ensuring a progressive approach is taken up to impart a conducive framework for startups and niche service providers to participate in these initiatives.
Further, enterprises across all key industries in India are identifying different applications of blockchain. The banking and finance sector has seen the highest adoption, but other industries, such as healthcare, retail and logistics, are also accelerating rapidly.
Globally, enterprises have established the potential of blockchain through proof of value engagements and by tracking bellwether implementations by peer firms.
About 70% of enterprise blockchain projects are now commissioned through stringent business case evaluations across cost savings and operational efficiency improvement potential. With the business benefits of blockchain becoming clearer to enterprises, a sizeable share of the projects is expected to pass the business case development barrier and move into production in 2019. The report states that service providers in India, with their deep enterprise client relationships, are uniquely positioned to address a large share of the global blockchain demand.
According to the report, Blockchain 3.0 is the current phase of evolution of this technology, and provides enhanced interoperability, scalability and security thus enabling mainstream adoption. Blockchain 3.0 platforms, the report says, uses a combination of smart contracts and secure multiparty computation to establish interoperability between different blockchain platforms and establishes industry-wide networks.