The National Association of Software and Services Companies (NASSCOM) in its latest report has said that public sector firms across half of the Indian states along with the banking, financial services and insurance (BFSI) sector are driving blockchain adoption in India to address different challenges of citizen service delivery. It said the state government is also ensuring a progressive approach to impart a conducive framework for start-ups and niche service providers to participate in these initiatives.
According to the report, there are currently more than 40 blockchain initiatives being undertaken by public sector companies with about 92% of those in pilot phase and 8% in the production phase. It further said that enterprises across all key industries in India are also identifying different applications of blockchain. It also observed that the BFSI sector has seen the highest adoption, but other industries such as healthcare, retail and logistics are also accelerating rapidly.
The industry body has stated that start-ups are involved in over 50% of the blockchain projects across various industries in the country. It said “even as the demand for blockchain-based talent is growing at 40% each quarter, it is time to reiterate the importance of a skilled workforce. It is imperative to prepare our workforce through training programmes and skill initiatives in this field, so that service providers in the country don't fall behind the global standards.”