If you’ve been a part of the bitcoin or digital currency industry, then you probably have heard of the term blockchain quite a bit. Many countries have begun to recognize the potential it has, but is it wise for a newly established business to jump on the bandwagon? In this article, we’ll discuss if it is advisable for Indian startups to rely on blockchain technology. Sound interesting? Then keep on reading.
What is blockchain technology?
While it might seem a little confusing to understand at first, blockchain technology itself is actually quite simple when you break it down. It works by distributing information, instead of copying or transferring it. Modifications can be observed in real-time, and a transparent ledger ensures the integrity of the asset. In short terms, it makes it almost impossible to hack or alter the system without your knowledge. You can learn more about how blockchain works by clicking the link.
Blockchain in India:
It’s no secret that India itself has had its concerns with cryptocurrency over the years, that hasn’t stopped millions of individuals from investing. Since the Supreme Court of India removed the two-year ban on digital currency, many places are happily welcoming new digital technology, and recognize the importance of blockchain technology. Research shows that banking, healthcare, and retail are all embracing the latest technology and are realizing its potential.
Blockchain for Indian startups:
While blockchain technology did originate from cryptocurrency, such as bitcoins in India, it still has many benefits, and as shown above, many sectors are now introducing it into their systems. For startups, blockchain can increase efficiency, as it creates faster turnover times and quicker transactions. Not only that, but you can open yourself up to many different opportunities from investors who are willing to take a chance on a business run by blockchain.
Just like any new technology, there are always going to be some disadvantages. For example, if there are too many individuals on a network, the system can slow down, and it also uses a lot of energy. It’s also a costly process to startup, which might not be the best for newly established businesses. On top of this, it’s also relatively new, which means it could change until it becomes a mature program.
If you’re an Indian startup looking for a new technology, then you should undoubtedly consider blockchain. While there will always be certain disadvantages, it’s quickly becoming a very advanced and efficient way to manage and distribute your information. By taking a look at the figures, you can see the growth it has had in India, with numbers still rising. Before you consider taking the step, however, you should always do your research so that you can determine if it’s the right thing for your business.