On the 2022 Global Crypto Adoption Index created by blockchain research company Chainalysis, India has recently taken fourth place. Indian healthcare and logistics sectors stand to gain the most from blockchain technology, according to UAE-based investment firm Cypher Capital.
Medical records are centralized to providers within India’s healthcare industry, which is anticipated to reach $372 billion (roughly Rs. 29,61,473 crore) this year.
“This results in redundant data and fragmented records among stakeholders. By creating a trust-based ecosystem that unifies patient data and charts the entire patient journey in the nation, blockchain can alleviate the pain point that healthcare providers experience when trying to protect their records from cyber hacks and outages. In addition, this data would be much safer because it wouldn’t be under the control of a single party, Vineet Budke, managing partner and CEO of Cypher Capital, said in an interview with Gadgets 360.
Since blockchain enables record-keeping via a decentralized ledger, the logistics industry in India, which has a market cap of over $250 billion (roughly Rs. 19,90,150 crore), can also benefit from a reduction in significant clerical errors and blind spots. By using smart contracts that are traceable and self-governed instead of paper documents, logistics companies can now enter into legally binding agreements, saving time and money on administrative costs, according to Budke.
The Indian crypto community is currently being cautious when it comes to pouring money into projects and developing them in the Web3 space due to regulatory uncertainty. However, this hasn’t stopped Indian Web3 and blockchain developers from migrating to other countries in search of opportunities.
The logistics sector in India, which has a market cap of over $250 billion (roughly Rs. 19,90,150 crore), can gain from a decrease in significant clerical errors and blind spots because blockchain enables record-keeping via a decentralized ledger.
According to Budke, logistics companies can now enter into legally binding agreements by using smart contracts that are traceable and self-governed rather than paper documents, saving time and money on administrative expenses.
Due to regulatory ambiguity, the Indian crypto community is currently being cautious when it comes to investing in projects and developing them in the Web3 space.
This hasn’t stopped Indian Web3, blockchain, and software developers from moving abroad in search of opportunities, though.
Hiring is important if any industry is to experience significant expansion. Due to the fact that blockchain developers currently make up less than 1% of all developers worldwide, it can be challenging for hiring managers to find top talent in this field.
According to Budke, a lot of talent will move from the tech sector to the blockchain industry in the upcoming years. “Recruiters should pay attention to applicants who are curious and enthusiastic about the sector, and they should even take into account applicants who have no prior experience with cryptocurrency or blockchain. The Cypher Capital CEO noted that it is still early for blockchain veterans to enter the field and that it is preferable to hire staff who are eager to learn and advance.
According to a recent report from the Ku Coin cryptocurrency exchange, over 115 million Indians, or 15% of the country’s enormous population, are currently investing in cryptocurrencies. According to the same report, by 2030, the Indian crypto market is predicted to be worth $241 million (or roughly Rs. 1,924 crore).
Unfortunately, India was not included in the list of nations that have adopted crypto-friendly policies to support the development of this young industry.