Tech Mahindra, one of the leading tech companies in India, recently signed an MoU with the Telangana State Information Technology, Electronics and Communication department (ITE&C) to establish a Blockchain district in the state to help incubate technologies like Blockchain and provide resources and infrastructure for startups and entrepreneurs in the Blockchain Industry.
India has seen an increased interest in the Blockchain market and cryptocurrency industries since Bitcoin came into the country. The decentralized system that Blockchains offer could provide more solutions than the risks usually associated with such systems.
Especially when it comes to Government to Customer services, there is a growing distrust in the customers, according to Rajesh Dhuddu. He is the Global Practice Leader in Blockchain for Tech Mahindra.
Blockchain Would Help Fight Corruption
He believes that technologies like Blockchain that doesn’t rely on intermediaries to get work done. It would make services easier, more effective and void of any corruption. The reduced number of manual transactions would lead to less opportunity for the corrupt to exploit the system.
Tech Mahindra is quite active in the Blockchain industry working with both public and private sectors to innovate on large scale peer to peer collaborations. They have also helped companies provide effective services to their customers.
He also said that the risk factors associated with blockchain technologies are not due to their own accord, but because of the infrastructure, they work in like servers and networks. Improved infrastructure would lead to a better and more effective mode of transactions through the blockchain.
Not Just Government Services to Benefit
An inclusion of Blockchain technology in India would not only benefit the Government but also help boost its economy too. When the various sectors of the economy like healthcare, financial services and others reap benefits from this technology, it will help boom the already growing economy of India.
As for the day to day chores of the common man, a highly secure and effective infrastructure would bring pleasant surprises. It would allow them to make use of services like money transfer, healthcare services and financial services in a more secure and effective way.
As there’s not a single entity governing the overall system, it would put more power and more responsibilities in the hands of the direct participants of the transactions. There is also increased transparency, and any state changes are directly visible to the concerned parties. Nothing of importance could be concealed.
It would also help foster trust in governance, enhanced with technology. It may also end the distrust and disdain of the common man.
