With the significant contributions made by the IT sector in India’s GDP at around 7.7%, the industry is expected to grow at a CAGR of 10.71% from $ 167 billion in FY’18 to $ 350 billion by the year 2025. Paramount developments have joined hands in the progress of the IT Industry, with blockchain adoption being the most crucial one. According to a report published by Mazars, India, and China are the leading investment and implementation market for transformative workplace technologies.
The introduction of Blockchain & its adoption has not been much of a steady process for the companies, which has led to a high demand for blockchain developers in the market. Blockchain is a backend programming language that makes use of cryptography, a highly secure network, making it nearly impossible to hack. For the frontend, various languages like Angular or React are preferred by the developers to build on their applications & projects.
India’s Blockchain Support
Many Indian authoritarians like Defence Minister Rajnath Singh & RIL chairman Mukesh Ambani have showcased their support when it comes to the potential of the blockchain network.
Recently on Tuesday, the SEBI chief Ajay Tyagi expressed his opinion on the potential of blockchain technology in transforming trading, clearing & settlement process. He said that the fund management industry that had already taken its first step with the Robo advisory services could have a very unconventional outlook in the future with the adoption of AI & Machine Learning. Believing in the capability of technology, he said that it would continue to transform capital markets.
While addressing at an event commemorating the silver jubilee of the NSE, the chief also urged equity bourses to refrain from making use of their “oligopolistic” position and not mischarge investors with “exorbitant and unreasonable” fees, according to reports. He also advised the stock exchanges to follow governance norms better than what they preach to listed firms.