India recently secured the fourth position on the 2022 Global Crypto Adoption Index compiled by blockchain research firm Chainalysis. These ranks numbered all the countries based on their varied uses of different crypto-services and India outranked US and Russia on the scale that testified to the growing adoption of crypto in the second-most populous nation in the world. UAE-based crypto-centric investment firm Cypher Capital has highlighted that the blockchain tech can bring most benefits to the healthcare and logistics industries of India.
Inside the healthcare sector in India, that is projected to touch $372 billion (roughly Rs. 29,61,473 crore) this year, medical records are centralised to providers.
“This leads to duplicative data and disjointed records across stakeholders. Healthcare providers need to take utmost care in protecting their records from cyber hacks and outages and blockchain can solve this pain point by establishing a trust-based ecosystem that unifies patient data, and maps out the entire patient journey in the country. Moreover, this data would be much more secure as a single authority cannot control it,” Vineet Budki, Managing Partner and CEO, Cypher Capital told Gadgets 360 in an interview.
Since blockchain facilitates record-keeping via a decentralised ledger, India’s logistics sector that balances a market cap of over $250 billion (roughly Rs. 19,90,150 crore), can reduce major clerical errors and blind spots for the logistics sector as well.
“Today, with blockchain, logistics companies can enter into binding agreements using smart contracts, which are traceable and self-governed — removing dependencies on physical paperwork — saving time and administrative costs,” Budki added.
At this point, the Indian crypto community is treading lightly in-terms of pouring investments and building projects in the Web3 space under regulatory uncertainties.
This has, however, not pulled back Indian blockchain and Web3 developers from flocking to other nations in search for opportunities.
“We are seeing a lot of traction coming from Indian start-ups, so talent-wise, it’s growing at a rapid pace. Once the regulation clears out, it will act as a growth catalyst, and this is what entrepreneurs currently need: clarity rather than ambiguity,” Budki noted.
In March 2022, Cypher Capital launched a $100 million (roughly Rs. 800 crore) blockchain fund, out of which, it set aside $40 million (roughly Rs. 320 crore) for Indian crypto and blockchain start-ups.
Cypher Capital is amongst many venture firms that are ready to bet on India’s potential to develop the Web3 sector. These companies have observed previous patterns of how technological adoption unfolded in the country to be sure enough about giving Indians the space to expand work in the Web3 arena.
“We saw when India moved from offline commerce to online commerce. Despite being a laggard in e-commerce, India has now taken a centre-stage. We are still bullish on India and its potential to disrupt this market,” Budki added.
For any sector to show magnitude of expansion, hiring plays a key role.
At present, blockchain developers account for less than 1 percent of the global developer base making it quite difficult for recruiters to hire top talent in this space.
In the coming years, Budki reckons, a lot of talent will migrate from the tech industry to the blockchain space.
“Recruiters need to keep an eye on candidates that are open and enthusiastic about the industry and should even consider candidates that have no prior experience in crypto/blockchain. We are quite early to have blockchain veterans in the space and it is better to hire talent that is willing to learn and grow,” the Cypher Capital chief pointed.
In a new report, KuCoin crypto exchange has claimed that India currently has over 115 million crypto investors, making for 15 percent of its massive population.
The Indian crypto market is expected to reach the valuation of $241 million (roughly Rs. 1,924 crore) by 2030, the same report had claimed.
Unfortunately, India did not make it to the list of countries, that have taken crypto-friendly measures to contribute to the growth of this nascent industry.
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