Blockchain Technology Experts Identify Utilities Beyond Digital Currencies and DeFi

Blockchain technology experts in India have identified several utilities for the offering in key sectors of the economy outside of digital currencies and decentralized finance (DeFi).

Non-Fungible Tokens (NFTs) in Various Industries

Varma added that the concept of non-fungible tokens (NFTs) can be applied in several industries outside of entertainment and art to give owners certain privileges. However, Varma disclosed that these use cases have not been explored fully, urging blockchain firms to broaden their horizons for tailor-made solutions for the Indian economy.

“Blockchain as a technology is a piece of the jigsaw puzzle that can be fit into any kind of use case,” he said.

Democracy and Decentralization

For Srivastava, the most obvious use case for blockchain is “democracy,” a core feature of the technology allowing individuals from any demography to build products on distributed ledgers. Srivastava added that blockchain’s functionality of decentralization aligns with India’s democratic ideals, making it a technology worth pursuing by the Narendra Modi-led government.

Blockchain and Artificial Intelligence (AI)

Both speakers pointed to artificial intelligence (AI) as an area for blockchain to make its mark, particularly in tracking the data used in training large language models (LLMs). Experts argue that blockchain can be used to label AI-generated content and grant permissions for training data for machine learning models.

Wrapping up in his interview, Varma added that an increase in public-private partnerships may increase the blockchain adoption rates in India. The defense expert stated that an improvement in blockchain customer experience holds the key to sky-high adoption levels, onboarding millions of Indians irrespective of age or tech savviness.

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India’s March to Blockchain Paradise

Despite a subtle crackdown on digital currencies in India, the government maintains that it sees blockchain as the future of its digital economy. Finance Minister Nirmala Sitharaman predicted a 46% increase in blockchain adoption rates before the end of the decade, with government outfits already leaning on the technology.

Land registries in several municipal governments rely on blockchain to improve real estate transactions, while law enforcement in the capital city of New Delhi has deployed the technology for forensics.

With the Reserve Bank of India (RBI) reportedly using blockchain technology to roll out a central bank digital currency (CBDC), there’s hope that distributed ledgers may play a significant role in India’s financial system.

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By Team