How will blockchain aid India’s digital transformation in 2023

By Nikhil Goyal

Blockchain technology has the potential to take industries to the next level. It can deal with business problems effectively and efficiently by boosting innovations. Although cryptocurrency is the most well-known application of blockchain, it has spread to industries such as real estate, medicine, education, hospitality, and tourism. Due to the dynamic nature of blockchain, it can provide tailor-made solutions to businesses, especially for storing, securing, and decentralising their data volumes. As organisations start to ride the wave of digital transformation, they have a plethora of opportunities to explore ways in which blockchain technology can drive growth.
Some of the key use cases of blockchain and how they will change in the year 2023:

Digital Identity and Credentials

Today, we depend heavily on passwords, codes, and questions to confirm our identities online. The traditional identity system is very cluttered as well as insecure. Thus, enabling blockchain in the identity management system makes it unified, interoperable, and tamper-proof. In 2023, digital identities can be verified through unique sets
of the number assigned to the user on the blockchain network.

NFT Souvenirs for Travel and Tourism

Blockchain technology has the potential to transform the tourism sector in a big way. Non-Fungible Token (NFTs) is the simplest and easiest way to implement blockchain technology in the tourism sector and it can help tourism businesses to build loyalty among customers. Also, through NFTs brands can remain etched in the guests’
memories for life and create a community of brand ambassadors and cheerleaders for their brand.

Property Purchase

Another grey area where blockchain can fit well is the process of buying a property. Property buying is a long process as it consists of various stages. And it can easily be replaced by smart contracts. Smart contracts can automate processes like processing loans, and managing land records, which can eventually save time, money, and labour.

Blockchain Remittance

Blockchain is gaining huge traction in the remittance space due to its various advantages. It accelerates the payment process by employing encryption technology without using intermediaries such as banks and correspondents. At present, many blockchain service providers for remittances already exist, but many more will flourish in 2023 and beyond.

Building a Transparent Supply Chain

Blockchain was widely used in the logistics industry by 2022. Apart from the real-time tracking of goods, integrating blockchain into the supply chain has many potential benefits, such as increased security for cash transactions and reduced delays, extra expenditure, and employee failures. As more innovative applications are developed, the potential for blockchain technology to catalyse transformation across industries will continue to expand.

The author is the founder and CEO of Beyond Imagination Technologies