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| Introduction: Contextual introduction. Body: Explain how a digital infrastructure based on blockchain technology will transform the digital ecosystem in India. Also, write some challenges.Conclusion: Write a way forward. |
A blockchain-enabled digital ecosystem is a value network that harnesses digital technologies and data decentralization techniques. These ecosystems leverage the unique capabilities of blockchain, such as data self-sovereignty, tamper-resistant data, peer-to-peer data collaboration and distributed governance. Blockchain is being used by leading organizations to aid in the adoption of digital ecosystems.
Transform the digital ecosystem in India:
- It will enable the future of digital services, platforms, applications, content, and solutions.
- Blockchain infrastructure can be used to verify and process all e-governance services offered to the general public.
- To bring participating institutions in governance and the technological system that facilitates blockchain adoption in solutions for the public good.
- A blockchain-based infrastructure contract management system, which verifies and tracks the valid and legally binding versions of contracts in infrastructure projects, could immensely improve transparency in current multi-party contract agreements.
- Building digital health credentials on blockchain technology will extend the life of the platform in the modern digital ecosystem to maximize interoperability, maintain privacy and meet unified standards and regulatory requirements.
- It may provide for ensuring enhanced security and privacy for Internet of Things (IoT) eco-system.
Challenges:
- Existing different digital infrastructures are not interconnected as a design; a technical integration is required to make them conversant and interoperable.
- Today, information has to travel across multiple systems to complete the interaction, and rely on private databases, which makes the validation of data more complex as the network grows, increasing costs and creating inefficiencies.
- At present, end-user devices such as smartphones do not support blockchain-based technology and, as a result, the last mile is always outside the network.
- The blockchain models today are either permissioned, which suffice for the need of a consortium, or are public like Ethereum which are unregulated and rely on intrinsic standards.
The Indian digital community, including fintechs, academia, think tanks, and institutions, should focus on supporting research in standards, interoperability, and efficient handling of current known issues with the distributed technologies.
