APRIL 20238 PANORAMAHOW BLOCKCHAIN-BASED VALIDATION WILL BOOST STARTUP ECOSYSTEM The Indian government is going to build a blockchain-based validation mechanism for startups, which will lessen the compliance encumbrance and expedite the process. The DPIIT has commenced working on a framework. This will help numerous agencies that include the Central Board of Direct Taxes and PSU, to not only access but also validate and approve both the documents, as well as data available to all the stakeholders. Blockchain technology has evolved into a promising one such that tech giant IBM is investing $200 million in research. Not just that, 90 percent of both European as well US banks are researching blockchain options and this technology can transform a myriad of industries and sectors including the government, insurance, public identity security, and insurance.55 percent of Indian businesses have started embracing blockchain technology, as per a report from Research and Markets. And, NASSCOM also reported that the country's public The blockchain technology market is anticipated to reach $7.59 billion by 2024, registering a CAGR of 82.4 percent until 2028, as per a recent report by Grand View Research
< Page 7 | Page 9 >