Blockchains are also vulnerable to network attacks as they were not originally designed for network protocols, and there are challenges of insertion of malware files and objectionable content as Blockchain services continue to grow.
India is Country where Blockchain has been a Buzz and many potential uses of the technology could be found. As the growing support from the central and state governments for it, many states are planning to use the technology for several purposes like the land registry, educational certificates, and vehicle records.
NITI Aayog has tied up with Oracle, Apollo Hospitals and Strides Pharma Sciences for a pilot on supply chain management of drugs.
The Indian government, however, has declared a specific spin-off of the technology — cryptocurrencies — illegal. This is because for a corruption-riven country such as India, cryptocurrencies may lead to black marketeering and tax evasion, no matter how much digitized the transactions are.
IMO Blockchain technology should be adopted by the Government but they should give time.
Big Companies like BMW are planning to adopt the technology so they are working with experts like IBM.
In India, if we want to use Blockchain we need to educate the users and re-innovate the technology that it’s major drawbacks such as the cost of the transaction, power requirement, immutability and deletion of unwanted content. These should be taken into consideration and worked on before making the practical use of the technology in the county.
They should give time for adaption of the technology as it is currently in the developing stage.
Also, if the government wants to apply they should do it slowly, we should learn from our past experiences so do the government. If we see the case of demonetization, it was done for the benefit but due to rushing, it has negatively affected our economy so this time they should not do something like this. Take things slow and let the country’s economy grow and make full use of the technology.
India needs to examine all the aspects of the technology before practical application.
Note: – All Views expressed are personal.
Source: – Heading from Hindustan Times