February 26, 2024

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Blockchain adoption on the rise in India

India has witnessed an increase in blockchain and cryptocurrency jobs this year, according to a study.

The rise was specifically large in cities such as Bengaluru, Pune, Hyderabad, Gurugram, Chennai, and Noida. Blockchain jobs are competing with those in artificial intelligence.

Since bitcoin was introduced in 2009, when cryptocurrency and blockchain technology was first being implemented to larger audience, it has gradually been gaining momentum in the industry. Blockchain jobs are currently the fastest growing online jobs.

The fact that India does not allow cryptocurrency trade could slow down blockchain growth. The Indian government announced it would strengthen laws against bitcoin. However, even with the country’s restrictions, the number of cryptocurrency and blockchain-related job postings increased by 290% in 2017 and is growing still. During the same period, job searches with crypto-related keywords increased by 52%.

According to a report, in the next five years, distributed ledger technology has the potential to reach about US $5 billion in India across all sectors.

Last year, the government launched its own blockchain initiative called IndiaChain. The project was developed by the country’s policy commission (the National Institution for Transforming India or NITI Aayog). Through it, the government planned to enforce contracts quicker, prevent fraud, and ensure the efficient disbursement of subsidies for farmers.

It also linked the IndiaChain project with IndiaStack, which is its identification database for the Aadhar initiative. The technology has helped the government track taxes that come from all around India through a unified and secure system network, an attempt to reduce tax evasions.

The network system was intended to be used for supply chain management, land records, identity management, education certificates, benefit and power distribution, cross-border finance, and EHRs (electronic health records).

More recently, the government launched a pilot blockchain-based marketplace for coffee growers in the country. Essentially, it is an application that helps farmers connect to buyers directly, which will reduce their dependency on intermediaries.

The official press release said that initiative will help integrate farmers with markets in a transparent manner and lead to the realisation of a fair price for the coffee producer. The technology will also reduce the number of layers between coffee growers and buyers and help farmers double their income.

Stakeholders, which include coffee farmers, traders, coffee curers, exporters, roasters, importers, and retailers will need to register on the platform to make trade transactions. A coffee farmer will have to store details such as the place where coffee is grown, details of the crop, elevation, certificates, and any other relevant information. Then a block is created for each of the lots the farmer sells on the blockchain. The credentials of the block are immutable.

Blockchain is also being extensively implemented in the country’s banking sector. Several banks in the country have started to invest heavily in the technology. Blockchain solutions are expected to increase operational efficiency and transparency in banking operations because it eliminates a number of manual processes. It also improves banking experiences for customers by reducing transaction time from hours to seconds.

As technology is relatively new and still evolving in the country, clearing the misconceptions and overcoming legal restrictions around bitcoin are the primary obstacles the industry faces.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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