Nearly three decades ago, Tim Berners-Lee created the world wide web and introduced the public to the wonders of the internet. Since then, technology has rapidly advanced changing our lives forever. The latest digital creation is blockchain technology, which threatens to become as large a revolution as Berners-Lee’s invention.
Back in the 1990s, India had just opened up its markets to the rest of the world, and was developing the infrastructure on the fly to adapt to the IT revolution. Thanks to companies like Infosys, India was able to grab a slice of the growing software engineering industry but the country has rarely been the center of innovation. Rather, India has always been known as the cheaper alternative to Western prices.
However, according to Akarsh Agarwal of the Blockchain Education Network (BEN), India is perfectly placed to take advantage of the emergence of blockchain. Not only have we built up the necessary technological infrastructure over the last couple of decades, but we have thousands of budding software engineers graduating from colleges every year.
With a declining rate of employment across the Indian SaaS industry, more and more engineers are forced to branch out into newer technologies. Blockchain remains the pinnacle of innovative potential, and technically is an easy transition for many IT professionals. Agarwal predicts that if the government can back up their positive speeches on blockchain adoption, there will be no hurdle large enough to stop Indian becoming the world’s blockchain hub.
In fact, in his travels across the world, Agarwal has said that many blockchain experts believe India is best placed to lead systemic blockchain adoption and innovation. Despite the fact that countries like Japan, Singapore and Switzerland currently lead the way due to their early legal adoption of the technology, none of those countries can match the pure resources and infrastructure in India.
You can listen to this interview as a podcast here.