NEW DELHI: With the right amount of industry and Government participation, India could be in leadership ranks in adoption of blockchain technology in the next five years, says a survey by global consultancy firm PwC.
A blockchain is a distributed ledger technology that stores information across multiple systems securely to enable peer-to-peer transactions by creating a trustworthy source.
Banks and other financial institutions are increasingly investing in blockchain technology as it cuts down their costs and makes their operations faster and more transparent.
PwC said that a quarter of executives surveyed mention about a blockchain implementation pilot in progress (10 per cent) or fully live (15 per cent). Almost a third (32 per cent) have projects in development and a fifth (20 per cent) are in research mode.
The US (29 per cent), China (18 per cent), Australia (7 per cent) are perceived as the most advanced currently in developing blockchain projects.
The study surveyed 600 executives in 15 countries and territories, on their development of blockchain and views on its potential. (AGENCIES)
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