Blockchain Technology: Impact on the Indian Economy

Abstract

This research paper delves into the integration of blockchain technology within the Indian economy, analyzing its advantages and disadvantages. Blockchain serves as a digital ledger accessible to multiple users simultaneously, ensuring transparent and immutable transaction records. India's diverse demographics, complex legal systems, and evolving technological infrastructure present a unique yet uncertain landscape for blockchain adoption. This preliminary investigation outlines potential risks, including regulatory ambiguity, scalability challenges, and stakeholder unawareness. Conversely, it also examines promising opportunities such as enhanced financial services accessibility, streamlined processes, and increased transparency. By synthesizing insights from industry reports and academic literature, this study underscores the potential dividends for technologists, businesses, and policymakers. Ultimately, this research underscores how blockchain technology could catalyze sustainable economic growth in India, empowering informed decision-making processes.