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Blockchain This Week: Niti Aayog, Oracle To Use Blockchain To Combat Fake Drugs, Hyderabad To Host India’s First Blockchain Congress, And More

Blockchain is known for its efficient, transparent, and secured database solutions. But there are currently just 20-30 good blockchain startups in the country at present, said K S Viswanathan, vice-president, Industry Initiative, Nasscom, adding that one way to increase investment in blockchain was to invest in startups.
“Creating awareness on how this (blockchain) technology is simpler and easier to use with the existing social media and cloud technology can go a long way in helping the country realise its potential,” Viswanathan said in an interview to a media agency. Nasscom is the apex trade association representing the Indian IT industry
According to Viswanathan, “By increasing productivity and reducing cost, blockchain technology can create a value of up to $5 Bn in India in the next five years.”
Incrypt, meanwhile, published a report saying more than 80% blockchain developers in India may be forced to move abroad or work only on foreign projects in the absence of a robust regulation on the technology.
This, despite the fact that the Indian government and other organisations are working to promote the adoption of the technology. While Indian India and the UAE government are partnering to launch the India-UAE Artificial Intelligence Bridge, which will aid blockchain development, government think-tank Niti Aayog, in collaboration with the Telangana and Goa governments, is hosting India’s first Blockchain Congress in Hyderabad this week.
We, at Inc42, are actively tracking this trending technology. Let’s take a look at this week’s block.
Source: INC42

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