Blockchain Technology in India Article Review

Blockchain Technology in India Article Review

Article review

Blockchain technology has been primarily embraced across different parts of the world as a result of its impact across different organizational settings. The Indian digital economy has undergone significant changes over the years, which have focused on helping improve the level of commitment to new business ideologies. The article focused on identifying the impact of blockchain technology in India’s digital economy industry. The integration of e-commerce into business has played a central role in transforming how business is transacted.  Reliance on digital infrastructure presents a decentralized economy. The changes that have been undertaken have focused on the trust and security of the financial data and any accounting data that is shared.

Therefore block chain has played a central role in improving the level of trust and security of information that is shared over a given platform.  The article has been adequately defined, which presents a more specific approach to major aspects of research. The purpose of the research has been identified, which allows the development of other key research concepts based on scientific research concepts and develops meaning to the underlying research problem. The abstract provides an overview of the study, where it is possible to identify the research issue that is being developed. The abstract has been developed with a clear understanding of the research problem and the methodology, which presents a greater emphasis on the development of block technology (Varghese, Sharma & Singh, 2019).

The introduction of the article has sought to develop an emphasis on the Indian digital economy and the changes that have been undertaken over the years, with a key focus on providing a seamless transaction environment. The Indian digital market has a higher capacity to improve technology based on the underlying infrastructural capabilities. The high population in the country presents a huge target market that can be engaged in helping control the current technological development in the digital market. The literature review has also sought to give a clear emphasis on blockchain technology and its benefits within digital technology (Maupin, 2017). The literature review has identified a significant concern in adopting blockchain technology, which is the financial viability when using blockchain technology. The Indian digital economy is growing at a faster pace, which highlights the need to control the quality of transactions by the use of technology-based systems. Therefore determining the security of digital platforms present a more specific platform in improving the success of the digital economy.

The authors have also identified the main objectives of the study, which include knowing blockchain as an essential technological tool in the financial industry as well as determining the influence of blockchain in India’s profoundly transforming digital economy. Developing clear objectives in research help understand the methodology and the type of research to apply for a successful determination of the research problem.

The study methodology has been developed with a critical focus on different concepts that promote research development. The study included an exploratory approach using secondary sources of data collection across various reports from both private and government sources. However, the focus on secondary data presents a different perspective considering that there is limited emphasis on the research outcomes (Varghese et al., 2019). Secondary data is developed based on a different research problem, which presents a major focus on the need to improve an understanding of the underlying research problem. It is essential to focus on primary data when assessing the current trends of technological changes. However, the researcher, in this case, has utilized accurate data that help understand the current issues in digital technology in India (Pilkington, 016).

India has undertaken different steps towards the digital economy through projects such as digital India, and the national E-governance system has helped in improving the level of technology integration in business. The availability of digital infrastructure presents an improved environment where it is easy to incorporate blockchain technology. The adoption of digital wallets has presented a different approach that helps in improving the level of change as well as various elements that can help promote successful change. The number of cashless transactions in India has increased significantly with data showing that in 2014, there were 1.9 transactions per person and eight transactions in 2017, which indicates that there is a greater need for blockchain technology in India (Miraz et al., 2020).

The findings from the analysis have shown that blockchain technology acts as a critical enabler in major principles and practices of India’s digital economy. The results further assert that the presence of high technological infrastructure plays a major role in improving the level of management of financial data through technology with blockchain being a key tool that promotes successful change. The article has provided more excellent knowledge on the needs of the Indian digital economy and the fact that integration of blockchain technology will provide a more precise platform to improve service delivery and management of financial transactions (Maupin, 2017). The efficacy and the ability to develop financial information management present a clear strategy that helps in promoting the successful growth of the Indian digital economy. Thus the objectives that were identified in the article were answered comprehensively.

References

Maupin, J. A. (2017). Blockchains and the G20: Building an inclusive, transparent and accountable digital economy. Transparent and Accountable Digital Economy (March 17, 2017).

Miraz, M. H., Hye, A. M., Alkurtehe, M. K. A. M., Alsabahi, M. A., Alam, M. M., Wahab, M. K., & Habib, M. (2020). Blockchain Securities to Construct Inclusive, Digital Economy Globally. change, 6(1).

Pilkington, M. (2016). Blockchain technology: principles and applications. In Research handbook on digital transformations. Edward Elgar Publishing.

Varghese, J. J., Sharma, D., & Singh, N. K. (2019). Analysing the Impact of Blockchain Technology in India’s Digital Economy. Global Journal of Enterprise Information System, 11(1), 94-99.