Block Chain Technology in India – Challenges and Opportunities
K. Shruthi1, Tamilarasi. M2

1K. Shruthi, M.Phil Research Scholar, Department of Commerce, Madras Christian College, Chennai (Tamil Nadu), India.
2Dr. Mrs. Tamilarasi M, Professor HOD, Department of Commerce, Madras Christian College, Chennai (Tamil Nadu), India.
Manuscript received on 27 November 2019 | Revised Manuscript received on 19 December 2019 | Manuscript Published on 31 December 2019 | PP: 32-36 | Volume-8 Issue-4S3 December 2019 | Retrieval Number: D10381284S319/2019©BEIESP | DOI: 10.35940/ijrte.D1038.1284S319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (

Abstract: The Blockchain is a distributed database of all transactions or digital events that is maintained as Blocks. These transaction records that are executed between parties are stored as blocks in Blockchain and shared among parties that maintain the blocks. Each Block is analyzed, verified and stored by the parties who are part of the network/system. Each block contains the details of a single transaction and a hash key of the previous block. Digital Crypto Currency and Bitcoin use Blockchain as its backbone. By design, Blockchains are much secured and the technology ensures flawless record keeping. The Crypto Currency, Bitcoin which is used as a decentralized digital currency shall be transacted peer-to-peer without any third party involvement. Other areas like financial transactions, identity management, food traceability, medical records, even election processes shall be secured using Blockchain. Electronic payments have made a major breakthrough in Indian banking sector and continue to grow with more innovations in the enhancements to the existing system. Slowly Electronic payments are replacing paper based transactions which saves time and cost. Volume of transactions has also increased with more transparency and the sector is showcasing good progress. Introduction of Bitcoin and crypto currencies in Finance and Banking sectors have brought in a paradigm shift on the fundamental transaction processes of this sector. Essential elements of trade, ownership and trust are ensured through Blockchain which makes a disruptive intervention on whole transaction management model. Constructive and critical exploration of this technology in the context of India will bring out more prospective on how this technology shall be leveraged. This paper will present the current state of Blockchain adoption in India and will cover the challenges and opportunities in this space.
Keywords: Blockchain, Bitcoin, Cryptocurrency, Digital Transaction, Encryption.
Scope of the Article: Block Chain-Enabled IoT Device and Data Security and Privacy