Blockchain technology: Disrupting the current business and governance model

Abstract

Blockchain is one of the most splendid technologies in today's industrial sector which is going to disrupt various sectors and the way the process, product and services have been done today. Both government, corporate and institutions started exploring the opportunities in blockchain technology which paves a fresh route for beneficial growth and development in this industry. The strategy taken by Indian Government on the development and application of Blockchain started with the ‘Indiachain’ – colossal blockchain pilot project of NITI Aayog through which government is going to use blockchain for land records, identity management, supply chain management, benefit distribution, power distribution, educational certificates, and cross border finance. It will help all stakeholders enormously in terms of enforcing contracts quickly and prevent fraud and efficient disbursement of subsidies. Further through regulatory sandbox it will test the work possibilities and facilities in blockchain through pilot project. New kind of business model and process will be implemented with the use of blockchain technology. This paper reviews the concept of Blockchain and analyse the available and prospective Blockchain technology use cases and its application at global level, technology providers and stakeholders. This paper covers the adoption policy framework of India, current development and application of Blockchain technology in various sectors of business in India and highlights the changing business model for its adoption.