There are a number of Hyperledger members that are active in India today including Deloitte, IBM, Intain Fintech Pte, Investrata Foundation for Social Entrepreneurship (IFSE), Kerala Blockchain Academy, MonetaGo, National Stock Exchange of India, R3, and Wipro. The amount of blockchain-related activity in the emerging market is actually not that surprising as there are a number of reasons why India in particular is ripe for adoption.
One of the most powerful reasons for blockchain adoption is due to support from the Indian government. Interest would likely be hampered without the regulators and related bodies deciding to explore this new frontier. Indeed, the Reserve Bank of India (RBI) has made numerous statements about the potential of blockchain. The Institute for Development and Research in Banking Technology (IDRBT) engaged with companies such as MonetaGo to understand the functionality which distributed ledgers could provide. Even at the state level, government entities have encouraged entire industries to explore new potential products and their implications. Without this kind of support, it can be difficult for innovation to flourish.
Given India’s focus on a digital infrastructure supported by both policy and technological innovation, it is not surprising that this is where one of the first enterprise blockchain implementations occurred. The country has been quick in moving toward a digital economy with initiatives like Aadhaar, Demonetization, and the implementation of the new Goods and Services Tax (GST). ResearchAndMarkets.com recently reported that the digital adoption in India is one of the major factors driving Blockchain technology adoption.