The Avasant corporation in collaboration with the Indian National Association of Software and Services has revealed in a report on Indian blockchain demographics that the country is driven by public sector projects.
According to the report, Andhra Pradesh is leading the government sector forces driving the blockchain innovation and growth in the country through active collaborations with the private sector and third-party actors.
The total number of blockchain related projects in the country are spread across fourteen states of the country and about forty major blockchains are in either proof of concept pre-launch phases or already launched to work on the accountability in the public sector.
Maharashtra, Karnataka, West Bengal, Telangana, and Andhra Pradesh are among the leading states’ housing most of the blockchain related projects in the country, the report further informs.
The report also revealed that the blockchain driven startups have managed to raise over eleven and a quarter million, (11.2m) which is about quarter percent (0.20%) of the five and a half billion dollars ($5.6b) raised globally in investments.
The report also discusses the growing need for regulatory certainty in the country that can lead to a better environment for the blockchain and distributed ledger technologies and the cryptocurrency ecosystem in the country.
Indian Supreme Court is set to reveal it’s judgement on the cryptocurrency regulation in the next few weeks after the government was given a chance to come up with their regulations recently.