International Research Journal of Education and Technology

Blockchain technology can be considered a subset of distributed ledger technology in which multiple transactions are stored in 'blocks' and cryptographically linked to the previous block by a 'chain’. Blockchain is seen as a technology with the potential to transform almost all industries and economies. It is estimated that blockchain could generate USD3 trillion per year in business value by 2030. The World Economic Forum (WEF) anticipates that 10% of the global GDP will be stored on blockchain by 2025 and lists blockchain as one of 7 technologies that are anticipated to revolutionize various aspects of our lives. India has created a unique model of digital foundational infrastructure such as Aadhaar, UPI, e-Sign and Digi locker along with digitally enabled tax governance networks like GSTN or digitally enabled health coverage such as Pradhan Mantri Jan Arogya Yojana (PM-JAY). Blockchain solutions are appropriately suited for addressing several challenges of India and will also benefit from the infrastructure created already. NITI AAYOG Report 2020, states that implementation of the blockchain technology will improve ease of doing business, ease of governance and ease of living. In this context, this paper intends to study the economic benefits and cost of blockchain technology in India. 

Key words: blockchain technology, digital infrastructure, ease of governance, ease of doing business and ease of living.