The Software Industry in India is currently worth Rs. 98,000 Crore (approximately US$ 14 billion). It employs 1.75 million professionals and grows at more than 12% CAGR. However, according to Nasscom, 50%+ software product companies are not expected to survive beyond 3-4 years.
This is because the current Software Industry structure is dominated by large multinational corporations (MNCs) with deep pockets and several media to small Indian companies. The remaining 50%+ turnover of the industry is shared between foreign startups and freelancers.
The biggest challenge in this existing landscape is that Indian MNCs and smaller local companies face a lot of hardships in getting access to clients. In recent times, where businesses focus on innovation and better customer service, they have worked with foreign organizations that offer these services comparatively low cost.
However, Indian Software Product companies do not get their due because of several issues like non-availability of large projects (lack of history and credibility), high cost of developing products (use of outdated technologies or use of SW developer’s time), lack of proper access to large clients and the inability to get a reliable team.
It is in this scenario that Bitcoin, a virtual currency based on Blockchain Technology, has promised to transform the Indian Software Product Industry landscape by offering these companies several benefits:
Low cost:
Blockchain technology uses Distributed Ledger Technology (DLT) and cryptography to build an open, decentralized and secure network between two parties for reliable transactions.
The absence of any intermediary reduces the overall transaction costs and the time required for completion. This means that Blockchain-based products developed by Indian Software Product companies would be available at a meager cost. If you are interested in bitcoin trading check the btc investors lately.
Blockchain technology uses Distributed Ledger Technology (DLT) and cryptography to build an open, decentralized and secure network between two parties for reliable transactions. The absence of any intermediary reduces the overall transaction costs and the time required for completion. This means that Blockchain-based products developed by Indian Software Product companies would be available at a meager cost.
Timely delivery:
Blockchain-based applications undergo testing and development before they can be released for use. The time taken for the same is significantly reduced compared to that of traditional software.
Blockchain-based applications undergo testing and development before they can be released for use. The time taken for the same is significantly reduced compared to that of traditional software.
Security by design:
Blockchain-based products are built using the best possible security measures to prevent misuse or tampering. This offers an additional layer of security in critical transactions.
Blockchain-based products are built using the best possible security measures to prevent misuse or tampering. This offers an additional layer of security in critical transactions.
Highly scalable:
Blockchain Technology is highly scalable and has infinite possibilities for future development. As a result, it can be leveraged to build practical, high-performing applications.
Blockchain Technology is highly scalable and has infinite possibilities for future development. As a result, it can be leveraged to build practical, high-performing applications.
Customer service:
Blockchain technology’s introduction in the Indian Software Product Industry will allow companies to focus more on customer service. Blockchain-based products offer a variety of features through which companies can ensure that their customers’ needs are well met.
Blockchain technology’s introduction in the Indian Software Product Industry will allow companies to focus more on customer service. Blockchain-based products offer a variety of features through which companies can ensure that their customers’ needs are well met.
Training and development:
With the advent of Blockchain Technology in India, many new opportunities will open up for Indian Software Product companies to train their employees on this advanced technology to create more innovative products in a shorter period.
Conclusion:
This would also provide them with a shortcut to enter other emerging markets. With all these benefits of Blockchain Technology on offer, Indian Software Product companies are sure to benefit immensely. This technology will make their products faster, cheaper, and more efficient. Moreover, they can achieve a new business model which would allow them to build better customer relationships with the help of new marketing tools. As a bonus, they can also expect to offer the best possible service to their customers.
