Regulatory curbs may slow Blockchain innovations in India

India may lag US and Chinese firms in blockchain innovations in the coming year, founders and promoters of Indian blockchain startups said.

This is because regulators continue to focus on “only one part of blockchain technology — distributed ledger systems,” they said.

“The (Indian) regulatory ecosystem is…not (focusing) on decentralised systems like smart contracts, so innovation will not happen at the same pace as in those countries who do allow for experimentation in such aspects of the technology,” said Nitin Sharma, founder of Incrypt Blockchain.

The Indian blockchain developer or entrepreneur will lack the exposure to the truly cutting-edge work in decentralisation, distributed systems and cryptography, he added.