Financial inclusion has been a concern for a long time now. When we talk about SMEs specifically, as per a report released by the RBI, the total unmet credit demand/capital requirement of this sector is significant.
To streamline the process, the first step is to collect the right information. With businesses going digital and the concept of e-Invoicing (in GST) being introduced along with Aadhaar linking, UPI transactions, and much more, there is already a lot of validated data. The next step is to put all of this data on a technology. Blockchain can work as a solution here. With this new technology, the provenance of data can be proved, and the data will become immutable.
That means, just with the readily available data and blockchain technology, businesses can innovate on the sources of capital to meet business needs. This is precisely what Sanjay Phadke explains in episode seven of ’Digital Assets Of The Future – Crypto’. He strongly believes that there are ‘n’ number of possibilities where crypto capital could be useful!
In this episode, you can get answers to questions like:
India hosts a large amount of programming talent and is generally referred to as the software powerhouse of the world. If the talent and resources are leveraged in the right manner, a product that is way ahead of its time can be designed. With this, at least at the sandbox level, some crypto wealth should be injected into the market. Decision-makers can then evaluate the outcome and decide the way forward.
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