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India must harness blockchain through progressive regulation and ensure this tool plays an important role in transforming economy and improve standards of living in the country. Discuss.

Topic: Awareness in the fields of IT, Space, Computers, robotics, Nano-technology, biotechnology and issues relating to intellectual property rights.

5. India must harness blockchain through progressive regulation and ensure this tool plays an important role in transforming economy and improve standards of living in the country. Discuss. (250 words)

Difficulty level: Easy

Reference: Insights on India

Why the question:

The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2022 Secure timetable.

Key Demand of the question:

To write about the significance of Blockchain technology and its application.

Directive word: 

Discuss – This is an all-encompassing directive – you must debate on paper by going through the details of the issues concerned by examining each one of them. You must give reasons for both for and against arguments.

Structure of the answer:

Introduction: 

Briefly define Blockchain technology.

Body:

First, write about the application of Blockchain in sectors such as health, finance, agriculture and various other sectors would aid the government in implementing various programmes and provide trust and immutability to the assets. Explain how it can transform the economy.

Next, write about how it can be used to improve standards of living in the country.

Conclusion:

Conclude with futuristic advantages of Blockchain Technology.