International Research Journal of Innovations in Engineering and Technology - IRJIET International Open Access, Monthly, Peer Reviewed, Reputed Journal ISSN (online): 2581-3048

Impact Factor (2025): 6.9

DOI Prefix: 10.47001/IRJIET

The Role of Blockchain in India’s Economy: Opportunities, Challenges, and Future Prospects

Saurabh Kedarnath ShindeDepartment of Master in Computer Application, K K Wagh Institute of Engineering Education and Research, Nashik, IndiaRadhey Madhav KhuleDepartment of Master in Computer Application, K K Wagh Institute of Engineering Education and Research, Nashik, IndiaMariyam ManiyarDepartment of Master in Computer Application, K K Wagh Institute of Engineering Education and Research, Nashik, India

Vol 10 No 4 (2026): Volume 10, Issue 4, April 2026 | Pages: 216-222

International Research Journal of Innovations in Engineering and Technology

OPEN ACCESS | Research Article | Published Date: 21-04-2026

doi Logo doi.org/10.47001/IRJIET/2026.104031

pdf iconFull Text PDF
Abstract

Blockchain technology is changing the way economies work, and India has become a global leader in adopting this innovation. This paper takes a closer look at how blockchain is shaping India’s economy, exploring its practical uses, the challenges it faces, and what the future might hold. From improving financial systems and making city governance smarter to ensuring better transparency in supply chains, blockchain is driving change across sectors. However, there are hurdles like unclear regulations and infrastructure issues that need to be addressed. By combining insights from recent studies and industry reports, this paper highlights how blockchain can transform India’s economy and suggests ways to overcome the barriers to its wider adoption.

Keywords

Blockchain Technology, Digital Transactions, Economy, Direct Benefit Transfer


Citation of this Article

Saurabh Kedarnath Shinde, Radhey Madhav Khule, & Mariyam Maniyar. (2026). The Role of Blockchain in India’s Economy: Opportunities, Challenges, and Future Prospects. International Research Journal of Innovations in Engineering and Technology - IRJIET, 10(4), 216-222. Article DOI https://doi.org/10.47001/IRJIET/2026.104031

Licence Copyright (c) 2026 International Research Journal of Innovations in Engineering and Technology creative common licence This work is licensed under Creative common Attribution Non Commercial 4.0 Internation Licence
References
  1. S. Gupta, A. Singh, and A. Choudhary, “Evaluating the role of fintech in Digital India,” in Proc. 2023 Int. Conf. Contemp. Compute. Informatics (IC3I), 2023, pp.1327–1332.
  2. M. Chawla, A. DasGupta, and A. Chakraborty, “Role of technology in employment generation in India,” in Proc. 2022 Int. Conf. Reliability, Infocom Tech.
  3. A.Kumar and S. Prasad, “Blockchain technology for better supply chain management in India,” J. Supply Chain Manag., vol.13, no. 4, pp. 11–20, 2024.
  4. R. Mehta and P. Sharma, “Blockchain and governance in India: Implications for urban management,” Indian J. Public Adm., vol. 49, no. 2, pp. 156–170, 2024.
  5. T. Agarwal, “Impact of blockchain on India’s financial sector,” Fintech J., vol. 7, no. 3, pp. 45–52, 2023.
  6. D. Gupta, “Blockchain and its applications in India’s economic growth,” Indian Econ. J., vol. 72, no. 5, pp. 89–102, 2024.
  7. B. Yadav, "Blockchain technology in public sector governance: Lessons from India," J. Public Sector Innov., vol. 19, pp. 22–35, 2023.
  8. S. Patil, “DeFi and its role in India’s financial inclusion,” J. Fin. Technol., vol. 6, no. 2, pp. 78–85, 2023.
  9. S. Sharma, "Supply chain management using blockchain: A case study in India," Supply Chain Manag. Rev., vol. 12, no. 4, pp. 115–130, 2024.
  10. M. Sinha and N. Banerjee, “Blockchain as a driver for digital economy in India,” Digital Econ. & Innov., vol. 3, no. 1, pp. 28–35, 2024.
  11. P. Singh and V. Bhatia, “Blockchain for financial inclusion in rural India,” Global FinTech Rev., vol. 7, no. 1, pp. 23–30, 2024.
  12. R. Singh, “The role of blockchain in India’s micro-finance sector,” J. Rural Dev., vol. 40, no. 3, pp. 78–91, 2023.
  13. J. Sood, A. Kapoor, and V. Mehta, "Blockchain for supply chain traceability: Applications in Indian agriculture," AgriTech J., vol. 8, no. 2, pp. 21–28, 2024.
  14. S. Joshi, “Blockchain in agriculture and retail: A transformative tool in India,” Econ. Policy J., vol. 11, no. 3, pp. 155–165, 2023.
  15. R. Gupta, “Blockchain technology for government transparency in India,” Int. J. Gov. Innov., vol. 15, no. 4, pp. 44–53, 2023.
  16. KPMG, "Blockchain: India's Road Ahead," KPMG India Report, 2023.
  17. Chainalysis, “India’s Blockchain Adoption in 2024,” Chainalysis Report, 2024.
  18. Fortune Business Insights, “Blockchain in India: Opportunities and Challenges,” Fortune Business Insights Report, 2024.
  19. L. Patel, S. Kapoor, and H. Mehta, "Challenges of blockchain adoption in India," J. Technol. Policy, vol. 5, no. 2, pp. 123–130, 2023.
  20. W. Singh and R. P. Kumar, “Blockchain and public sector corruption in India,” Pub. Admin. Innov., vol. 10, pp. 43–59, 2024.
  21. C. Soni, M. Gupta, and R. Kapoor, "Blockchain in the financial services sector of India: A review," Fin. Services Innov. J., vol. 6, pp. 112–121, 2023.
  22. R. Mehta, “Blockchain for financial inclusion: A study of India’s banking transformation,” Global J. Fin. Econ., vol. 24, pp. 90–101, 2024.
  23. S. Singh and K. Chawla, "Blockchain in healthcare: Potential applications for India," Health Tech Rev., vol. 9, pp. 70–85, 2023.
  24. P. Deshmukh, "Blockchain-enabled decentralized finance: Emerging applications in India," Fintech Today, vol. 7, pp. 45–59, 2024.
  25. B. Joshi, “Blockchain: The future of Indian governance,” Innov. Gov. J., vol. 6, no. 1, pp. 20–31, 2024.
  26. M. Rathi, “Blockchain in public sector supply chains: Case study of India,” J. Supply Chain Tech., vol. 13, no. 4, pp. 98–106, 2023.
  27. B. Prasad, “Blockchain and its implications on India’s retail sector,” Retail Innov. J., vol. 11, pp. 14–28, 2024.
  28. D. Sharma, “Blockchain adoption in India’s education sector,” EdTech Innov. J., vol. 10, no. 3, pp. 12–25, 2024.
  29. S. Kumar, “A comprehensive review of blockchain technology in Indian economy,” Econ. and Technol. Rev., vol. 8, pp. 50–61, 2023.
  30. V. Bansal, “Blockchain and regulatory challenges in India,” Regular. Tech. Rev., vol. 9, pp. 134–145, 2024.
  31. S. Verma, “Regulatory challenges and blockchain adoption in India,” Regul. Policy and Governance, vol. 4, pp. 76–83, 2024.
  32. M. Khan, “Blockchain and scalability: The Indian perspective,” Tech. Rev., vol. 8, no. 2, pp. 42–56, 2024.
  33. R. Iyer, “Blockchain and its role in India’s urban management system,” Urban Dev. Tech. J., vol. 12, pp. 72–82, 2023.
  34. A.Yadav, “Leveraging blockchain for a decentralized economy in India,” J. Blockchain Econ., vol. 2, pp. 40–49, 2023.
  35. D. Pandey, “Blockchain in the Indian retail sector: Revolutionizing consumer trust,” Retail Tech. Rev., vol. 7, no. 1, pp. 55–62, 2024.
  36. R. Kumar, “Exploring blockchain for land record management in India,” Tech. Gov. Innov., vol. 5, pp. 13–23, 2024.
  37. K. Saxena, “Blockchain and India’s agritech ecosystem: Current trends and future directions,” AgriTech Econ. J., vol. 12, pp. 121–133, 2024.
  38. J. Soni, “Blockchain in India’s logistics: Transforming the future of transportation,” Logistics Innov. J., vol. 8, no. 3, pp. 29–38, 2023.
  39. M. Sharma, “Blockchain in India’s micro-finance sector: A comprehensive review,” Micro-Finance Rev., vol. 11, pp. 82–95, 2023.
  40. S. Rathi, “Blockchain technology and the Indian startup ecosystem,” Indian Startup Tech. Rev., vol. 10, no. 2, pp. 15–29, 2024.
  41. N. Bansal, “Blockchain for digital government: A case study of India’s e-Governance initiatives,” GovTech Innov. J., vol. 7, pp. 105–118, 2024.
  42. D. Deshmukh, “Blockchain solutions for India’s infrastructure and urban governance,” Infrastructure Innov. Rev., vol. 9, no. 4, pp. 39–47, 2023.
  43. S. Singh, “Blockchain technology and its application in India’s economy,” Ind. Innov. J., vol. 14, pp. 23–35, 2024.
  44. D. Chawla, “Blockchain-enabled transparency in Indian governance,” Indian Gov. Innov. Rev., vol. 6, pp. 85–94, 2024.
  45. T. Agarwal, “Blockchain in Indian retail and agriculture: Transformative benefits,” J. Econ. Dev. Tech., vol. 8, pp. 55–66, 2023.

Copyright @ 2026 IRJIET. All Right Reserved.

Licensed underCreative Commons Attribution 4.0 International License.