Analysis of blockchain in India: a pathway for entrepreneurs in the MSMEs sector
by Bathula Srinivasu; Safeera Siddiqui
International Journal of Blockchains and Cryptocurrencies (IJBC), Vol. 4, No. 4, 2023

Abstract: Micro, small, and medium-sized enterprises have played a pivotal role in the Indian economy. Despite its importance, this sector faces numerous challenges, including limited access to bank credit, procedural bottlenecks, marketing awareness, and lack of industrial knowledge. The majority of small and micro businesses closed during COVID-19. Industries have always suffered from unexpected volatility because of their financial fragility. An important question arises: what untapped potential do MSMEs possess that cannot be attained due to the absence of blockchain technology? What are the challenges entrepreneurs face while implementing blockchain technology? This paper aims to investigate the prospects of blockchain technology in the MSME sector. The SWOC model is implemented to evaluate the various prospects of blockchain technology in terms of its strengths, weaknesses, opportunities, and challenges. This paper concludes that a significant opportunity for blockchain technology prevails due to its strength. Hence, the government should promote this technology through proper digital infrastructure and digital knowledge.

Online publication date: Wed, 01-May-2024

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