Title: Analysis of blockchain in India: a pathway for entrepreneurs in the MSMEs sector

Authors: Bathula Srinivasu; Safeera Siddiqui

Addresses: Centre for the Study of Regional Development, Jawaharlal Nehru University, New Mehrauli Road, Ring Road, New Delhi, 110067, India ' Department of Economics, Jamia Millia Islamia, Jamia Nagar, Okhla, New Delhi, 110025, India

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.

Keywords: networking; entrepreneurship; blockchain technology; micro, small and medium enterprises; MSME; blockchain network; distributed ledger technique; SWOC analysis; smart contracts; COVID-19; digitalisation; network-infrastructure; bitcoins; innovation; India.

DOI: 10.1504/IJBC.2023.138377

International Journal of Blockchains and Cryptocurrencies, 2023 Vol.4 No.4, pp.288 - 310

Received: 19 Jun 2023
Accepted: 28 Sep 2023
Published online: 01 May 2024 *

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