Healthcare, Logistics to See Biggest Benefit Through Blockchain: Crypto-Centric Venture Firm Cipher

India Ranks Above US, Russia on Global Crypto Adoption Index: Chainalysis

India recently ranked fourth in the 2022 Global Crypto Adoption Index compiled by blockchain research firm Chainalysis. The ranking ranks all countries based on the various uses of various crypto-services, and India surpasses the US and Russia to witness the growing adoption of crypto in the world’s second-most populous nation. UAE-based crypto-focused investment firm Cipher Capital has highlighted that blockchain technology can bring the most benefits to India’s healthcare and logistics industries.

In India’s healthcare sector, estimated to reach $372 billion (approx. Rs. 29,61,473 crore) this year, medical records are centralized for providers.

“This creates duplicate data and linked records between stakeholders. Healthcare providers need to take extreme care to protect their records from cyber hacks and outages, and blockchain can solve these pain points by establishing a trust-based ecosystem that integrates patient data and maps the entire patient journey across the country.” Moreover, this data will be more secure as no single authority can control it,” Vineet Budki, Managing Partner and CEO, Cipher Capital, told Gadgets 360 in an interview.

As blockchain facilitates record-keeping through a decentralized ledger, India’s logistics sector, which balances a market cap of $250 billion (approx. Rs. 19,90,150 crore), can reduce huge clerical errors and blind spots for the logistics sector as well.

“Today, with blockchain, logistics companies can enter into binding contracts using smart contracts, which are traceable and self-governing – eliminating dependence on physical documents – saving time and administrative costs,” Budky added.

At this point, the Indian crypto community is trading lightly in terms of investing and building projects in the Web3 space amid regulatory uncertainty.

However, this has not deterred Indian blockchain and web3 developers from moving to other nations in search of opportunities.

“We’re seeing a lot of traction coming from Indian start-ups, so talent-wise, it’s growing fast. Once the regulation is clarified, it will act as a catalyst for growth and that is what entrepreneurs need right now: clarity instead of ambiguity,” noted Budky.

In March 2022, Cipher Capital launched a $100 million (approx. Rs. 800 crore) blockchain fund, of which, it set aside $40 million (approx. Rs. 320 crore) for Indian crypto and blockchain start-ups.

Cypher Capital is among several venture firms betting on India’s potential to develop the Web3 sector. These companies have looked at previous patterns of technology adoption in the country to ensure adequate space for Indians to expand work in the Web3 sector.

“We saw India move from offline commerce to online commerce. Despite being a laggard in e-commerce, India has now taken center stage. We are still bullish on India and its potential to disrupt this market,” added Budki.

In order to show the extent of any field, placement plays an important role.

Currently, blockchain developers account for less than 1 percent of the global developer base making it very difficult to hire top talent in this space.

In the coming years, according to Budky, a lot of talent will migrate from the tech industry to the blockchain space.

“Recruiters need to keep an eye out for candidates who are open and enthusiastic about the industry and also consider candidates who have no prior crypto/blockchain experience. We have blockchain giants in the space and it’s good to hire talent who are willing to learn and grow,” the head of Cipher Capital pointed out.

In a new report, crypto exchange KuCoin claims that India currently has 115 million crypto investors, which is 15 percent of its massive population.

The same report claims that the Indian crypto market will reach $241 million (roughly Rs. 1,924 crore) by 2030.

Unfortunately, India does not make it to the list of countries that have adopted crypto-friendly measures to contribute to the growth of this budding industry.


Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not and is not intended to constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendations, estimates or any other information contained in the article.

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