India Blockchain Market Outlook to 2035

The report titled “India Blockchain Market Outlook to 2035 – By Blockchain Type, By Application Area, By End-User Industry, By Deployment Model, and By Region” provides a comprehensive analysis of the blockchain ecosystem in India. The report covers an overview and genesis of the market, overall market size in terms of value, detailed market segmentation; trends and developments, regulatory and policy landscape, buyer-level demand profiling, key issues and challenges, and competitive landscape including competition scenario, cross-comparison, opportunities and bottlenecks, and company profiling of major participants in the India blockchain market. The report concludes with future market projections based on digital public infrastructure expansion, enterprise digitization, financial services modernization, government-led blockchain adoption, Web3 and tokenization use cases, regional demand drivers, cause-and-effect relationships, and case-based illustrations highlighting the major opportunities and risks shaping the market through 2035.

India Blockchain Market Overview and Size

The India blockchain market is valued at approximately ~USD ~ billion, representing the cumulative value of blockchain software platforms, infrastructure services, enterprise solutions, and associated professional services deployed across public, private, and hybrid blockchain environments. The market includes applications such as digital payments and settlements, supply chain traceability, identity management, smart contracts, asset tokenization, decentralized finance (DeFi), non-fungible tokens (NFTs), governance systems, and industry-specific distributed ledger solutions.

Blockchain adoption in India is anchored by the country’s large and rapidly digitizing economy, strong IT services and developer ecosystem, widespread smartphone and internet penetration, and proactive government focus on digital public infrastructure (DPI). Use cases are expanding beyond early cryptocurrency-linked experimentation toward enterprise-grade, permissioned blockchain systems that emphasize transparency, auditability, data integrity, and automation of multi-party workflows.

Financial services, banking, and payments remain the largest contributors to blockchain demand, supported by experiments in cross-border remittances, trade finance, reconciliation, and fraud reduction. Public sector agencies are increasingly using blockchain for land records, certificates, supply chain monitoring, and identity-linked service delivery. Meanwhile, sectors such as logistics, pharmaceuticals, agriculture, energy, media, and gaming are adopting blockchain to improve traceability, royalty management, provenance tracking, and decentralized digital asset ownership.

Regionally, demand is concentrated in major technology and financial hubs such as Bengaluru, Mumbai, Delhi-NCR, Hyderabad, and Pune, where fintech firms, IT service providers, startups, and large enterprises coexist. Southern and western India account for the majority of blockchain pilots and scaled deployments due to their strong enterprise base and startup ecosystems. Northern India shows growing traction through government-led projects and financial institutions, while eastern and central regions are gradually adopting blockchain through public sector digitization initiatives and industry-specific pilots.

What Factors are Leading to the Growth of the India Blockchain Market:

Expansion of digital public infrastructure and e-governance initiatives accelerates institutional adoption: India’s push toward large-scale digital platforms for identity, payments, and data exchange has created a strong foundation for blockchain integration. Government agencies and public sector undertakings are exploring blockchain to improve transparency, reduce fraud, and streamline multi-stakeholder processes such as land registries, certificates, subsidies, and procurement systems. Blockchain’s ability to create tamper-resistant records and auditable transaction trails aligns well with public governance objectives, making it a natural extension of India’s broader digital transformation agenda.

Modernization of financial services and growth of fintech ecosystems drive enterprise demand: Banks, non-banking financial companies, fintech startups, and payment service providers are adopting blockchain to improve settlement efficiency, reduce reconciliation costs, and enable near real-time transactions. Use cases such as cross-border payments, trade finance, know-your-customer (KYC) sharing, and digital asset custody are gaining momentum. As transaction volumes increase and regulatory clarity improves, blockchain is increasingly viewed as an infrastructure layer rather than an experimental technology within India’s financial ecosystem.

Rising need for supply chain transparency and traceability across industries: India’s complex, multi-tier supply chains in sectors such as pharmaceuticals, food and agriculture, manufacturing, and logistics face challenges related to counterfeiting, quality assurance, and compliance. Blockchain enables end-to-end visibility, immutable record-keeping, and real-time data sharing among producers, distributors, regulators, and buyers. These capabilities are particularly valuable in regulated industries and export-oriented sectors, where traceability and compliance are critical for global competitiveness.

Which Industry Challenges Have Impacted the Growth of the India Blockchain Market:

Regulatory ambiguity around crypto-assets and token-based models slows large-scale investment and production adoption: While blockchain as a technology is gaining enterprise traction, uncertainty around the treatment of crypto-assets, token issuance, and related compliance expectations has created hesitation among investors and large corporates for certain blockchain-linked business models. High taxation and evolving interpretations of permissible activities can reduce incentive for startups to scale consumer-facing Web3 products in India, pushing innovation toward offshore jurisdictions or limiting experimentation to “non-token” enterprise pilots. This ambiguity affects capital flow, partnership decisions, and long-term roadmap clarity for players building tokenization, DeFi, or digital asset infrastructure layers.

Fragmented standards, interoperability gaps, and platform fragmentation increase implementation complexity: India’s blockchain ecosystem includes multiple permissioned and public-chain platforms, varied smart contract standards, and different approaches to identity, data storage, and consensus. Enterprises often struggle to choose platforms that remain future-proof and interoperable across partners, regulators, and vendors. This results in pilot-heavy adoption, duplication of efforts, and difficulties in scaling solutions across multi-party networks. Integration with legacy enterprise systems, differing data governance expectations across stakeholders, and lack of common technical standards can increase project timelines and reduce ROI certainty.

Limited enterprise readiness and shortage of specialized implementation capabilities constrain deployment quality: Although India has a large developer base, enterprise-grade blockchain deployments require specialized skills across cryptography, smart contract security audits, distributed systems engineering, governance frameworks, and production-grade DevSecOps. Many organizations lack in-house capabilities to design blockchain architectures, manage nodes, define permissioning models, and ensure secure key management. The market also faces risks of smart contract vulnerabilities and inadequate security testing, which can create reputational concerns and deter adoption in regulated sectors such as banking, insurance, and government-linked services.

What are the Regulations and Initiatives which have Governed the Market:

Policy direction for blockchain adoption in public sector digitization and record integrity programs: India’s government and state-level departments have explored blockchain for use cases such as land records, certificates, document verification, and supply chain monitoring. These initiatives are often framed around transparency, auditability, and reduction of fraud in multi-party systems. While adoption varies by state and department readiness, public sector pilots and controlled deployments have played an important role in legitimizing blockchain beyond crypto, creating reference implementations and encouraging enterprise stakeholders to explore permissioned blockchain networks.

Data protection, cybersecurity expectations, and sector-specific compliance shaping blockchain architecture decisions: Blockchain solutions in India must align with evolving data protection principles, cybersecurity requirements, and sector regulations (especially for BFSI, telecom, and healthcare). These expectations influence design choices related to encryption, access control, key management, audit trails, data residency, and off-chain storage. For enterprise deployments, governance frameworks—covering who can read/write data, how nodes are managed, and how disputes are resolved—are often aligned with compliance objectives, which increases the role of legal and risk teams in adoption decisions.

Taxation and compliance treatment of virtual digital assets influences the pace and structure of Web3 models: India’s tax and compliance environment for virtual digital assets has a direct impact on exchanges, token-based applications, and consumer-facing Web3 participation. This has shaped how companies structure token launches, custodial solutions, and on/off-ramp partnerships, and it influences where firms domicile certain activities. As regulatory clarity evolves over time, the market’s trajectory through 2035 will be influenced by how India balances innovation enablement with consumer protection, anti-money laundering expectations, and financial stability priorities.

India Blockchain Market Segmentation

By Blockchain Type: Permissioned and private blockchain systems dominate the India blockchain market, driven by enterprise and government preference for controlled access, data privacy, and regulatory compliance. Banks, public sector agencies, and large enterprises favor permissioned ledgers to manage identity, payments, records, and inter-organizational workflows. Public blockchains continue to play a critical role in developer innovation, tokenization experiments, and Web3 applications, but large-scale commercial adoption remains selective due to regulatory and risk considerations. Hybrid models are increasingly used to balance transparency with confidentiality, especially in supply chain and governance use cases.

Permissioned / Private Blockchain  ~45 %
Public Blockchain  ~30 %
Hybrid Blockchain  ~25 %

By Application Area: Financial services and payments represent the largest application segment, as blockchain is used for settlements, reconciliation, cross-border transactions, and trade finance. Supply chain traceability and provenance tracking follow closely, particularly in pharmaceuticals, agriculture, and manufacturing. Identity management, document verification, and governance-related use cases are expanding through public sector and enterprise digitization initiatives. Emerging applications such as tokenization, gaming, and creator economy platforms contribute to innovation but remain smaller in revenue terms.

Financial Services & Payments  ~35 %
Supply Chain & Traceability  ~25 %
Identity, Records & Governance  ~20 %
Tokenization, Gaming & Web3 Applications  ~20 %

By End-User Industry: BFSI is the leading end-user segment, driven by banks, fintech firms, and payment service providers seeking efficiency, transparency, and security. Government and public sector adoption is growing steadily through land records, certificates, and compliance systems. Logistics, manufacturing, and pharmaceuticals are key private-sector adopters, while media, gaming, and education represent emerging segments experimenting with decentralized models and digital asset use cases.

BFSI  ~40 %
Government & Public Sector  ~25 %
Logistics, Manufacturing & Pharma  ~20 %
Media, Gaming, Education & Others  ~15 %

Competitive Landscape in India Blockchain Market

The India blockchain market is moderately fragmented, characterized by a mix of IT services majors, specialized blockchain solution providers, and Web3-focused startups. Competitive positioning is shaped by domain expertise, ability to deliver enterprise-grade implementations, integration with existing digital infrastructure, security and compliance capabilities, and long-term support models. Large IT service providers dominate government and enterprise contracts due to scale, credibility, and systems integration strength, while startups and niche firms lead innovation in tokenization, developer platforms, and decentralized applications.

Some of the Recent Competitor Trends and Key Information About Competitors Include:

Tata Consultancy Services and Infosys: These firms leverage deep BFSI relationships and large-scale systems integration capabilities to deploy permissioned blockchain solutions for trade finance, KYC utilities, reconciliation platforms, and government-led digitization programs. Their strength lies in governance design, security assurance, and ability to integrate blockchain with existing enterprise IT stacks.

Wipro and Tech Mahindra: Both players focus on industry-specific blockchain solutions across telecom, manufacturing, logistics, and public services. Their competitive advantage is driven by domain-led use case design, global delivery models, and partnerships with leading blockchain platforms to accelerate enterprise adoption.

Polygon: Polygon has emerged as a globally recognized blockchain platform with strong Indian developer roots. Its focus on scalability, interoperability, and developer-friendly tooling has positioned it as a preferred infrastructure layer for Web3, gaming, NFT, and tokenization projects, contributing significantly to India’s global blockchain innovation footprint.

ZebPay and CoinDCX: These platforms play a key role in India’s virtual digital asset ecosystem by enabling access, custody, and compliance-focused exchange infrastructure. While consumer-facing growth is influenced by regulatory and tax frameworks, their institutional capabilities and security focus position them for long-term participation as market structures mature.

KoineArth and Setu: These specialized firms focus on enterprise and fintech blockchain applications, including supply chain, governance, and financial infrastructure use cases. Their agility, use-case specialization, and ability to work closely with regulators and enterprise clients enable them to compete effectively in consortium-driven and pilot-heavy environments.

What Lies Ahead for India Blockchain Market?

The India blockchain market is expected to expand steadily through 2035, supported by accelerating enterprise digitization, public sector modernization, and the growing need for trusted multi-party data exchange across financial services, supply chains, and governance-linked workflows. Growth momentum is further enhanced by India’s strong developer ecosystem, rising adoption of automation and smart contract-based processes, and increasing institutional interest in tokenization and digital asset infrastructure where regulatory clarity improves. As organizations prioritize auditability, transparency, and operational efficiency across fragmented stakeholder networks, blockchain will increasingly shift from “pilot-first” experimentation to scaled, production-grade deployments in high-impact use cases.

Transition Toward Enterprise-Grade, Permissioned, and Consortium-Led Blockchain Networks: The future of the India blockchain market will be shaped by a shift from isolated pilots to consortium-driven networks designed for real operational outcomes. Banks, insurers, logistics operators, pharma companies, and government entities will increasingly deploy permissioned blockchain systems with structured governance—defining node ownership, access rights, dispute resolution mechanisms, and standard operating procedures. Providers that can package governance frameworks, integration toolkits, and security layers along with domain-ready solutions will capture higher-value projects and build long-term account stickiness.

Growing Emphasis on Compliance-Ready Use Cases in BFSI, Public Services, and Regulated Supply Chains: Through 2035, demand will rise for blockchain solutions that strengthen compliance, reduce fraud, and improve auditability—especially in BFSI and public service delivery. Use cases such as shared KYC utilities, secure document verification, trade finance digitization, and provenance tracking in pharmaceuticals and food supply chains will gain traction because they align with risk reduction and regulatory reporting needs. Vendors that offer compliance-aligned architectures (privacy-by-design, permissioning, encryption, key management, and audit trails) will be better positioned to scale deployments across regulated environments.

Integration of Tokenization and Digital Asset Infrastructure into Mainstream Financial and Enterprise Systems: Tokenization of real-world assets, digital securities infrastructure, and programmable payments are expected to grow in relevance through 2035, particularly as institutional models mature and market frameworks evolve. While consumer-led crypto activity may remain sensitive to policy direction, enterprise and institutional tokenization—focused on efficiency, fractional ownership, and faster settlement—will become a serious growth lever. Platforms that enable custody, compliance, identity integration, and secure smart contract execution will benefit as token-based models move from niche experimentation to structured enterprise programs.

Increased Use of Blockchain as a Trust Layer in Data Sharing, Identity, and Inter-Organizational Workflows: Blockchain in India will increasingly function as a “trust layer” integrated into larger digital architectures rather than operating as a standalone system. Identity-linked systems, certification networks, and consent-based data sharing will use blockchain selectively for provenance, verification, and audit trails, while sensitive data remains off-chain. This approach will drive demand for hybrid models, interoperability tools, and integration capabilities—especially in ecosystems involving multiple stakeholders such as education credentials, healthcare records, and government-to-citizen services.

India Blockchain Market Segmentation

By Blockchain Type
• Permissioned / Private Blockchain
• Public Blockchain
• Hybrid Blockchain

By Application Area
• Financial Services & Payments (settlements, reconciliation, remittances, trade finance)
• Supply Chain & Traceability (pharma, food, manufacturing, logistics)
• Identity, Records & Governance (certificates, registries, audit trails)
• Tokenization, Gaming & Web3 Applications (assets, creator economy, NFTs, DeFi)

By Deployment Model
• On-Premise / Private Cloud Deployments
• Public Cloud Blockchain Services (BaaS models)
• Hybrid Deployments (on-chain + off-chain architectures)
• Consortium Networks (multi-party permissioned frameworks)

By End-User Industry
• BFSI
• Government & Public Sector
• Logistics, Manufacturing & Pharmaceuticals
• Retail, Media, Gaming, Education & Others

By Region
• North India
• West India
• South India
• East & Central India

Players Mentioned in the Report:

• Large IT services firms providing enterprise blockchain implementation and integration
• Enterprise blockchain solution providers and consortium network enablers
• Web3 infrastructure platforms and developer ecosystem players
• Virtual digital asset exchanges and custody/security infrastructure players
• RegTech, supply chain traceability, and identity verification solution startups

Key Target Audience

• Enterprise technology leaders and CIO/CTO offices
• Banks, fintech firms, payment providers, and trade finance stakeholders
• Government departments, public sector agencies, and e-governance program owners
• Logistics, manufacturing, and pharmaceutical supply chain operators
• Web3 startups, developers, and blockchain infrastructure providers
• Cloud service providers, cybersecurity firms, and compliance solution vendors
• Venture capital, private equity, and strategic investors tracking digital infrastructure
• System integrators and consulting firms supporting digital transformation

Time Period:

Historical Period: 2019–2024
Base Year: 2025
Forecast Period: 2025–2035