Foreign investment always plays a pivotal role in boosting a country’s economy. It is encouraging to note that the government wants to attract foreign investments through blockchain technology. Blockchain means a chain made of blocks. It is primarily a transaction technology where it is possible to transfer money directly from one person to another. And this blockchain technology is one of the most dynamic and secure technologies where no one can create duplicity or fault in a transaction if they want to.
Legal
frameworks
are mandatory to put blockchain
systems as an inimitable and trusted source
of identity
In blockchain technology, there is a smart contract feature that will enable the transaction parties to come into a contract, follow the guidelines and trust each other even if they are strangers. All in all, it is a very safe and secured transaction mode and will boost our economy amid this pandemic. In the post covid era, there will be an increased demand by foreign retailers to order products from our garments industry and if we adopt this sustainable practice then more orders will follow suit.
Read more: Blockchain to draw huge investment
The transparency in blockchain technology ensures safety, compliance and garment manufactures will use this technology and provide such information which will be crucial for more successful recovery of the industry.
We still have some challenges regarding regulatory issues which we need to overcome if we want blockchain to setup as one of the mainstream transaction technologies and increase FDI through it. Legal frameworks are mandatory to put blockchain systems as an inimitable and trusted source of identity.
