Reviewing the research on ‘financial inclusion,' ‘adoption,' and ‘blockchain in India,' the authors of this chapter find that addressing financial exclusion necessitates overcoming four obstacles: limited geographical accessibility, poor banking products, exorbitant charges, and a lack of financial literacy. Blockchain technology can solve the majority of these problems. The authors have planned a research agenda on implementation experience, agreement patterns, and approved outcomes to help direct the development of this understanding. Finding the answers to these study questions would help us understand how blockchain-based technology is being adopted in rural India differently. This study makes a practical contribution by discussing how blockchain might diminish the problem of financial exclusion in rural India and create a global network system that could link rural India. The authors tried to reveal the gaps in knowledge that need to be filled in order for rural Indians to be financially included constitutes the theoretical contribution.
Top1. Introduction
Rural India was home to 64.61% of the country's population and 72% of the labor force. In rural India, this translates to more than 850 million people who live there, working there, and consume there(Zeeshan et al., 2022). Rural Indians' access to the global trade, financial, and labor markets is constrained by the fact that several of these communities have weak connectivity to local and global supply chains(Schuetz & Venkatesh, 2020). This is a significant barrier to economic growth, and as a result, rural India does poorly on almost every measure of development, including GDP, poverty, employment, literacy, and even health. Infrastructure in rural and urban India differs significantly, with implications for global supply chains(Halaszovich & Kinra, 2020). Rural Indians continue to be excluded from the worldwide markets for services, goods, and labor, compared to metropolitan inhabitants. Therefore, to perform well rural India must be connected to global supply networks(De Marchi & Alford, 2022).
Financial inclusion is essential for the establishment of developed global supply chain networks in rural India(Mhlanga, 2020). Access to suitable, fair, economical, and secure financial products and services from reputable service providers is referred to as financial inclusion. People in rural India are not used to the electronic payment system for their purchasing of products and services and are consequently unable to connect to global supply chain networks because they don’t know how to use financial services like bank accounts and other government benefits programs (Chakravarty, 2023) Before 2014 more than 410 million Indians lived in this reality. The Government rapidly established financial inclusion as a top National priority to address this problem with Jan Dhan Yojana (D. Singh et al., 2022). More rural Indians now have bank accounts thanks to later financial inclusion measures, but they haven't yet used the banking services and products that are available to them. This only responds to the need of the target market, rural Indians still don't have easy access to banks and other financial institutions, products that are too expensive to use, and financial knowledge is frequently lacking. because it is not met. More than 180 million people lack bank accounts as a result of these difficulties, and just 23% of rural Indians who do have bank accounts consistently use their accounts. increase. Therefore, tackling these connected problems is still a top priority assignment that will affect financial inclusion. By resolving some issues with financial inclusion initiatives, blockchain technology can connect rural Indians to their local and global supply chains(Dutta et al., 2020).
We know earlier, blockchain-based solutions' special qualities enable them to (1) bring financial products and services digitally to your door; (2) reduce the financial transaction cost; and (3) deliver superior products. Additionally, because blockchain is decentralized, it will make it easier for rural Indians to access worldwide markets. The capacity of ‘Blockchain Technology’ ensure the success of such initiatives. For instance, a mobile banking app should increase accessibility in India's rural areas. hardly ever adopted. What is required is an understanding of how a demographic as unusual as India's rural populace would widely accept this novel technology(Dhagarra et al., 2020). One of the most established subfields in IS research is technology adoption study. However, there is still very limited work on blockchain usage or general technology adoption in rural India. It is difficult to predict how rural Indians would use blockchain technology because the majority of study on the topic focuses on professional users (Paliwal et al., 2020)