ROLE OF DIGITIZATION IN INDIAN ECONOMY

Abstract

The world as we know it is constantly changing, and digital transformation is one of the primary causes. Digital transformation isn't about Internet "unicorns" at its core; it's about employing cutting-edge technology to accomplish what you currently do – but better. The global economy is also experiencing a digital revolution, and it's moving at rapid pace. What is the digital economy, exactly? It is the economic activity generated by billions of daily online connections between individuals, businesses, gadgets, data, and processes. Hyper connectivity, or the increased interconnectivity of people, companies, and machines as a result of the Internet, mobile technologies, and the internet of things, is the backbone of the digital economy (IoT) The digital economy is forming, challenging long-held beliefs about how businesses are organised, how firms interact, and how consumers receive services, information, and things. Blockchain is a distributed ledger that maintains business transactions in an unbreakable, permanent chain that can be viewed by all parties involved in the transaction. Blockchain technology has the potential to disrupt the financial business applications as it provides permanent and tamper proof recording of transactions in a distributed network