India Blockchain Service Market Research Report By Platform (Ripple, Ethereum, R3, Hyperledger) and By Cloud (Private, Public, Hybrid)-Forecast to 2035

India Blockchain Service Market Overview

As per MRFR analysis, the India Blockchain Service Market Size was estimated at 223.64 (USD Million) in 2023.The India Blockchain Service Market is expected to grow from 289.1(USD Million) in 2024 to 9,439 (USD Million) by 2035. The India Blockchain Service Market CAGR (growth rate) is expected to be around 37.286% during the forecast period (2025 - 2035).

Key India Blockchain Service Market Trends Highlighted

The market for blockchain services in India is expanding significantly due to a number of important factors. One of the main reasons businesses are adopting blockchain technologies is the growing need for transaction security and transparency.

There is a deliberate attempt to integrate technology into public services through government programs like the Digital India program, which supports the usage of blockchain to ensure data integrity in industries including healthcare, supply chain management, and banking.

The push for digital currencies also demonstrates the potential of blockchain in transforming the nation's payment systems, as evidenced by the Reserve Bank of India's investigation of a Central Bank Digital Currency (CBDC).

There are several chances for companies to seize new developments in the Indian blockchain services market. Blockchain technology is being used by startups to develop creative solutions for identity management, e-governance, and cross-border transactions. This creates an environment that is conducive to cooperation and entrepreneurship.

A growing talent pool prepared to fulfill the growing need for qualified workers in this area is also indicated by educational institutions' increased interest in offering courses with a blockchain focus. Current developments in India demonstrate how the public and private sectors are working together to hasten the implementation of blockchain technology.

Initiatives like the establishment of consortiums and alliances centered on blockchain technologies are becoming more popular. In order to improve supply chain traceability and guarantee that farmers are fairly compensated and that customers obtain high-quality products, sectors like agriculture are now investigating blockchain.

As the market develops, the emphasis on efficiency and sustainability through blockchain solutions is probably going to spur more innovation and acceptance. This combination of potential, demand, and cooperation portends a vibrant future for the blockchain services market in India.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

India Blockchain Service Market Drivers

Growing Government Initiatives Towards Digital Transformation

The Indian government has been actively promoting digitalization across various sectors, which significantly boosts the India Blockchain Service Market. Initiatives such as 'Digital India' aim to enhance online governance and improve service delivery through technology.

The Ministry of Electronics and Information Technology (MeitY) introduced a National Blockchain Strategy in 2021, which outlines the government's commitment to fostering blockchain technology development. The initiative is expected to enhance transparency, security, and efficiency in transactions involving government services.

This strategic move is supported by the fact that India had around 91.62 million internet users in 2021, with projected growth to surpass 1 billion by 2025, creating a larger market for digital services including blockchain solutions.

The increasing number of internet users underscores the potential demand for blockchain services needed to support secure digital transactions in the rapidly evolving digital landscape.

Rise in Demand for Secure Transactions and Data Management

With India witnessing a surge in cyber threats, there is a growing demand for secure transaction and data management solutions, positioning the India Blockchain Service Market as a strategic player. According to the Cyber Security Report by the Indian Computer Emergency Response Team (CERT-IN), there were over 1.16 million cyber incidents reported in 2020, marking a dramatic increase from previous years.

Such alarming trends prompt organizations to explore blockchain technology, which inherently offers higher security and resilience against tampering.

Notable organizations like Wipro and Infosys are investing in blockchain technologies to enhance security offerings for businesses. As this demand continues to rise, the India Blockchain Service Market is positioned for significant growth driven by the need for robust security frameworks.

Increased Investment in Blockchain Startup Ecosystem

In recent years, there has been a notable increase in investment in blockchain startups within India, fueling the development of the India Blockchain Service Market. According to the Indian Blockchain Startup Report, over USD 400 million was invested in blockchain companies in 2021, indicating a growing trust and enthusiasm within the entrepreneurial ecosystem.

Established financial institutions like HDFC Bank and Kotak Mahindra Bank are also exploring collaborations with blockchain startups to integrate innovative solutions in banking operations. This influx of investment is expected to foster innovation and diversify blockchain offerings, thereby expanding the market's scope and engaging more industries in the transition towards blockchain-based solutions.

Adoption of Blockchain Across Various Industries

The adoption of blockchain technology across various industries such as finance, healthcare, and supply chain management is becoming increasingly prevalent, which bolsters the growth of the India Blockchain Service Market.

As per the NASSCOM report on Industry 4.0, more than 75% of enterprises in India are actively experimenting with blockchain solutions to enhance operational efficiency. This includes sectors like logistics, where blockchain can improve traceability and reduce fraud.

Entities like Reliance Industries and Tata Consultancy Services have begun integrating blockchain technology into their operations to streamline processes. This multi-industry adoption creates a robust demand for blockchain services, propelling market growth significantly as more businesses realize the potential benefits of decentralization and transparency.

India Blockchain Service Market Segment Insights

Blockchain Service Market Platform Insights

The India Blockchain Service Market, particularly within the Platform segment, is experiencing notable expansion driven by the rising demand for effective and secure ways to manage transactions and data. The Platform offers a foundation for various blockchain applications, enabling businesses to leverage blockchain technology for increased efficiency and transparency.

Among the key players in this segment, Ripple stands out due to its focus on facilitating cross-border payments, providing organizations with faster and more cost-effective transaction solutions. Ethereum is recognized for its smart contract capabilities, allowing developers to create decentralized applications, making it crucial for sectors such as finance and supply chain management.

R3 offers a robust enterprise-grade blockchain solution tailored for financial services, emphasizing interoperability and security, which is essential for industries that require regulatory compliance.

Hyperledger is a collaborative effort from the Linux Foundation, offering a suite of tools for enterprises seeking to deploy private and permissioned blockchain networks, thus promoting business collaboration and innovation.

The India Blockchain Service Market demonstrates considerable potential for growth in these platforms as industry stakeholders are increasingly adopting blockchain technology to improve operational efficiency, reduce costs, and enhance security across various sectors such as banking, healthcare, and logistics.

The presence of a supportive regulatory environment also contributes to the market's advancement, fostering innovation while ensuring the credibility of the blockchain ecosystem in India.

As organizations continue to explore the transformative capabilities of blockchain platforms, the India Blockchain Service Market is expected to see a shift towards greater adoption, with many enterprises emphasizing the need for seamless integration of these platforms into their existing systems.

The increasing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) is also steering attention towards Ethereum, further reinforcing its importance in the market. Moreover, advancements in decentralized governance models and transactions enabled by R3 will likely play a significant role in changing how businesses operate in India.

Overall, the Platform segment within the India Blockchain Service Market is set to thrive as various sectors seek to harness the capabilities of blockchain technology for improved outcomes.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Blockchain Service Market Cloud Insights

The India Blockchain Service Market, particularly in the Cloud segment, experienced notable growth as it aligns with the increasing demand for efficient and secure data management. The Cloud sector encapsulates various models, including Private, Public, and Hybrid, each offering unique advantages that cater to diverse business needs.

Private Cloud solutions are crucial for organizations seeking enhanced security and control over their data, making them popular among sectors that handle sensitive customer information, such as finance and healthcare.

Public Cloud, on the other hand, provides scalability and cost-effectiveness, attracting businesses that require flexibility and a vast infrastructure without the need to manage hardware. Hybrid Cloud models are becoming increasingly significant, allowing organizations to combine both private and public resources, thus optimizing operational efficiency while maintaining data security standards.

The growth in this segment is supported by factors such as increased digital transformation initiatives in India and government support for technology integration across sectors. The adoption of Cloud-based blockchain solutions is likely to drive innovative applications in supply chain management, identity verification, and transaction processing, ultimately contributing to market growth in the coming years.

India Blockchain Service Market Key Players and Competitive Insights

The India Blockchain Service Market has been experiencing rapid growth, driven by the increasing adoption of blockchain technologies across various sectors including finance, supply chain, healthcare, and regulatory compliance.

This surge is indicative of a broader global trend where businesses are recognizing the transformative potential of blockchain in enhancing transparency, traceability, and efficiency. The competitive landscape in this market is becoming increasingly crowded, with both international and local players vying to offer innovative solutions tailored to meet the unique demands of Indian enterprises.

Competition is characterized by a diverse range of service offerings, from smart contracts to decentralized applications, and companies are continuously exploring partnerships, mergers, and acquisitions to strengthen their market positions.

Oracle has established a prominent foothold in the India Blockchain Service Market with its robust suite of blockchain solutions designed to cater to various business needs. The company’s strengths lie in its well-established reputation, extensive experience in enterprise software, and a strong focus on security and scalability, which are critical in the Indian context.

By leveraging its existing cloud infrastructure, Oracle has been able to provide Indian businesses with integrated blockchain services that facilitate easier adoption of the technology. The company's commitment to innovation and development is evident in its ongoing investments aimed at enhancing its service offerings, thereby making it a formidable player in the competitive landscape.

Furthermore, Oracle’s focus on compliance with local regulations ensures that its services remain relevant in the rapidly evolving business environment.

Nucleus Vision is another key player in the India Blockchain Service Market, focusing on delivering unique solutions through its advanced technology. The company provides cutting-edge decentralized identity and IoT solutions designed to enhance customer engagement and operational efficiency for retailers and other enterprises.

With a strong emphasis on real-time data and customer insights, Nucleus Vision harnesses blockchain to facilitate secure and transparent transactions. The company's strengths include a strong technical backbone, innovative product development, and a growing presence in the Indian market, especially within retail sectors.

Through strategic partnerships and collaborations, Nucleus Vision aims to expand its reach and enhance its service offerings. Additionally, the company continues to explore opportunities for mergers and acquisitions to bolster its technological capabilities and market position in India, striving to remain at the forefront of blockchain innovation.

Key Companies in the India Blockchain Service Market Include

• Oracle
• Nucleus Vision
• Cashaa
• Tata Consultancy Services
• Accenture
• HCL Technologies
• Zebpay
• SoluLab
• Intellect Design Arena
• Tech Mahindra
• Wipro
• Infosys
• Polygon
• IBM
• Elemential

India Blockchain Service Market Developments

With an emphasis on fintech and blockchain-driven solutions including digital payments, smart contracts, and asset tokenization, Infosys opened a ₹32 crore development center in GIFT City, Gujarat, in June 2025. The company hopes to hire 1,000 specialists and expand its blockchain service capabilities.

Experts noted earlier on March 26, 2025, that despite legal uncertainties, Indian blockchain startups—such as those involved in identity verification, supply chain tracking, and payments—are growing quickly due to investor interest and international partnerships.

In order to provide safe digital identity management using blockchain, Tech Mahindra and EarthID collaborated in May 2023 to develop a self-sovereign identification (SSI) system for the metaverse. As the only Indian company listed on Forbes' esteemed Blockchain 50 list as of February 2022, Tech Mahindra further demonstrated its appeal in the industry by earning a spot on the list.

Furthermore, Polygon made headlines in 2025 when it partnered with Reliance Jio to expand Web3 capabilities to more than 450 million consumers, thus expanding its presence in the Indian blockchain ecosystem.

All of these changes, from Tech Mahindra's innovation leadership and Polygon's mass-market push to Infosys's new blockchain center and growing startup momentum, demonstrate the dynamic expansion and diversification of India's blockchain service sector.

India Blockchain Service Market Segmentation Insights

• Blockchain Service Market Platform Outlook
  • Ripple
  • Ethereum
  • R3
  • Hyperledger
• Blockchain Service Market Cloud Outlook
  • Private
  • Public
  • Hybrid

 

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	223.64(USD Million)
MARKET SIZE 2024	289.1(USD Million)
MARKET SIZE 2035	9439.0(USD Million)
COMPOUND ANNUAL GROWTH RATE (CAGR)	37.286% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Million
KEY COMPANIES PROFILED	Oracle, Nucleus Vision, Cashaa, Tata Consultancy Services, Accenture, HCL Technologies, Zebpay, SoluLab, Intellect Design Arena, Tech Mahindra, Wipro, Infosys, Polygon, IBM, Elemential
SEGMENTS COVERED	Platform, Cloud
KEY MARKET OPPORTUNITIES	Supply chain transparency solutions, Financial transaction security enhancements, Smart contract implementation services, Government compliance and regulation support, Digital identity verification platforms
KEY MARKET DYNAMICS	Growing demand for transparency, Increasing investment in startups, Regulatory developments and compliance, Rising adoption across sectors, Enhanced data security and privacy
COUNTRIES COVERED	India