India has emerged as one of the fastest-growing fintech markets globally. The five significant parameters for penetration of digital payments in the country, over different periods, are through payment enablers, demand-side payment infrastructure, supply-side payment infrastructure, payment performance, and consumer centricity. The Indian fintech industry has been on an upward growth trajectory in the last few years. The dominant theme of fintech is the booming digital payments space, which set to grow to $1 trillion by 2023, according to Niti Aayog. 

Over the last five years, the value of blockchain beyond facilitating financial transactions has realized. Among other use cases, blockchain’s potential to provide a transparent and permanent record for transactions along supply chains has explored. In any supply value chain, blockchain creates two kinds of participant