According to NITI Ayog’s Report of January, 2020 entitled “Blockchain: The Indian Strategy”, Blockchain technology can broadly be defined as a new type of network infrastructure (a way to organize how information and value moves around on the internet) that create ‘trust’ in networks by introducing distributed verifiability, auditability, and consensus. The report further adds upon the current market situation of the Blockchain technology as it is estimated that it could generate USD3 trillion per year in business value by 2030. The World Economic Forum (WEF) anticipates that 10% of the global GDP will be stored on blockchain by 2025 and lists blockchain as one of 7 technologies that are anticipated to revolutionize various aspects of our lives.