Indian National Blockchain Framework is being drafted by the government authorities that will help define the blockchain applications in the country. This national framework will be a pilot document that will explore the use of blockchain in various industry verticals in India.
Sanjay Dhotre, the Minister of State for Electronics and IT (MeitY) announced that an approach paper, named National Level Blockchain Framework, is being drafted to study the potential for blockchain and distributed ledger technology along with the need to explore a shared infrastructure to employ these innovative technologies.
The minister revealed the development in a letter containing his reply to the questions about blockchain raised by certain members of the lower house of the parliament, i.e. ‘Lok Sabha’. Specifically, MP Parvesh Sahib Singh Verma raised the matter when he inquired about the steps being taken by the government to promote the research and development of blockchain technologies. Indian National Blockchain Framework will serve as the foundation for the initial spark that will light up the blockchain industry in India.
Indian National Blockchain Framework will be the foundation
Dhotre’s letter contains vital clues about the potential blockchain developments that may soon happen in India. It mentions that MeitY recognises ‘Blockchain Technology’ as a prominent and emerging research area with wide-ranging possibilities of application in various realms like finance, governance, banking, defence and more.
He goes on to mention that a project named ‘Distributed Centre of Excellence in Blockchain Technology’ has been developed by the government to encourage research on blockchain technologies. This initiative aims to pioneer the research in blockchain, especially in the realm of property registration. The project is in being implemented in Shamshabad District in the southern state of Telangana. It delivers C-KYC, cloud security assurance and created ‘proof-of-concept’. Other notable projects include hotel registry management, academic certificate authentication and vehicle life cycle management.
India’s blockchain moving ahead gradually
Blockchain developments in India are constantly happening albeit at a gradual pace. Recently, Indian IT services company Tech Mahindra announced a partnership with Quantoz of Netherlands for providing secure digital payments.
Tata Consultancy Services joined hands with Corda to launch a multi-brand consumer loyalty platform in India. India has openly advocated the use of blockchain in the defense sector as well. Indian National Blockchain Framework will surely pave the way forward and show that India is slowly embracing blockchain.
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