Indian Government Plans To Develop A National Blockchain Framework
The Indian government is developing a national framework to help the broader deployment of blockchain use cases.
Sanjay Dhotre, ‘Minister of State for electronics and IT’ (MeitY), said on Wednesday that the government is planning an approach paper on the National Level Blockchain Framework, which considers the potential for distributed ledger technology and the demand for a shared infrastructure for different use cases.
Dhotre announced in a letter addressing questions about blockchain from members of the Lok Sabha.
In particular, ‘MP Parvesh Sahib Singh Verma’ asked whether the government had approved and administered research into capable uses for blockchain technologies and, if yes, what the result of this research is.
In response, Dhotre wrote, “MeitY has classified Blockchain Technology as one of the important research areas having application potential in different realms such as Governance, Cyber Security, Banking and Finance, etc.”
The Indian government has built the ‘Distributed Centre of Excellence in Blockchain Technology,’ a project that promotes and conducts research on blockchain technologies and their use cases, according to the letter.
The project is administered by government and research institutions, including the ‘Centre for Development of Advanced Computing’ and the ‘Institute for Development and Research in Banking Technology.’
Under this drive, the institutions have piloted a blockchain system for property registration at the ‘Shamshabad District,’ Telangana State, developed proof-of-concept solutions for Cloud Security Assurance, trade finance, and C-KYC.
Other continuous projects include the authentication of academic certificates with a proof-of-existence framework, vehicle life cycle, and hotel registry management.
There has been a bunch of blockchain projects that are under development in India.
Last month, India’s IT services provider ‘Tech Mahindra’ announced association with Netherlands-based blockchain application incubator ‘Quantoz’ to provide secure digital payments.
Tata Consultancy Services has also started a multi-brand consumer loyalty platform on R3’s enterprise blockchain, ‘Corda,’ adjacently.
India’s defense minister ‘Rajnath Singh’ also emphasized the potential use cases of blockchain in the defense industry in a public speech on November. 4.
While the country might be including blockchain, it has created regulatory objections for cryptocurrency businesses. The government has introduced penalties and jail time for cryptocurrency uses in July. Facebook declared it would not launch its Calibra crypto wallet subsidiary in India because of the regulatory issues.
The RBI has also directed banks not to provide services to cryptocurrency companies. ‘Koinex,’ a local exchange, has already closed its doors as a result.