Blockchain

MeitY: Working on Implementing National Level Blockchain Framework

After Blockchain booming its way in many parts of the world, it is all set to make its prominence more pronounced in India, if the reports are to be believed. In a recent interaction in Lok Sabha, Sanjay Dhotre, Minister of state for electronics and IT announced that considering the advantages of blockchain technology, there is a need to create a shared infrastructure.

As a result, an approach paper on the national level blockchain framework is being prepared. Interestingly enough, he further went on to stress blockchain’s enormous potential to benefit myriad sectors ranging from governance, banking, finance to cybersecurity, thereby making it a crucial domain for research.

Nischal Shetty founder of WazirX and Crowdfire took to twitter to applaud this initiative of the government by calling it a “Good progress!” and also reminding that “Blockchain without Crypto = No Public Blockchain.”

Steps taken to propel the initiative

Speaking of the progress, as a step towards blockchain incorporation, MeitY (Ministry of Electronics and Information Technology) has already backed a multi-institutional project named Distributed Centre of Excellence in Blockchain Technology in collaboration with The Centre for Development of Advanced Computing (C-DAC), the Institute for Development & Research in Banking Technology (IDRBT), and many others. These agencies were employed for the sole purpose of unearthing all kinds of possible use of this new-aged technology in different sectors. Their research led to the development of Proof-of-Content (PoC) solutions.

Meanwhile, a full-proof solution to register property and leverage blockchain is under process at Shamshabad district, Telangana; apart from this, some other solutions are also being undertaken to enable Cloud Security Assurance, C-KYC and trade finance.

The minister also stated that the development of Generic Blockchain-based Proof of Existence (PoE) framework is meant to enable PoE for digital artefacts that could be used to verify academic certificates, sale deed documents, memorandums of understanding (MoUs) etc. Moreover, blockchain seems to be gaining ground in automobile and hospitality industries due to its usage potential, quite steadily. According to Dhotre, while a PoC has been created for vehicle lifecycle management in the auto domain, blockchain applications have made hotel registries quite easier, as well.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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