In a bid to expand the nation’s technological prowess and boost the adoption of new technologies, the Indian government has greenlighted the development of the India blockchain strategy. According to the Indian Times, India’s Ministry of Electronics and Information Technology (MeitY) fully recognizes the potential of blockchain technology and is looking at building infrastructures that will foster the development of use cases of this technology. MeitY has stated that it is working on creating a “National Level Blockchain Framework.”
Sanjay Dhotre, the Minister of State for Human Resource Development, Communications and Electronics, and IT is praising these developments. Dhotre has expressed optimism about vital blockchain uses cases capable of transforming both the public and private sectors, especially in the area of governance, banking, finance, and cybersecurity.
Blockchain development is growing in India. India’s Ministry of Electronics and Information Technology (MeitY) is also developing a proof of existence blockchain-oriented framework. This allows verification of sales deeds, academic certificates, and other similar documents.
Speaking about this concept, Dhotre said that:
“By using PoE framework, [a]solution is developed to authenticate academic certificates. Blockchain technology has also been used, and PoC [proof-of-concept] is developed for vehicle life cycle management and hotel registry management.”
Telanga, a southern Indian state, is also working on a real estate blockchain solution that focuses on property registration. Blockchain developers in Telanga are also looking to build blockchain solutions that solve problems in trade finance and cloud security.
India Blockchain Strategy
The India blockchain strategy will focus on the development of important blockchain uses. It also seeks to enhance blockchain adoption across the country. The India blockchain strategy will boost the technology sector. In turn, it increases the number of blockchain-focused companies. This will lead to innovation and attract international investors. However, despite India’s interest in blockchain technology, cryptocurrency doesn’t seem to be part of India’s blockchain strategy.
Pro Blockchain, Anti Bitcoin
Recently, the Indian government has floated an anti cryptocurrency bill. This proposal bans cryptocurrency trading and proposes a 10-year jail sentence for people who use cryptocurrencies. In April, last year, the Indian Central Bank barred Indian banks from working with cryptocurrency firms and exchanges. This hostility towards digital currencies has forced many crypto exchange outlets like Coindelta, Coinome, Zebpay, and Koinex to shut down.
Is Blockchain Taking Over?
The development of national blockchain strategies is gradually becoming the norm. Many nations now recognize the importance of this technology and its utility. European countries like France, Germany, and Italy have all made blockchain a priority. These EU states are all developing blockchain strategies that will help boost innovation and adoption in their various countries. The EU itself has launched its own commission, INATBA Blockchain Association, dedicated to developing regulatory and business frameworks for supporting blockchain adoption.
Australia has also joined the bandwagon, revealing its national blockchain strategy back in March. The Australian government intends to position itself as a blockchain global leader. This plan stems from entering into partnerships with blockchain experts and firms. As advanced nations scramble to create national blockchain strategies, one thing becomes clear. The importance of blockchain technology cannot be overestimated, and nobody wants to miss out on its benefits.