The government of India is making plans to utilize the blockchain tech in various sectors of the nation’s economy, Economic India Times reports today.
Sanjay Dhotre, India’s minister of state for electronics and information technology (MeitY), stated that the numerous benefits of blockchain could not be overemphasized while noting that the country is already preparing “an approach paper” on the use of blockchain at the national level.
Dhotre acknowledged that the tech would be trialed in several sectors, including governance, finance, cybersecurity, among others.
The ministry, in collaboration with other government agencies, gave the green light to carry out a blockchain project named “Distributed Centre of Excellence in Blockchain Technology” to execute several blockchain research and develop solutions for the tech, the report noted.
Since the blockchain center was established, it has successfully researched blockchain use cases at the national level. It has subsequently developed a Proof-of-Concept (PoC) solution to deploy the tech in vital sectors.
Economic India Times outlined that the center also developed a solution to register residents’ properties on the Blockchain, which is currently on trial at the Shamshabad District, Telangana State. The report also added that the blockchain center is still developing more blockchain-based solutions to boost cloud security and trade finance.
Besides, Dhotre stated the ministry would develop a blockchain-based “Proof of Existence (PoE)” framework in the future, which would be used in authenticating academic certificates, sale deeds, and other documents.
“By using the PoE framework, a solution is developed to authenticate academic certificates. PoC [Proof of Concpt] is developed for vehicle life cycle management and hotel registry management PoC,” Dhotre concluded.
It is no longer news that India is not friendly toward crypto-related activities, which has led the country to place a total ban on cryptocurrencies.
However, despite its rigid stance on crypto, the government of India has been a supporter of the underlying tech that powers cryptos – Blockchain.
In September, Coinfomania reported that Kerala Blockchain Academy (KBA), an India-state backed institution, tapped the blockchain tech to develop a solution that would stop the forgery of academic certificates in the country.
Affiliate: Deposit 0.02 BTC, and get a 100% bonus to trade futures on Bexplus.