India is all set to adopt blockchain technology through the implementation of national strategy on emerging technology that is laid down by the government. The minister Sanjay Dhotre who is the minister of state for electronics and informational technology told that the field is the most research domain and went onto confirm that the government is preparing a blockchain framework. The minister went on to say that blockchain is “one of the important research areas” with potential applications in areas such as governance, banking, finance, and cybersecurity.
Image Source: m.economictimes.com
To that end, the country’s Ministry of Electronics and Information Technology has also supported a blockchain project, dubbed Distributed Centre of Excellence in Blockchain Technology,in an association with other government agencies, including the Institute for Development and Research in Banking Technology. 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,” said Dhotre.
Image Source: www.cryptonewsz.com
A property registration blockchain solution has also been developed and is already being piloted in Telangana state. Other solutions that are being developed are focused on trade finance, cloud security and central KYC (know your customer), among other cases. India seems to be on the “blockchain, not bitcoin” side since the country recently proposed a draft bill banning cryptocurrency trading as well as suggesting a 10-year jail sentence for using cryptocurrencies. The country’s central bank also barred banks from serving cryptocurrency exchanges and firms in April of last year. Since then, several exchanges have filed legal petitions to reverse the central bank’s ban, but the matter is still pending in the supreme court of India. The next hearing is scheduled in January. The regulatory uncertainty forced several exchanges to shut shop, including Koinex, Coindelta, Coinome and Zebpay.
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