Posted 1 year ago | by Ben Armstrong
India Plans a National Blockchain Network
Sanjay Dhotre, the MeitY (Minister of state for electronics and IT) on Wednesday the 27th of November 2019 confirmed that the Indian government was preparing a draft of an approach paper on the National Level Blockchain Framework.
Dhotre went on to further add that Blockchain Technology had been identified by the MeitY as one of the areas of research that has application potential in various domains like cyber security, banking, and governance, just to mention a few.
According to reports, the government of India has also set up a Distributed Center of Excellence in Block chain Technology- a project which will develop and carry out research on various Blockchain technologies and also their respective uses.
The minister was quick to add that institutions would have to adopt Blockchain systems that would assist in the registration of property in the Shamshabad District, Telangana State.
Mushrooming of Blockchains in India
The adoption of Blockchain technologies in India is slowly gaining pace. In October 2019, Tech Mahindra, India’s IT services provider announced a merger with Blockchain application incubator Quantoz in an effort to provide secure digital payments.
During the same month, Tata consultancy on Corda (R3’s enterprise Blockchain) launched a consumer loyalty platform with several brands.
Rajnath Singh, the Minister for Defense in India, during a public speech in early November 2019 stressed the importance and potential use of Blockchain in the defense ministry. Crypto regulation in India still remains a major concern in as much as authorities and government officials are advocating for it.
Blockchain Expands Globally
Earlier in the year, the Indian government had proposed jail time and fines for use of cryptocurrency. This was due to the issues surrounding the regulation of cryptocurrency in the country. Following the report, Facebook made an announcement confirming that it would delay the launch of its Calibra crypto wallet subsidiary in India.
It remains to be seen whether the National Blockchain network will encourage the adoption of Blockchain technologies in other sectors. Blockchain adoption has been rising around the world, and it looks like nations are working so they don't get left behind.
China has also been expanding its propaganda push for Blockchain development, but much like India, it appears to want Blockchain development without cryptos. It is ironic that governments think they will be able to push Blockchain technology forward without decentralized options popping up, although they seem determined to try.