• Thu, 05 Dec 2019, 09:38 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Indian government creating national blockchain policy for several sector applications

The Indian government is currently creating a national blockchain strategy that will oversee the development of pilot programs that can be applied to various sectors including trade and finance.

Image: Unsplash

Thu, 28 Nov 2019, 05:27 am UTC

India is currently on the path to widely adopt blockchain technology and is currently working on an approach paper for the National Level Blockchain Framework. Minister of State for Electronics and IT (MeitY) Sanjay Dhotre announced the development of the strategy in response to a previous query sent by Lok Sabha, the lower house of the Indian parliament.

In the letter, Dhotre highlighted the importance of blockchain and how it can be applied in different fields including government sectors, cybersecurity, and the financial industry. Dhotre also revealed that they’ve already created the Distributed Centre of Excellence in Blockchain Technology, a division that researches the nascent innovation and its various applications.

The minister highlighted five objectives that this division will push forward:

  • Foster development of blockchain tech in the academic and government sectors
  • Create a pilot program for blockchain application on areas mentioned above
  • Identify issues that may arise once these applications are deployed
  • Develop a dynamic blockchain framework using open-source implementation for key areas
  • Establish a blockchain technological capacity

More blockchain projects sprout up

There are several initiatives that are already being developed including a blockchain-based property registration at Shamshabad District, Telangana State, proof-of-concept concerning Cloud Security Assurance, C-KYC, and trade finance. There are also blockchain-based protocols to check the authenticity of academic documents, as well as for vehicle life cycle management and hotel registry management.

And as can be expected, the influence of blockchain technology doesn’t stop there. Just recently, the blockchain-based energy trading platform Power Ledger announced the launching of a pilot program in New Delhi to incentivize households that are harvesting renewable energy.

The energy firm has collaborated with BSES Rajdhani Power Limited (BRPL) to push the program forward, with more plans slated if the initiative is successful.

Blockchain regulation in India

Meanwhile, South Indian State Tamil Nadu is currently working on a state-level policy to oversee blockchain and AI applications to regulate both technologies. The state aims to use blockchain and AI to expedite the services of government sectors, cut operational costs, and track down processes in real-time.

“We are working on separate policies on blockchain and AI. The AI policy is going to be perhaps the world’s first policy addressing safe and ethical use of AI,” said Santosh Misra, CEO of the state’s e-Governance Agency. “No state or country has announced a standalone policy to address the safety and ethics associated with AI, and we have no precedent for it.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,410.08 (+1.27%)
  • Ethereum (ETH) $148.87 (+0.80%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $212.72 (+0.79%)
  • Litecoin (LTC) $44.94 (-1.05%)
  • Bitcoin (BTC) $7,410.08 (+1.27%)
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:49
Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
10:43
U.S. financial regulators call for continued monitoring of digital assets and DLTs
10:10
Crypto Technicals: IOT/USD retraces above 0.20 handle; recovery lacks traction
09:38
Samsung Blockchain Keystore to be soon available in six more European countries, says TRON CEO Justin Sun
08:15
KT and China Mobile team up to commercialize blockchain-based roaming charge system
07:13
Crypto Technicals: XRP/USD capped below 5-DMA, on track to test trendline support at 0.1995
06:44
France to launch CBDC trial by end of Q1 2020
06:35
Crypto Technicals: BTC/USD finds selling pressure at highs, bias remains bearish as long as 21-EMA resistance holds
06:25
OneConnect seeks to raise $500M for its upcoming IPO amidst global expansion of parent company Ping An
06:17
China’s Hainan announces new measures, $142M fund to support blockchain industry
05:25
Sean Neville to step down as Circle co-CEO
05:02
Bakkt CEO Kelly Loeffler appointed as U.S. senator by Georgia governor Brian Kemp
04:58
Gemini burns GUSD bringing total supply to 4.1 million
04:46
Crypto Technicals: ETH/USD recovery capped at 200H MA, break below 78.6% Fib (141.35) to knock prices lower
03:59
Poloniex users could lose fund, account if they fail to withdraw tokens by Dec. 16, Circle warns
03:36
North Korean hacking group may be behind near-undetectable macOS malware
Dec 4, 2019 (Wednesday)
13:46
BOJ Governor Haruhiko Kuroda sees no public demand for CBDC at the moment
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft