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.
  • Bitcoin (BTC) $17,332.90 (+1.58%)
  • Ethereum (ETH) $527.02 (+2.61%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.166900 (+21.62%)
  • Chainlink (LINK) $12.91 (+3.98%)
  • Bitcoin (BTC) $17,332.90 (+1.58%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.