India plans to create a national blockchain framework

by in Blockchain News

Indian national blockchain framework

The government of India is developing a national framework, which is going to maintain the broader deployment of blockchain use cases.

Related: Indian Minister praises blockchain potential in defense

Sanjay Dhotre, minister of state for electronics and IT (MeitY), said that the government is preparing an approach paper on the National Level Blockchain Framework, which analysis the potential for distributed ledger technology and the necessity for a shared infrastructure for various use cases.

Dhotre made the report in a letter addressing questions about blockchain from members of the Lok Sabha, the lower house of the Indian parliament.

MP Parvesh Sahib Singh Verma asked whether the government had developed and provided research into possible uses for blockchain technologies and if so what is its result.

Dhotre answered that MeitY has identified blockchain technology as one of the most relevant research areas having employment in potential in various fields like banking, economics, cybersecurity, and so on.

As to the letter, the government of India has already created the Distributed Centre of Excellence in Blockchain Technology, a project that develops and provides research on blockchain technologies and their use cases.

This centre is executed by the government and research institutions. Under this initiative, the institutions have piloted a blockchain system for property registration at Shamshabad District, Telangana State, developed proof-of-concept solutions for Cloud Security Assurance, C-KYC and trade finance.

A range of blockchain projects was developed in India.

Last month, India’s information technology services provider Tech Mahindra announced it was teaming up with Netherlands-based blockchain application incubator Quantoz to provide secure digital payments.

Trending: Bank of England thinks cryptos form a new financial order

Tata Consultancy Services has also started a multi-brand customer loyalty platform on R3’s enterprise blockchain, Corda, at the same period.

Rajnath Singh India's defence minister also emphasised the possible use cases of blockchain in the defence industry in a public speech on November 4.

While the country might be embracing blockchain, it has created regulatory challenges for cryptocurrency businesses. The Reserve Bank of India has directed banks not to provide services to cryptocurrency organisations.