ADVERTISEMENT

India following China’s approach to blockchain
I

India has been transforming into Modern India as it reaches new heights with every technological development that we make. India is among the top five countries that have expanded their scientific research and explored space. The country is now following China’s footsteps as they decide to explore the world of blockchain and the fields in which it can be used.

Recently, Sanjay Dhotre, the Minister of State for Electronics and IT (MeitY), stated that the Indian Government is planning to draft a paper that will discuss the potential of distributed ledger technology (DLT) and its importance in various fields.

This will come under the National Level Blockchain Framework and could hint the acceptance of the blockchain technology by the Indian Government.

MeitY researched and found out that blockchain technology is an important research area and the application potential of the technology in fields like Governance, Banking and Finance, Cyber Security, and the list goes on. There have been rumors that the Indian Government has already developed a Distributed Centre of Excellence in Blockchain Technology. This project would help them develop and conduct research on the usage of blockchain technology.

Defense Minister of India, Rajnath Singh, has also shown his support for the blockchain technology and the potential uses it has that can also be applied in the defense industry. The government has also set up a scheme with the Netherlands blockchain application incubator, Quantoz, to provide secure digital payments. This sudden boom for blockchain technology in India can be good news for the future of blockchain as well as for cryptocurrencies.

+ posts

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

Google, STIC, Moving Capital, 3L, Evolvence, Hana Financial Investment, LGT Lightstone Aspada have invested in Dunzo, with Alteria Capital providing debt.

Google’s chosen one: How Dunzo managed to capture the heart of the doubtful consumer...

0
Because of the evident rise of e-commerce, logistics service providers are faced with an increasing number of small shipments and a difference in their...
From post-workout beer to cars as a new personal space, these trends offer businesses a wide range of capitalization opportunities to explore.

Emerging Trends: Performance Beer, Digital Decor, and Cars, a New Personal Space

0
Post-workout Beer As per Keywords Everywhere, thousands of people are searching for 'drink beer post workout' monthly. It has fermented a new class of post-workout...
With easy internet access and high smartphone penetrations, there has been a shift in rural customers' aspirations opening opportunities for marketers.

Rural Marketing in the Post-COVID Era: A Lucrative Space

0
There has been a gradual evolution in rural marketing for the past few decades. Since most of the Indian population resides in rural areas,...

Challenges in Indian Startup Ecosystem

0
The Land Accelerator South Asia 2021 The Land Accelerator is a four-month curated program focused on training and supporting entrepreneurs working to restore land, forests,...
The idle minds and empty hands are using more devices, apps, and postures in the lockdown. We are here for a 30 billion USD industry booming around that.

Sextech: A Booming Billionaire Dollar Industry

0
Sex has always been a shady space in India. For a culture that takes price in Mind Control, Yoga, and worshiping saints, sex has...
Midea is facing the same fate as many Chinese corporations, asking for funding, going the old-fashioned way, through Kickstarter like Indiegogo.

Midea looks forward towards better development through crowdfunding, what could this mean for the...

0
Midea is a multinational technology company specializing in HVAC systems, consumer electronics, robotics, and industrial automation, and the digital market. (1) Midea provides a...
Amazon won the fight against labor organizing at its Bessemer, Alabama, warehouse on Friday, with employees opposing the Retail, Wholesale, and Department Store Union 2-to-1.

Will Amazon continue to live the bad light amongst its workers?

0
The COVID-19 pandemic has wreaked havoc on cultures and economies all over the globe. However, Amazon.com, Inc. has increased, cementing its status as the...
There has also been a boon for retail investors seeking profit and reliable trading platforms. Here are the top Robinhood alternatives in India.

Top Robinhood Alternatives in India

0
India's new trader breed had light-up Dalal Street in 2020. It was the year when many people across the globe were forced to stay...
ADVERTISEMENT