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.