India To Embrace Blockchain Technology (Public Sector)

India is going to embrace Blockchain technology to increase technological benefits and transparency in Public private sector. In a statement released by Press Information Bureau, National Informatics Centre (NIC) has set up the Centre of Excellence (CoE) in Blockchain Technology in Bengaluru, Karnataka, aiming to provide Blockchain as a service and allowing all stakeholders to benefit from shared learning, experiences and resources. Inauguration of Centre of Excellence in Blockchain Technology is held  by the Union Minister for Law & Justice, Communications and Electronics & Information Technology, Shri Ravi Shankar Prasad. 

According to World Economic Forum blockchain technology will only succeed if there is adequate governance and a collaborative approach. Collaborative approach from the public sector as key for progress in 2020. As a good sign The Forum mentioned that there is evidence seen in reality that a growing desire on the part of organizations in the public sector to share information and challenges.

Blockchain technology is upcoming niche technology and adoption of the same in sectors such as health, finance, agriculture and various other sectors would assist the government in implementing various programs and give the assets confidence and immutability.

The minister commended NIC as India’s “backbone of digital governance” and said he was particularly optimistic about blockchain technology applications in primary education. The CoE has developed Blockchain based Proof of Concepts (PoCs) for select government use cases to understand potential benefits provided by this emerging technology. New and previously unforeseen applications of Blockchain in the Government are expected to enhance transparency, traceability and trust in e-governance systems.

Image: Asheoran

In the statement it further mentioned the Centre of Excellence will facilitate the Government Departments in building proof of concepts for use of Blockchain technology in different dimensions of governance leading to large scale deployment of such applications. With National Informatics Centre (NIC) providing a robust and an agile infrastructure, the CoE shall also provide Blockchain as a Service (BaaS) for efficient hosting of Blockchain network.

The Center of Excellence will make it easier for government departments to build proof of concepts for the use of Blockchain technology in various governance dimensions leading to the large-scale deployment of some of these applications. With the development of a stable and agile infrastructure by the National Informatics Center (NIC), the CoE will also provide Blockchain as a Service (BaaS) to effectively manage the Blockchain network.

In terms of cryptocurrencies, India had no positive attitude towards cryptocurrencies. A high-level government panel in july 2019 has proposed a ban on all virtual cryptocurrencies in India. Even with this history, however, there has been no blanket ban on Cryptocurrencies in India as these are pure recommendations from the committee and no legislation has been formulated as of now. By opening up Centre of Excellence in Blockchain, shows a positive approach to a more regulated crypto market in the future by embracing Blockchain technology.

Featured Image: Image: Sphotoedit