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India is pushing its own blockchain framework
The Minister of State for Electronics and IT, Sanjay Dhotre, announced on Wednesday that the government had prepared a concept paper for a blockchain framework at the national level. In the course of this concept, the added value of this distributed technology as well as the need for a distributed infrastructure for various applications should be made clear.
Minister announces state blockchain framework
On Wednesday, November 27, 2019, the Indian Minister for Electronics and IT, Sanjay Dhotre announced the development of a concept for a state blockchain framework. In particular, the development of a common infrastructure is important in order to accelerate the use of the technology in various fields of application.
In a public letter, the minister answered numerous questions from members of Lok Sabha, the lower house of the Indian parliament. The question of the parliamentarian Parvesh Sahib Verma, who asked the government about the use of blockchain technology, provided information about the current developments. The MP also wanted to know how the government is promoting further development.
"MeitY has identified blockchain technology as one of the important research areas with application potential in various areas such as governance, banking and finance, cybersecurity, etc." - Sanjay Dhotre, Minister of State for IT and Electronics
Distributed Center of Excellence for Blockchain Technology to explore use cases
The letter from the minister also shows that the government has already set up a Distributed Center of Excellence for blockchain technology. This is a project that develops and researches blockchain technologies and their use cases.
The letter also makes it clear that the project is the responsibility of the government and several research institutions. Research institutions include, for example, the Center for Development of Advanced Computing and the Institute for Development and Research in Banking Technology.
In a first initiative of the project, the institutes developed a blockchain system for registering real estate in Shamshabad Municipality, which is located in the state of Telangana. This system is intended to help develop further proof-of-concept solutions for Cloud Security Assurance, C-KYC and financial trading.
In addition, projects are being developed as part of other initiatives that enable the authentication of academic certificates. In addition, other systems should enable the management of the vehicle life cycle or the hotel register, for example.
Blockchain Framework - the basis for success in the blockchain sector
Overall, it can be seen that a whole series of blockchain projects have emerged in India. Just last month, the Indian information service provider Tach Mahindra announced a cooperation with Quantoz, a Dutch incubator for blockchain applications. As part of the cooperation, the two companies want to secure and provide digital payments.
Tata Consultancy Services, which belongs to the Tata Group, also introduced a blockchain-based customer loyalty platform in the same month. The new system is based on R3's Corda blockchain and enables customer relationships to be maintained with several brands. Rajnath Singh, Indian Defense Minister, also addressed the potential of blockchain in the defense industry in a public address on November 4th.
Nonetheless, the Indian government continues to take a tough course in regulating cryptocurrency. The tough regulation is intended to ensure that cryptocurrency companies must meet the regulatory requirements. For example, in July the government proposed the introduction of fines and imprisonment for the use of cryptocurrencies. As a result, Facebook has also announced that Libra cannot be used in India. In addition, the Reserve Bank of India has been instructed not to fund companies in the crypto sector. The public exchange Koinex also had to cease business activities for this reason.
Conclusion: India Blockchain Framework can accelerate adoption in the country
Basically, India has a strong regulatory approach to regulating cryptocurrencies. Nonetheless, the government has a keen interest in the technology behind it.
With the new blockchain framework, the governments want to create a state framework that promotes the development of new blockchain applications. From the point of view of Indian IT companies in particular, this approach seems to make sense in order to enable the business model to be scaled up quickly.
From my point of view, introducing a blockchain framework makes sense to accelerate the development, research and adoption of blockchain applications. For companies, such a framework reduces the regulatory imponderables and enables the services to be optimally adapted to the opposite side of the local market. The first applications already show that this blockchain framework definitely has disruptive potential.
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