2 November 2024
Indian Ministry Rolls Out A Five year Roadmap For Blockchain Adoption
India has published a five-year roadmap for Blockchain technology adoption in the nation. The roadmap highlights Blockchain in various sectors of the economy. It also aims to stimulate a closer cooperation between the government and private sector. The roadmap is known as the ‘National Blockchain Strategy.’ It is a 52-page document released by India’s Ministry of Electronics & Information Technology (MeitY), and it is an updated version of one published earlier.
The ministry has planned out the country’s ambition of developing a national Blockchain platform that will benefit 44 economic sectors. Currently, they are working on a national Blockchain framework, stating that a “geographically distributed national level shared infrastructure with nodes spread across India” is necessary for the nation to avail the Blockchain technology benefits.
Additionally, India’s central government plans to utilize this national infrastructure to provide Blockchain-as-a-service (BaaS). The ministry of tech has recognized 44 sectors that would greatly benefit from Blockchain technology.
In this roadmap of Blockchain, e-governance receives the most attention. Government national identity system known as Aadhaar, eSign public key infrastructure, and its Digilocker would avail lots of benefits from Blockchain. However, the government is quite worried over its data security, privacy, and access. As a result, the government leans towards having a private ledger, also known as a permissioned Blockchain. The document also lists R3 Corda and Hyperledger Fabric as some of the networks it has borrowed from.
The 52-page documents drafts that the Blockchain application will be used beyond e-governance.It states “subsequently, the transition should be made to incorporate various use cases beyond e-governance, and the framework would be open for anyone to use.” The Indian government is also planning to regulate the Crypto sector soon.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advic
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