What You Should Know About India’s New Blockchain Framework

When we talk about India, cryptocurrency and blockchain technology it’s pretty easy to get a little mixed up about what is going on with regards to the law and cryptocurrency, once we add talks of blockchain technology into the mix, suddenly it gets even more complex. However, with this in mind there’s some slightly more positive news coming out of the country at the moment, that is, news about a new national blockchain framework that is set to service the entire country and offer new examples for wider blockchain applications across India. 

Earlier this week, the Minister of State for Electronics, Sanjay Dhotre said that the government is publishing a paper that talks about new approaches towards a ‘National Level Blockchain Framework’ that highlights a number of use cases and applications for blockchain technology within the country. 

Further in this, in a letter produced by the Indian government, it is made clear that authorities over there are now investing huge amounts of time and money into further research in blockchain technology, with a view to really exploring how blockchain excellence can shape and change the future of the country. It’s also been made clear that there are a vast number of other companies and organisations working with the government to produce a fair and well managed blockchain framework, including the Centre for the Development of Advanced Computing and the Institute for Development and Research in Banking Technology. 

All of this should be deemed as very exciting, because in the letter produced by Dhotre and their team, it is made very clear that the Indian government are intent on really helping to pave a very positive future for blockchain technology in India, by investing a huge amount of time and money into further research and exploration. We should also remember that this isn’t the first time Indian authorities and companies have made huge steps within blockchain exploration. According to supporting reports, a lot has happened in the country recently:

“Last month, India’s information technology services provider Tech Mahindra announced it was teaming up with Netherlands-based blockchain application incubator Quantoz to provide secure digital payments. Tata Consultancy Services has also launched a multi-brand consumer loyalty platform on R3’s enterprise blockchain Corda the same month. India's defense minister Rajnath Singh also stressed the potential use cases of blockchain in the defense industry in a public speech on Nov. 4.”

India is fast becoming a bit of a central hub for blockchain exploration and is truly set on becoming a world leader in the industry. Let’s hope that this framework really does start to accelerate things in India, so that the rest of Asia and of course the rest of the world can also benefit from these huge potential blockchain advancements.