India Plans to Issue a National Blockchain Framework

- Advertisement -

[NEWS BLOG]: India Plans to Issue a National Blockchain Framework

The Indian government is preparing a national framework to support the wider deployment of blockchain use cases.

Minister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases. 

Dhotre made the announcement in a letter addressing questions about blockchain from members of the Lok Sabha, the lower house of the Indian parliament.

In particular, MP Parvesh Sahib Singh Verma asked whether the government had encouraged and conducted research into potential uses for blockchain technologies, and if so what the outcome of this research is. 

In response, Dhotre wrote, “MeitY has identified Blockchain Technology as one of the important research areas having application potential in different domains such as Governance, Banking and Finance, Cyber Security and so on.” 

According to the letter, the Indian government has already built the Distributed Centre of Excellence in Blockchain Technology, a project that develops and conducts research on blockchain technologies and their use cases. 

The project is executed by government and research institutions, including the Centre for Development of Advanced Computing and the Institute for Development and Research in Banking Technology. 

Under this initiative, the institutions have piloted a blockchain system for property registration at Shamshabad District, Telangana State, developed proof-of-concept solutions for Cloud Security Assurance, C-KYC and trade finance. 

Other ongoing projects include authentication of academic certificates with a proof-of-existence framework, and vehicle life cycle and hotel registry management.  

There have been a slew of blockchain projects under development in India. 

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. 

While the country might be embracing blockchain, it has created regulatory challenges for cryptocurrency businesses. 

The government has proposed fines and jail time for cryptocurrency uses in July, and Facebook announced it would not launch its Calibra crypto wallet subsidiary in India due to regulatory issues. 

The Reserve Bank of India has also ordered banks not to provide services to cryptocurrency companies. Koinex, a local exchange, has already shuttered its doors as a result. 


- Advertisement -

OTHER RELATED NEWS

Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies

  • Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
  • The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
  • There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is under pressure and it is likely to decline further towards the $9,500 support.

Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face - read more.

Halving Priced In or Not, Bitcoin’s Trajectory Bullish for 2020: Exec

In less than six months’ time, Bitcoin will see an extremely important event. Known as a “halving” or “halvening,” the number of coins issued per block to miners will get cut in half from 12.5 to 6.25, effectively meaning that BTC’s inflation rate will be cut in half in layman’s terms.

Related Reading: Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns

The halving mechanism, should it be kept in the code in the decades to come, will ensure that there will only be 21 million Bitcoin in existence. Ever. This ties into Satoshi Nakamoto’s seeming obsession with creating a scarce, hard - read more.

Samsung to Release Crypto-Friendly Edition of Galaxy Note 10 Smartphone

Samsung Electronics is releasing a new edition of its Galaxy Note 10 smartphone that will come with a pre-installed cryptocurrency wallet in its bid to boost adoption of blockchain tech.

According to a Wall Street Journal article on Thursday, the new product is a variant of Samsung’s flagship product Galaxy Note 10 but marketed as a “KlaytnPhone,” named after a blockchain network developed by messaging giant Kakao.

To be sold on Thursday only in South Korea, the new edition’s hardware specification will not differ from existing Galaxy Note 10, but will come with blockchain apps and a crypto wallet, the report said. - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]