India Building Towards BlockchainBlockchain’s usage at a high-grade enterprise level is being released across the globe, with many major enterprises and governments appreciating its potential – including China, which is probably at the forefront of blockchain adoption. It is unsurprising that India is also a nation looking to ramp up its blockchain adoption, but it still feels clear that they will be avoiding the decentralized cryptocurrency ecosystem that is one facet of it. Dhotre said that: “Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on National Level Blockchain Framework is being prepared…” giving insight to a much bigger drive by the national government to be a part of the blockchain revolution.
Already in the Pilot StageIndia has not exactly been sitting on its laurels until now with regard to blockchain. There are a number of instances where governmental organizations have already delved into the technology. In fact, the Reserve Bank of India (RBI), which cracked down on Bitcoin, has said it is developing a banking platform built on blockchain as part of its R&D branch. More so, MeitY has been supporting a multi-institutional project – the Distributed Centre of Excellence in Blockchain Technology with The Centre for Development of Advanced Computing (C-DAC), The Institute for Development & Research in Banking Technology (IDRBT) and others working as executing agencies. So, while India may not be moving as far along with blockchain technology as China, it is certainly choosing to progress with the technology and happily leave behind the cryptocurrency aspect. It remains to be seen if these types of nations can thrive with the base technology without leveraging the more decentralized financial aspects, but if it is possible, the two Asian countries will be well placed for the fourth industrial revolution.
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