Blockchain Development In India

Blockchain In India

Blockchain development in India has already started to change the way we think about money and transactions. The country’s National Blockchain Project, which is headed by the Indian Institute of Technology (IIT) Kanpur, is poised to take blockchain technology to the next level.

Blockchain technology has immense potential for boosting transparency and reducing fraud in financial transactions. The Indian government has already created a regulatory sandbox enabling firms to explore their blockchain-based ideas without fear of legal consequences.

National Blockchain Project

India is one of the most advanced countries in the world when it comes to adoption and implementation of blockchain technology. The country is also a member of International Association for Trusted Blockchain Applications (INATBA).

The National blockchain project, which is led by IIT Kanpur, was launched in order to create a public-goods delivery system using blockchain technology. National Blockchain Project, IIT Kanpur along with CRUBN is working on various blockchain use cases in domains like land records, identity management, supply chain management, eProcurement, electronic health records, renewable energy, electronic voting, etc. IIT Kanpur also announced that it will be developing its own cryptocurrency called crubin.

Implementation of Blockchain In India

Blockchain technology is being looked at for implementation in various sectors including the healthcare sector, global banking sector, and cybersecurity. However, one of the sectors where blockchain implementation seems inevitable is the government.

The Indian Central Government announced its plans to develop a national blockchain project in May 2018. The objective of this project is to provide digital infrastructure for governance along with digitizing records. It also aims to build a secure ecosystem for governments and citizens that will reduce frauds and increase efficiencies in government workflows.

Government employees are already using crubin, India’s first open-source enterprise grade blockchain framework to make their work easier by integrating blockchain capabilities in their processes with minimum fuss in terms of technology adoption.