In Brief:
- The aim is to build a nationwide blockchain ecosystem across all domains.
- Meity has identified 44 sectors where blockchain technology can be implemented.
- The implementation will start with the e-governance domain.
The ministry of electronics and information technology (Meity) has released a 52-page “National Strategy on Blockchain” document. The aim is to build blockchain infrastructure across the world’s largest democratic nation. There are a total of 44 potential sectors identified by Meity, which can be benefitted from blockchain technology.
Some of the sectors where blockchain models can be implemented are education, media, governance, healthcare, finance & banking, power sector, and many more. Although, the National Blockchain Framework (NBF) will only be used in the e-governance domain initially, while transactions to broader use-cases will be done over time.
The document also emphasized the fact that; development of the NBF will require closer cooperation between the government, startups, academic institutions, and the industry. Also, Organizations must be identified along with their roles and responsibilities.
Meity’s blockchain strategy paper has outlined both permissioned and permissionless blockchain technologies. However, It does not set specific goals or timelines for execution. The document will act as a guide to the government and the industry stakeholders, to assist the platforms in various domains for realizing the vision and creating a nationwide blockchain ecosystem.
Cryptocurrencies based on blockchain technology have recently been the subject of a lot of speculation and debate. Meity suggesting a multi-institutional model for architecting the National Blockchain Framework has cleared the air about the issue to some extent.
The latest reports suggest that the government will not ban crypto altogether but would certainly regulate crypto as assets, instilling a ray of hope for crypto players.
