As the cloud of uncertainty hangs over the possible crypto trading ban in the country, the Indian government is keen on its underlying technology and plans to support other blockchain innovations in the country instead.
Spearheaded by Niti Aayog, the government’s think-tank has already been working on various use cases of blockchain technology in the areas of tracking and tracing of drugs in the pharma supply chain, education certifications, claim verification and approval in the disbursement of fertiliser subsidy and transfer of land records.
Niti Aayog is already working on various use cases of blockchain technology in land records, educational certificates and others.
Looking at the recent developments, the Indian government may plan to go beyond these use cases and explore blockchain technology implementation across industries including agriculture, healthcare, fintech, governance, energy and supply chain among others. In fintech, once the crypto trading is out of the equation, chances of India introducing its own central bank digital currencies (CBDCs) in the future seem plausible.
Also, with the introduction of ‘Blockchain: The Indian Strategy’ earlier this year, Niti Aayog’s CEO Amitabh Kant had plans to start a dialogue on blockchain and help various government institutions to explore the implementation of this technology, on how it can be effectively leveraged for the betterment of the society.
Melbourne-based blockchain-powered shared economy platform ShareRing recently partnered with China’s state-backed blockchain initiative, the Blockchain Service Network (BSN). With this partnership, ShareRing will be integrating various services such as insurance, travel, logistics and marketplace under one roof, where it looks to reduce barriers to entry in the blockchain services sector by helping enterprises and developers deploy enterprise solutions on the go.
India and China two bigger economies will explore blockchain, AI, IoT in various forms in coming years and could set trend in many ways for others to follow.
Author: Mr. Prashant Pandit, Executive Director Universal CLC
Blockchain speaker, investor & board member