India’s Aggressive Push for Blockchain Technology in Governance and Industry

The Government of India’s Ministry of Electronics and Information Technology (MeitY) has recognized Blockchain technology as a promising field of study due to its potential use in sectors as varied as government, banking and finance, cybersecurity, and more.

NITI Aayog has taken the lead in encouraging the use of cutting-edge technologies by showcasing their effectiveness. The highest public policy think tank of the Indian government, established a blockchain module at the beginning of this year in collaboration with the cryptocurrency-focused 5ire and the career exploration portal, Network Capital.

Increasing Initiatives

As part of the Atal Innovation Mission (AIM) of NITI Aayog, more than 10,000 schools throughout India have Atal Tinkering Labs (ATL). Indian government programs like AIM and ATL aim to “create and promote a culture of innovation and entrepreneurship.”

Together with the Ministry of Electronics and Information Technology (MeitY), the government of Haryana, the Government Blockchain Association, and a number of blue-chip companies and prestigious educational institutions, Software Technology Parks of India (STPI) has opened Apiary, a Centre of Entrepreneurship (CoE) in blockchain technologies at STPI’s incubation center in Gurugram.

This is an effort to promote blockchain implementation in India, and will nurture 100 blockchain firms over the course of the next five years.

Moreover, it is anticipated that STPI Apiary would transform the blockchain incubation ecosystem by encouraging R&D innovation and entrepreneurship and providing a safe space for startups to develop homegrown goods.

Also, in 2020 NIC and NICSI have set up a Blockchain Centre of Excellence (CoE) to promote blockchain technology. Over the years, the Center of Excellence has hastened the government’s adoption and deployment of blockchain technology through the implementation of projects centered on various use cases. CoE has been committed to fostering cooperation between the public, the business, and the governmental sectors.

Moreover, the Reserve Bank of India (RBI) has been actively looking at how Blockchain may be used in the financial sector. The RBI is working with a half-dozen of the country’s most prestigious banks to conduct a prototype blockchain-based initiative focused on trade finance.

Furthermore, to meet the need for expanding India’s talent pool, the government has launched the Future Skills Prime initiative in partnership with NIELIT and C-DAC to provide upskilling and reskilling opportunities in the field of Blockchain.

In summary, the Indian government is proactively identifying and utilizing the potential advantages of Blockchain technology to deal with governance issues, promote transparency, and spur innovation across a range of industries through government bodies like the Ministry of Electronics and Information Technology (MeitY) and NITI Aayog.

Efforts are being made in several areas via instructional programs, R&D, and pilot projects. India is serious about using Blockchain for the benefit it offers, as shown by its partnership with public and commercial partners.