India’s Ministry of Electronics and Information Technology (MeitY) has recognized Blockchain technology as a promising area of study due to its potential use in sectors as diverse as government, banking and finance, cybersecurity and more.
NITI Aayog has taken the lead in encouraging the use of advanced technologies by demonstrating their effectiveness. The Indian government’s top public policy think tank set up a blockchain module early this year in partnership with cryptocurrency-focused 5ire and career exploration portal Network Capital.
Increasing initiatives
As part of NITI Aayog’s Atal Innovation Mission (AIM), more than 10,000 schools across India have Atal Tinkering Labs (ATL). Indian government programs such as AIM and ATL aim to ‘create and promote a culture of innovation and entrepreneurship’.
Together with the Ministry of Electronics and Information Technology (MeitY), Government of Haryana, Government Blockchain Association and a number of leading companies and prestigious educational institutions, Software Technology Parks of India (STPI) has opened Apiary, a center 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 support 100 blockchain companies over the next five years.
Furthermore, STPI Apiary is expected to transform the blockchain incubation ecosystem by encouraging R&D innovation and entrepreneurship and providing a safe space for startups to develop homegrown goods.
NIC and NICSI also established a Blockchain Center of Excellence (CoE) in 2020 to promote blockchain technology. Over the years, the Center of Excellence has accelerated government adoption and deployment of blockchain technology through the implementation of projects focused on various use cases. CoE is committed to promoting collaboration between the public, business and the government sector.
Furthermore, the Reserve Bank of India (RBI) has been actively looking at how Blockchain can be used in the financial sector. The RBI has partnered with half a dozen of the country’s most prestigious banks to pilot a prototype blockchain-based initiative focused on trade finance.
Furthermore, to address the need to expand India’s talent pool, the government has launched the Future Skills Prime initiative in collaboration with NIELIT and C-DAC to provide upskilling and reskilling opportunities in Blockchain.
In summary, the Indian government is proactively identifying and leveraging the potential benefits of Blockchain technology to address governance issues, promote transparency and drive innovation across a range of industries through government agencies such as the Ministry of Electronics and Information Technology (MeitY) and NITI. Aayog.
Efforts are being made in various areas through instructional programs, R&D and pilot projects. India is serious about using Blockchain for the benefits it offers, as evidenced by its collaboration with public and commercial partners.