The crypto community in India rejoiced over Binance’s acquisition of WazirX, a major cryptocurrency exchange in the country. The government has accepted the blockchain technology but hasn’t decided its stand on cryptocurrencies yet. The Indian government is working on a national policy to support implementation of blockchain use cases in the country.

Sanjay Dhotre, Minister of State for Electronics and Information Technology, shared this information when he was questioned about the implementation and advancement of blockchain in the country. He said, the ministry has regarded blockchain technology as a crucial research area which has great potential for finance, governance and cyber security sectors.

Dhotre also mentioned a multi-dimensional project called Distributed Centre for Excellence in Blockchain Technology. C-DAC (Centre for Development of Advanced Computing), IDRBT (Institute for Development and Research in Banking Technology) and VJTI are the executing agencies of this project. Their objectives are to improve and facilitate the implementation of the technology through its piloting, says the minister.

He added that blockchain technology based solution for property registration has been created and it’s been piloted at Shamshabad District in Telangana State. Proof-of-Concept (PoC) solutions for enabling Cloud Security Assurance, CKYC and trade finance are also under development.

According to Dhotre, generic blockchain-based Proof-of Existence (PoE) Framework is created to allow PoE for digital artefacts. It is also used in checking academic certificates, MoU, and sale deed documents, among others. He claims PoC is also created for vehicle life cycle management as well as hotel registry management. Plans are also been made to incorporate blockchain with e-Sign, he added.

Dhotre stated that the technology had great potential and that an approach paper was in the pipeline to create a National Level Blockchain Framework.

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