National Strategy on Blockchain

National Strategy on Blockchain

• Aims to Provide Trusted Digital Platform for providing e-Governance Services using blockchain technology

• Promoting Research and Development, Innovation, technology and application development

• Facilitating state of the art, transparent, secure and trusted digital service delivery system to citizens and businesses

• Virtual Currency such as Bitcoin, however has been kept out of the ambit of this framework

Conclusion:

Blockchain technology is still in its early stages, with significant potential for future development. It can address major issues in the Indian economy, such as underdevelopment, intermediary intervention, privacy concerns, financial transaction efficiency, and cybersecurity. The National Strategy on Blockchain Technology aims to leverage this technology for the country's holistic development. Proper implementation across all sectors is essential to achieve optimal outcomes. 

Blockchain Project

Introduction:

The Blockchain Project was launched in accordance with objectives of National Strategy on Blockchain, 2021 (launched by MeitY) with an aim to design and develop a Unified Blockchain Framework for offering National Blockchain Service and Creation of Blockchain Ecosystem.

About:

• To explore potential of Web 3.0

• It will facilitate creation of Open APIs (Application Programming Interfaces) for smooth integration and provision of Blockchain as a Service (BaaS) over distributed infrastructure

• BaaS refers to 3rd Party Cloud Based Infrastructure and Management for Companies

• Allows Govt. Departments to leverage Blockchain services to build, host and use their own Blockchain apps, Smart Contracts and Functions on blockchain

Conclusion:

Conclusion 1: 

Governments are actively exploring blockchain technology, recognizing its potential to revolutionize processes compared to traditional methods. Identifying the most impactful use cases will unlock the full potential of blockchain and deliver transformative benefits.

Conclusion 2: 

Blockchain projects harness the distinct advantages of blockchain technology—like decentralization, transparency, immutability, and security—to develop innovative solutions across multiple sectors. These initiatives have the potential to revolutionize traditional processes, boost efficiency, and introduce novel methods for managing and exchanging value.