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Blockchain based Technologies

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Introduction

Blockchain has been heralded as the most significant innovation since the Internet itself. It initially emerged as the backbone of bitcoin and is an incorruptible digital public ledger of transactions. Blockchain technology is a novel data structure that is secure, cryptography-based, and stores transactional records (known as the block) in databases (known as chains) distributed across a network through peer-to-peer nodes, allowing the transfer of digital goods. It works on the principles of transparency, decentralisation, accountability, and immutability. They find wide applications in Smart contracts, Supply chain management, Asset protection through an indisputable record of real-time ownership, Personal data management and  Identification, Payment processing, Crowdfunding through cryptocurrencies, tracking drugs in pharmaceutical supply chains, verification of land records and certificates, etc. The potential of blockchain technology to enable remote voting is also being explored by the election commission. It is estimated that blockchain will generate $3.1 trillion worldwide in new business by 2030. India aims to become a digital economy powerhouse and embracing emerging technologies like cryptocurrency and blockchain is a necessity. The digital economy currently comprises 14-15% of India’s total economy, which is targeted to reach 20% by 2024.

Globally India is among the fastest-growing FinTech markets. It is expected that 60% of retail and SME credit will be digitally disbursed by 2029. In 2019, fintech investments nearly doubled to $3.7 billion from the previous year’s $1.9 billion. The Indian fintech ecosystem is the third-largest in the world and attracted investments of nearly $6 billion since 2014. Digital payments are expected to touch $500 billion by 2020, about 15% of the GDP. The International Financial Services Centres Authority (IFSCA) introduced a framework of “Regulatory Sandbox” for entities operating in the capital market, banking, insurance, and financial services to experiment with innovative FinTech solutions and operates within the IFSC located at GIFT City (Gandhinagar). The Centre of Excellence (CoE) in Blockchain Technology was launched in Bengaluru for identifying and sharing suitable data and rendering world-class blockchain services to government departments. It is set up by the National Informatics Centre (NIC) to provide Blockchain-as-a-Service (BaaS) as a third-party cloud-based infrastructure and management. Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI), is working on a model platform for blockchain technology.

  • worth Blockchain ecosystem in India

  • of the states in India are involved in Blockchain-related initiatives

  • Blockchain initiatives are being executed by the public sector in India

  • Demand for blockchain talent is growing every quarter

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India is among the 44 participating member countries for standardization of blockchain technologies and distributed ledger technologies in the International Organization for Standardization.

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Evolving a National Strategy

2020

NITI Aayog prepared Blockchain the India Strategy: Towards enabling ease of business, ease of living and ease of governance. 

Initiatives by Other Departments

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Ministry of Commerce

Ministry of Commerce

MoC launched Coffee Board Activates Blockchain-based Marketplace in India.

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Ministry of Electronics & IT

Ministry of Electronics & IT

National Informatics Centre (NIC) has set up the Centre of Excellence (CoE) in Blockchain Technology in Bengaluru, Karnataka.

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NITI Aayog & GNFC

NITI Aayog & GNFC

NITI Aayog and Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) -NITI Aayog partners with GNFC Ltd to implement Fertilizer Subsidy Disbursement through Block ...

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Advancing Blockchain Technologies

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Govt.of Telangana

Blockchain district, anchored by the Government of Telangana, brings together different facets of the Blockchain technology realm in the city of Hyderabad. 

Blockchain based Technologies News & Updates from India

Clash of Digital Innovation
Blockchain-based Technology
In India, a Clash of Digital Innovation and Internet Censorship
by Coin Desk
Nov 25
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bitcoin
Blockchain-based Technology
Has India’s approach to cryptocurrencies changed amid bitcoin's record high?
by The Week
Nov 21
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 blockchain uptake for telcos
Blockchain-based Technology
Tech Mahindra and Subex buddy up to boost blockchain uptake for telcos
by Chris Kelly
Nov 09
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Blockchain based Technologies News & Updates from across the world

Australian government

Australian government embraces blockchain with new trial and public servants' network

15 trillion

‘Over $15 trillion will flow into gold and Bitcoin’

New Bitcoin High

Is 2021 The Year of A New Bitcoin High?

Thailand

Thailand’s New Rules Help Securities Companies Launch Crypto Exchanges

 Bitcoin retirement plans

First company-sponsored Bitcoin retirement plans launched in US

blockchains won’t help elections

MIT researchers reiterate why blockchains won’t help elections anytime soon

Australian government

Australian government embraces blockchain with new trial and public servants' network

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Lead Agencies

Top Organisations / Institutions In India

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