The Ministry of Electronics and Information Technology (MeitY) has released a “National strategy on blockchain” on December 3. The National strategy on Blockchain identifies 44 potential areas of using the technology and lays out the broad contours of how it can be implemented across different sectors.
MeitY has suggested setting up a National Blockchain Framework (NBF) with three types of participants- confident user of technology (application developers), provider or operator of technology (infrastructure and services, Blockchain as a service), and complete technology stack builder (IP creator).
The ministry has adopted a multi-institutional approach for the national blockchain framework, which includes C-DAC for research and development of the framework, National Informatics Centre (NIC) and National Informatics Centre Services Inc. (NICSI) for hosting the national-level blockchain infrastructure and offering blockchain as a service.
What is the National Blockchain Strategy?
• National Blockchain Strategy aims to evolve a trusted digital platform for providing e – governance services using blockchain technology.
• MeitY will work with various Government organizations and other stakeholders in implementing this strategy and realizing the various advantages of the Blockchain technology in terms of enhanced security, trust and its ability to ensure tamper-evident transactions.
• According to analyst firm Gartner the worldwide business value generated by blockchain will reach $176 billion by 2025 and $3.1 trillion by 2030.
• The MeitY has identified five areas of weakness in the technology- scalability, security, interoperability, data localisation and disposal of records.