September 20, 2024
By Our Correspondent
India has introduced a new national blockchain network aimed at empowering local developers to create applications that enhance “security, trust, and transparency.”
The Ministry of Electronics and Information Technology (MeitY) has recently unveiled Vishvasya, a Blockchain as a Service (BaaS) framework designed to support permissioned applications.
In conjunction with Vishvasya, MeitY has also launched NBFLite, a streamlined blockchain platform intended for academic institutions and startups, enabling them to deploy prototype applications within a decentralized network without the complexities associated with full blockchain implementation.
Additionally, the ministry introduced Praamaanik, characterized as “an innovative blockchain-enabled solution for verifying the origin of mobile applications.”
These initiatives are integral to the ministry’s National Blockchain Framework, which envisions the establishment of reliable digital platforms. The framework aims to advance blockchain research and development, which the ministry anticipates will lead to “state-of-the-art, transparent, secure, and trusted digital service delivery to citizens.”
During the framework’s launch, MeitY secretary Shri S Krishnan urged Indians to utilize these new resources to position the nation as a leader in the blockchain sector. He emphasized that blockchain technology could stimulate economic growth for the world’s fastest-growing major economy while promoting digital empowerment and social progress.
India stands as a global frontrunner in blockchain and digital asset adoption. In 2023, it achieved the top position in the annual adoption index by Chainalysis, rising from fourth place the previous year.
The local blockchain community has responded positively to these advancements. Sumit Gupta, the CEO and founder of CoinDCX, referred to it as “a significant advancement in establishing another layer of Digital Public Infrastructure (DPI) through blockchain technology.”
Pareen Lathia, the founder of ValuesDAO, remarked that we will soon witness numerous companies within an industry collaborating to implement federated blockchains, in contrast to public blockchains, which are costly due to their associated fees.
Lathia views the government’s focus on sectors that are likely to yield early impacts as a promising development. He further stated that over time, “the maturity and understanding of blockchain will enhance.”
Dilip Chenoy, chair of the Bharat Web3 Association, emphasized that governance will experience the most significant transformation. He anticipates that while the national government will be the initial adopter of blockchain integration, states will eventually utilize the technology for applications such as certificate verification.
