The Minister of state for electronics and IT (MeitY) Sanjay Dhotre stated that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology (DLT) and the need for a shared infrastructure for different use cases.
According to the document, the MeitY has identified Blockchain Technology as one of the important research areas having application potential in different domains such as Governance, Banking & Finance, Cyber Security and so on.
Apparently, the Indian government has already developed the Distributed Centre of Excellence in Blockchain Technology, a project that develops and conducts research on blockchain technologies and their potential use cases.
India has taken many steps forward in the field of blockchain as defense minister Rajnath Singh also stressed the potential use cases of blockchain in the defense industry. They also set up a scheme with the Netherlands blockchain application incubator Quantoz to provide secure digital payments. The technology looks like its booming in one of the worlds largest economies.
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