- Indian Prime Minister Narendra Modi unveiled blockchain-based securities at IIT Kanpur on Tuesday to facilitate the issuance of certificates and prevent counterfeiting.
- This is one of the many efforts being made by the country to take blockchain technology seriously.
Despite the advantages and disadvantages of the legitimacy of cryptocurrencies in India, the country has not let go of the use of blockchain technology in other sectors. On Tuesday, Indian Prime Minister Narendra Modi presented blockchain-based digital titles at the Indian Institute of Technology (IIT) in Kanpur, during the institute’s 54th assembly ceremony.
At the same time, all students received degrees that developed technology based on the institute’s blockchain. The initiative not only digitizes the creation and distribution of these credentials, but also controls the possibility of forgery. Blockchain technology ensures that these titles cannot be created and are verifiable on a global scale.
India further leaps into blockchain technology
The certificates were launched and issued in the framework of the National Blockchain Project. Its main purpose, as shared on its official website, is to:
Empower India to become a world leader in blockchain technology.
The project achieves this by developing blockchain-based «electronic governance solutions», all funded by the Secretariat of the National Security Council. Technologies it leverages include Hyperledger Fabric, Ethereum, Tendermint, and Quorum.
To date, the project has successfully presented two blockchains that utilize solutions to some of India’s challenges. The first, Safe Healthcare Infrastructure, protects patients’ privacy. In this regard, Land Records Management registers the property and manages the property records. IIT Kanpur is investigating more applications of the technology. These solutions will be implemented in the framework of the institution – led startup, CRUBN. The company even partnered with the south Indian state of Karnataka in late November to develop blockchain-based procurement systems across the country.
Earlier this month, India, through the Ministry of Electronics and Information Technology, published a National Strategy on Blockchain. The framework focuses on a wide range of blockchain-based applications in various sectors. These include «maintaining electronic health records, the chain of educational certification, the supply chain of medicines and agriculture», among others.
Increase in blockchain based applications
According to Connecticut-based research firm Gartner, innovative conglomerates will take advantage of the $ 5 trillion blockchain economy in 2022. At least one of these companies will be valued at at least $ 10 trillion. Gartner expects the value of this business to grow to $ 176 billion in 2025 and $ 3.1 trillion in 2030. The company comments on this growth on the forecast that at least 30% of global customer bases will use blockchain technology by 2030.
In addition to India, other countries are enthusiastic proponents of blockchain technology. China, while maintaining its cryptocurrencies bookings, launched the Blockchain-based Services Network (BSN) to enable faster and cheaper innovation for its companies. The United Arab Emirates (UAE) is working on smart cities powered entirely by blockchain-based solutions. Canada is using the technology to monitor the government, while Chile is using it for power distribution.