Sanjay Dhotre, Minister of State for Electronics and IT said, “Blockchain technology (in India) is one of the important research areas having application potential in different domains such as governance, banking and finance, cybersecurity and so on.”
The IT Services sector in India has been booming and is expected to hit $14.2 billion valuations by the end of next year at a growth rate of 6.8%. The stellar performance of the IT sector is what the government of India is banking on to realise its goal of $5 trillion GDP by 2024. The Central Government has been mobilising the country and its institutions to adopt and incorporate tech in their operations. This is where Blockchain plays a major role.
1.Indian Government and the Bitcoin saga:
The government is pushing for the implementation of blockchain technology. However, there have been concerns that the stored data is subject to hacking or wrongful duplication from external sources as the government policies are looking to centralise data. Ever since the RBI put a ban on Bitcoin transactions, it has almost gone into a (metaphorical) war with various agencies who are advocating for free Bitcoin usage. During the winter session, the government was set to introduce its Crypto Bill but recent developments indicate that no such agendas have been agreed upon.
2. Blockchain to solve phone spamming:
All telecommunication companies in India have been instructed by the Telecom Regulatory Authority of India to adopt blockchain technology. This will enable only registered users to engage in telemarketing activities. This proposal will be put into effect come December. This process does not guarantee the complete elimination of phone ‘spamming’ problem but will see to it that the people/organisations responsible are held accountable. Blockchain will allow appropriate agencies to track and locate the perpetrators. Rajan Matthews, director general at the Cellular…