National use of Blockchain technology is in the offing: MeitY

With an aim to scaling up and widely deploy the new age Blockchain technology, the government is preparing a strategy for its use at the national level.

Responding to a question in the Lok Sabha, the ministry of electronics and information technology (MeitY) said, "Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on National Level Blockchain Framework is being prepared..."

Sanjay Dhotre, minister of state for electronics and IT said that Blockchain Technology has found application potential in important research areas and different domains such as Governance, Banking and Finance, Cyber Security and so on.

For instance, MeitY has supported a multi institutional project titled Distributed Centre of Excellence in Blockchain Technology with The Centre for Development of Advanced Computing (C-DAC), The Institute for Development & Research in Banking Technology (IDRBT) and others as executing agencies. Similarly, the Center conducted research on the use of Blockchain and developed Proof-of-Concept solutions.

The property registration blockchain solution has been developed and is being piloted at Shamshabad District, Telangana State, while solutions are also being developed for enabling Cloud Security Assurance, C-KYC and trade finance. Dhotre added that Generic Blockchain based Proof-of Existence (PoE) framework is developed to enable PoE for digital artifacts, used to check the integrity of academic certificates, sale deed documents, MoU etc.

"By using PoE framework, solution is developed to authenticate academic certificates. Blockchain Technology has also been used and PoC is developed for vehicle life cycle management and hotel registry management PoC," he said.