India’s Prime Minister Modi, Embraces Blockchain Technology
Indian Prime Minister Narendra Modi while speaking through video conference after inaugurating the 22nd edition of the World Congress on Information Technology (WCIT) 2018 in Hyderabad, said, “Disruptive technologies such as blockchain and the Internet of Things (IoT) will have a deep impact in the way we live and work. “
Narendra Modi, the Prime Minister of India said that disruptive technologies, such as blockchain and the Internet of Things (IoT) are significant developments that require “rapid adaptation” in the workplace.
The Prime Minister of the world’s largest democracy has stressed that disruptive technologies, such as blockchain and the Internet of Things (IoT), are important for the development of Indian society.
Indian Prime Minister Narendra Modi while speaking through video conference after inaugurating the 22nd edition of the World Congress on Information Technology (WCIT) 2018 in Hyderabad, said,
“Disruptive technologies such as blockchain and the Internet of Things (IoT) will have a deep impact in the way we live and work. They will require rapid adaptation in our workplaces.”
Organized from February 19 to 21, WCIT 2018 is being attended by representatives of over 80 countries’ IT industry associations which on the whole represent over 90% of the world’s information and communications technology (ICT) industry as the WITSA consortium.
Moreover, at WCIT 2018, India’s leading IT trade association, the National Association of Software and Services Companies (NASSCOM), launched a platform to develop skills in eight varied technologies including blockchain. Earlier in December 2017, NASSCOM organized a blockchain master class to study the uses of blockchain technology in both financial and non-financial industries in addition to impart a basic introduction of the technology to the public. It will also host a blockchain Bootcamp in February for the first time in India.
Remarkably, over a year ago, the Reserve Bank of India’s research division stated that blockchain technology had “matured enough” to be the core driver to support the digitization of India’s fiat currency, the rupee. Now a new blockchain platform for multiple applications in India’s financial industry has been developed by the central bank’s research division.
Apart from this, many other blockchain-specific endeavors in the country are also in progress. SEBI, India’s securities regulator has set up its own committee to investigate blockchain solutions. In 2017, India’s largest bank started exploring the use of blockchain technology for a number of financial processes. Moreover, Andhra Pradesh has taken a step ahead of other states and has already started developing blockchain applications in a number of areas like land registry and citizen data storage.
Furthermore, India’s minister of law and justice and electronics and IT Ravi Shankar Prasad, said,
“Digital empowerment can only happen if there is digital inclusion. With the advent of new technologies like AI, Blockchain and IoT, reskilling of young professionals is critical.”
The National Institute of Transforming India (NITI) in January revealed its plans to begin a number of proofs-of-concept (PoC) trials. The statement from the most powerful public official came soon after India’s chief policy-making institute announced its endeavor to examine the use of blockchain technology in various industries, like education, agriculture, and healthcare.
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