According to various news sources in India, the country is currently in the process of constructing a national infrastructure for its emerging blockchain technology industry. The project, known as the “Design and Development of a Unified Blockchain Framework for Offering National Blockchain Service and Creation of Blockchain Ecosystem,” aims to enhance collaboration among industry players by providing them with open APIs.
The technology known as the blockchain, which has gained significant attention in recent years, is a digital ledger system that enables secure and transparent transactions. It uses cryptography to ensure that data is recorded and shared in a decentralized manner, making it difficult to tamper with the information stored on the network. This technology has the potential to revolutionize various industries, including finance, healthcare, and supply chain management, by increasing efficiency and reducing costs.
Ministry of Electronics and Information Technology (MeitY) has been assigned the responsibility of creating India’s national blockchain infrastructure after conducting preliminary experiments for several months. The Ministry has been exploring the possibilities of blockchain since 2021, leading to the publication of a blockchain strategy.
The proposed national blockchain infrastructure is similar to the European Blockchain Services Infrastructure (EBSI) and the Chinese Blockchain-based Service Network (BSN). Once launched, businesses will not have to set up their own blockchain nodes for security and interoperability.
According to the reports, MeitY’s upcoming project aims to provide developers with various smart contract templates for different situations, with a particular focus on government applications. The national blockchain infrastructure will offer templates in various sectors, including health, education, finance, shipping, and logistics. MeitY plans to utilize enterprise solutions such as Sawtooth and Hyperledger Fabrics, as well as potentially incorporate non-fungible tokens (NFTs). Based on the details provided, it seems that the infrastructure will be a combination of the EBSI and the BSN, as both government agencies and private enterprises will be included on the platform.
