MeitY New National Blockchain Policy is Promising

Meity New National Blockchain Policy has been announced. The new national policy on blockchain incorporate the technology into government systems, particularly for e-government services.

In the national blockchain framework, the ministry has taken a multi-institutional approach that includes C-DAC for research and development, NIC and NICSI for hosting national-level blockchain infrastructure, and selling blockchain as a service.

MeitY New Block Chain Policy is promising

MeitY New National Blockchain Policy released
MeitY New National Blockchain Policy released

“MeitY will work with various government organisations and other stakeholders in implementing this strategy and realising the various advantages of the blockchain technology in terms of enhanced security, trust and its ability to ensure tamper-evident transactions,” the document said.

“The national strategy to evolve a trusted digital platform for providing e-governance services using blockchain lays out overall vision and the development and implementation strategies for a national blockchain platform covering the technology stack, legal and regulatory framework, standards development, collaboration, human resource development and potentialuse cases,” the strategy document of MeitY said. 

The government anticipates that the strategy plan will give the required direction and support for realising the vision and establishing a statewide ecosystem for the development of suitable blockchain applications in diverse fields.

The national e-governance division will oversee the implementation of projects undertaken by various ministries and departments at the federal and state levels within the framework.

The goal of the approach is for state governments to create state-specific blockchain apps that run on a shared blockchain infrastructure.

As the Blockchain technology is still evolving and it has the potential for Government to adopt, it is recommended to focus on advanced research in the domain of Blockchain Technology and contribute in addressing various challenges
in adopting the technology towards building a trusted public digital platform.

Focus on research in the domains of standards & interoperability, scalability & performance, consensus mechanisms, security & privacy, key management, secure smart contracts and detection of vulnerabilities in Blockchain Technology based solutions is required for sustainability. This should essentially result in indigenous Blockchain platform

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