Benefits And Aspects India’s National Level Strategy On Blockchain Will Focus On
The Government of India Ministry of Electronics and Information Technology (MeitY), January 2021 has recently released its National Level Strategy on Blockchain. Those who plan on leveraging the financial potential of BTC value reaching the cloud nine must know about this strategy in detail.
What is Blockchain?
This technological innovation is a DLT (Distributed Ledger Technology). This chain of various blocks connected to each other was invented and introduced for designing and developing the crypto king, Bitcoin in 2009. Mr. Satoshi Nakamoto invented this decentralized distributed ledger technology.
Blockchain adds multiple innovative values to the technological, administrative and financial aspects of projects of businesses. This is something you must know about it before or while putting your foot forward to leverage the financial potential of BTC value going sky high.
Benefits of Blockchain, A Distributed Ledger Technology:
- This form of fintech innovation enables a shared ledger among parties involved in business-related transactions. This shared ledger becomes the only proof of truth.
- It is based on Peer-to-peer technology to validate all transactions within a couple of seconds. Therefore, users don’t have to wait ages for a central entity to validate the transaction and get funds credited to their account.
- Its data structure is capable of maintaining a record of all transactions for a long period of time and without any change in it.
- It improves the level and quality of transparency, immutability, efficiency, uniqueness and potential of its application in multiple domains.
- The potential of this technological innovation could be utilized on Permissioned and Permissionless models.
This is why the Central Government of India is nowadays is making every possible effort to implement Blockchain based applications. PoCS and pilot level testing has already been carried out successfully.
National Level Strategy is now the biggest requirement in blockchain technology. This strategy will help Indian blockchain ecosystem improve significantly.
This improvement will place India in the list of countries leveraging the technological and financial potential of this distributed ledger technology with focus on the following:
- Technological aspects:
- Improving the quality of National Blockchain Infrastructure to host regulatory sandbox capable of designing, developing and deploying blockchain applications.
- Ensuring high-quality research and development for solving challenges related to the following:
- Interoperability.
- Speedy development.
- Security.
- Deployment of PGR (Production Grade Applications) of NI (National Interest) for providing faster, secure, transparent and efficient delivery-related services to every single citizen.
- Ensuring awareness and capacity building for improving technology-based insights among a variety of stakeholders. This list of stakeholders includes but is not limited to the following only:
- Students.
- Practitioners.
- Management.
- Executives.
- Decision-makers.
- Administrative aspects
- Effective implementation of appropriate legal and regulatory architectures with the formulation of standards.
- Forming policies and incentive models for the following to promote and adopt blockchain technology:
- Academic
- Start-ups
- Industries
This post dedicated to the National Level Strategy on Blockchain released by the Government of India Ministry of Electronics and Information Technology (MeitY), January 2021 must have given you a good idea about Blockchain’s implementation in India.
You need to seek correct guidance about it to learn about the way it is going to impact your investment in LPN TOKEN, a multi-utility token based on ERC20 protocol of Ethereum Blockchain.
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