The crypto market in the embrace of a bear market notwithstanding, I am extremely bullish on the underlying technology - Blockchain. My stance is validated not only by increasing scenarios of prototype implementation and pilot deployments for the technology beyond cryptocurrency worldwide but also by the contents of the National Strategy on Blockchain released by the Ministry of Electronics and Information Technology (MeitY), Govt. of India.
The policy document touches upon broad guidelines, successful use case scenarios, suggested fields of application, realistic challenges, setup for development frameworks, monetisation of said platforms and concerns such as privacy and scalability.
My view of the GoI’s bet on the technology is further enhanced when I notice the focus is not only wide in its scope but also possesses depth with issues such as interoperability, sandbox environments, consultative development (open APIs) and technological skilling of manpower.
The viewpoint held by multiple quarters about India being slow to use emerging technologies could be valid when viewed from certain perspectives. However, when I look at the technological infrastructure, tech literacy and percolation of internet services in the country, our nation still has some way to go where mass adoption of novel technologies can impact a large percentage of the population.
Spread across a large land mass and requiring amazingly diverse requirements for literacy levels and communication needs, it will always take a gargantuan effort to implement any new technology.
However, blockchain technology is still at a stage of relative infancy when it comes to using case scenarios beyond cryptocurrency. MeitY and GoI are not too late to the party.
Getting back to the document and looking at section 10 (Feedback and Consultations), the consultative approach in preparing such a document is obvious, and we should be up to speed very quickly as and when the need arises.
Also, when dealing with documentation, privacy, security, and trust become critical factors. In fact, the Vision, Mission and Objectives section of the document has more mentions of the word “trust” and its synonyms than you would expect from a document about technology. Goes to indicate a cautious approach in adopting a novel technology, which is very welcome, keeping in mind the increased instances of data breaches even at the best internet companies the world over.
In terms of industries, banking, insurance, governance, legal, supply chain, healthcare, and real estate have been highlighted in the document. A successful implementation pilot in Shamshabad District, Telangana - A Blockchain-based Property Registration System with the help of C-DAC has been mentioned as well.
Let’s here take a quick look at some key sections without getting into agonising detail:
• Section 2 Has a quick overview of blockchain tech, laying out the basics along with listing out variants of the technology, its probable applications and a well-researched SWOT / SWOC analysis for any reader looking at a primer for the “why’s and how’s”.
• Section 4 takes a brief look at mostly government and a couple of corporate-led use-case scenarios from across the world, giving the reader a fair view of how far the tech has progressed beyond the sphere of cryptographic currency. It also lists out the larger development platforms on which blockchain tech is evolving today
• Section 5 lists out all the government (and affiliated) agencies involved in research and application of the tech in our country.
• Section 6.10, in particular, is noteworthy as it lays out specific use-case scenarios for blockchain tech in our country.
• Section 8.4 lists clearly defined mandates for multiple entities shouldered with the responsibility of building and rolling out the National Blockchain Framework.
Upon careful perusal of the report, the cautious nature of pursuing the goal of Blockchain Technology Deployment and integration is amply clear. Also is evident the intent of using the technology in fields that sorely require transparency and trust. And in taking this approach, the GoI has decided to work with benchmark case studies such as FSA in the US, KSI in Estonia, and digital IDs in Switzerland & China and have their sight locked on eDocumentation as one of the primary goals.
I am fairly confident that MeitY, C-DAC and other primary stakeholders will be able to develop a successful blockchain implementation environment as per the outlined five-year plan, and issues such as security, standardisation, interoperability, scalability and others have been resolved, blockchain tech will snowball into the promised position of critical technology in business and administration.
About the author: Agam Chaudhary is a serial entrepreneur & investor in web3 and eCommerce industries. He is the creator of the Two99 tool, which helps brands elevate experience & build contributing communities for the businesses.
He can be reached at [email protected] |
Disclaimer: The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.
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