Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

blockchain

Blockchain is a promising technology. It may be useful to develop solutions on Blockchain wherever there is a requirement of the data sanctity and correctness or where multiple parties come together and none of them would like to give managing control to each other but would be happy with a mutual consensus situation. Blockchain is, however not a solution to many of the problems where it may be deployed, and some things are better off in a single source of truth format.

It is commendable that MeitY has taken steps to recognize the growing potential of Blockchain and worked on creating a framework to foster the use of Blockchain. The initiative of the government in this regard is appreciated and active government participation can go a long way in creating the bedrock of technological innovation that can bring everyday use cases to life and being adopted by the citizen consumers.

This is a response by Global Impact FinTech (GIFT) & Government Blockchain Association (GBA) to the paper published by MeitY on its proposed National Blockchain Strategy.

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Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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