Why Govt Dilly-dallying on Web3?

Why Govt Dilly-dallying on Web3?

The Police Department in Firozabad, Uttar Pradesh, has launched a blockchain-based portal for public complaints. Website – called “Police complaint on the blockchain“—The public will be allowed to submit complaints or grievances online. Complainants will also be able to regularly check the status of the case and get alerts on the progress of their complaints.

The most important part of it is that since it is based on blockchain technology, the information uploaded to the website is immutable. Once a complaint is submitted, it is permanent and cannot be removed or changed.

This development demonstrates the government’s seriousness in using blockchain technology and expanding its use cases in different areas.

blockchain chains

The Ministry of Electronics and Information Technology (MeitY) erected Exchange Center in Blockchain Technology (CoE).

Four products developed by the division are currently in use: Certificate SeriesAnd the Document seriesAnd the property chainAnd the logistics chain.

Main objectives Certificate Series These are the prevention of forged documents, cumbersome document verification, and delays in service provision. The Central Board of Secondary Education (CBSE), one of the first organizations to adopt this technology, keeps its academic data on the blockchain.

Document series It provides organizations with a standardized way to store and retrieve any government document, such as class certificate, driver’s license, ration card, and other certificates. The Karnataka Revenue Department, for example, uses this technology to issue caste and income certificates.

Likewise, the blockchain property chain The system allows the public ledger to be made available – allowing a single source of truth.

The logistics chain It is an online supply chain management system for any given industry.

Besides these technologies, the government is working to expand the application of blockchain in the payment system as well.

From the public service of payments

In 2020, the National Payments Corporation of India (NPCI) announced the launch of the “Vajra Platform” to securely expedite payments. The platform was based on blockchain technology that would automate the clearing and settlement of payments – drastically reducing the need for manual settlement.

According to the NPCI, the Vajra platform is based on a permissions model that ensures that only authorized parties can join the network. Once approved, they can deploy the platform using the API that NPCI will provide.

Besides, the government is also planning to launch its own Central Bank Digital Currency (CBDC).

According to experts, central bank digital currencies will be legally recognized and backed by the central bank, which cannot go bankrupt. It uses the same blockchain technology that powers cryptocurrencies; It is just as secure as cash and as functional as a payment app.

Central bank digital currencies will be distributed through commercial banks, preventing central banks from dealing directly with millions of consumers and businesses.

While the government uses blockchain technology for various purposes, it has been against the idea of ​​blockchain-based cryptocurrencies.

The government breaks the Crypto whip

The Indian government has been very strict about cryptocurrencies since virtual currency trading has gained a place in the country. The Reserve Bank of India (RBI) Users, owners and traders of Virtual Currency (VCs) are warned that dealing with VCs is associated with economic, financial, operational, legal, customer protection and other security risks.

In the past few years, the Indian government has toughened its stance on Crypto and is planning to introduce a bill that would define the legal features of Crypto in India.

According to the latest ReportsThe government plans to make a final decision on the fate of the cryptocurrency after the Financial Stability Board (FSB) of the Reserve Bank of India (RBI) scheduled for October 2022. Moreover, the report allegedly will help the government in creating a legal framework around it.

Meanwhile, in July this year, Finance Minister Nirmala Sitharaman issued a statement in Parliament saying that “global cooperation” was needed to effectively initiate a ban on cryptocurrencies and digital assets. This statement sent positive signals to many industry stakeholders.

Besides, the recent announcement of the CBDC (Central Bank Digital Currency) also hints at the government’s acceptance of the popularity of cryptocurrency and how it is preparing to compete against it.


#Govt #Dillydallying #Web3

Leave a Comment

Your email address will not be published. Required fields are marked *