tl;dr
India has made significant progress in embracing blockchain and Web3 technology in 2024. The Ministry of Electronics and Information Technology launched the Vishvasya-Blockchain Technology Stack, aimed at enhancing digital trust and service delivery. India also introduced NBFLite for startups and Pr...
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India has made significant progress in embracing blockchain and Web3 technology in 2024. The Ministry of Electronics and Information Technology launched the Vishvasya-Blockchain Technology Stack, aimed at enhancing digital trust and service delivery. India also introduced NBFLite for startups and Praamaanik for verifying mobile app origin using blockchain. Various provincial governments have embraced blockchain for land records, healthcare, and supply chain management. Additionally, there have been significant partnerships and collaborations in the blockchain space, as well as the onboarding of documents from federal and provincial organizations onto blockchain platforms.
India, the world economy’s new beacon of hope, solidified its position as a global leader in blockchain and Web3 adoption, showcasing significant progress across multiple sectors. The most significant was the Ministry of Electronics and Information Technology’s (MeitY) Vishvasya-Blockchain Technology Stack, a framework that provides Blockchain-as-a-Service (BaaS) through a geographically distributed infrastructure. Launched by MeitY Secretary S. Krishnan, the initiative aims to enhance digital trust and improve service delivery.
The National Blockchain Framework technology stack is designed with distributed infrastructure, core framework functionality, smart contracts and application programming interface (API) gateway, security, privacy and interoperability, and applications development offering BaaS. NBF currently supports two permissioned blockchain platforms and is extensible. The Technology Stack is hosted on geographically distributed infrastructure at NIC Data centers located in three Indian cities: Bhubaneswar, Pune, and Hyderabad.
India also introduced NBFLite, a lightweight blockchain sandbox platform developed for startups and academia for rapid application prototyping, research, and capacity building. These technologies were developed by collaborating efforts of C-DAC, NIC, IDRBT Hyderabad, IIT Hyderabad, IIIT Hyderabad, and SETS Chennai, with MeitY’s support. Simultaneously, India introduced Praamaanik, an innovative blockchain solution for verifying mobile app origin, which leverages blockchain to verify the security of mobile applications.
“2024 was a year where India stamped its authority and positioned itself as a global leader in blockchain and Web3 adoption, demonstrating remarkable advancements across various sectors,” India Blockchain Alliance (IBA) Founder Raj Kapoor told CoinGeek. The southern state of Telangana province reportedly said it would allot land at subsidized rates to blockchain companies. The Telangana government’s draft Blockchain Policy includes research funding and regulatory and policy support as part of its strategy to attract firms and startups in the blockchain sector to establish operations in the state.
This year was also significant for blockchain partnerships and collaborations. Blockchain For Impact (BFI), a healthcare fund set up during the COVID-19 pandemic in India, advanced its partnerships with educational institutes to support projects that have the potential to revolutionize healthcare. BFI also partnered with the United Nations Children’s Fund (UNICEF) to strengthen public health practices.
Another milestone attained this year is putting documents from nine federal organizations and provincial governments on-chain. In March, blockchain.gov.in, operated by the National Informatics Centre (NIC), onboarded 19 departments, including the Supreme Court. The website lists documents, like educational certificates, land records, and drug logistics chains, that have been put on the blockchain.