Government Starts Blockchain Research Project For Application Development By CIOTechOutlook Team

Government Starts Blockchain Research Project For Application Development

CIOTechOutlook Team | Monday, 10 April 2023, 05:04 IST

The Indian government has started a blockchain technology research effort to create a complete technology stack for building end-to-end blockchain applications.

The creation of Open Application Programming Interfaces (Open APIs) will make it easier to integrate and provide blockchain-as-a-service (BaaS) over distributed infrastructure, according to sources. The project is titled "Design and Development of a Unified Blockchain Framework for Offering National Blockchain Service and Creation of Blockchain Ecosystem."

The economic and technological prospects that Web3 offers have not been the subject of a formal study by the Ministry of Electronics and Information Technology (MeitY). However the ministry is cognizant of the field's potential, which has resulted in the creation of the National Strategy on Blockchain in 2021. based on sources.

Also, because blockchain is so important to Web3, the research initiative is a part of the government's drive to make it a reality. This effort is the product of the National Strategy on Blockchain, which comprises key Web3 technological components. Thus, a key component of Web3 is blockchain technology.