DG STPI, Shri Arvind Kumar during his address at the India Blockchain Summit 2024 Summit, highlighted the transformative potential of blockchain technology, emphasizing its wide-ranging applications across sectors. He also stressed the significance of government initiatives aimed at fostering blockchain technology adoption in the country.
Key points from his address include:
➡ The Government of India envisions a "Vikasit Bharat" by 2047, which can only be achieved through the adoption of cutting-edge technologies. India’s current per capita income of approx $2,500 needs to increase tenfold by 2047 to realize this vision.
➡ Blockchain technology, since its inception, has the potential to be as disruptive as the internet itself.
➡ Blockchain offers three key advantages:
1. Trust
2. Transparency
3. Traceability
➡ The technology has applications across multiple sectors, and its adoption can enhance ease of doing business.
➡ The Government of India has launched several initiatives to promote blockchain adoption, such as:
* Vishvasya-Blockchain Technology Stack to offer blockchain as a service.
* NBF Lite: A lightweight blockchain platform tailored for academic institutions and startups.
* Praamaanik: A blockchain solution to verify the origin of mobile apps, addressing the issue of fraud caused by mobile apps.
* National Blockchain Framework: Aims to enhance digital trust, security, and transparency in citizen-centric applications.
* Digi Yatra: A prominent example of blockchain application in streamlining air travel.
➡ Shri Kumar emphasized that "data is the new oil," noting that, unlike oil—which is limited and can be safeguarded by security at oil fields—data is unlimited and requires a different approach to security. In this context, blockchain technology plays a crucial role in securing vast amounts of data, providing enhanced protection and reliability in the digital age.
Ministry of Electronics and Information Technology | India Blockchain Summit 2024 | STPI Apiary | Dr. Satya N Gupta|Ashok Gupta
