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Indian PM Modi speaks in favour of Blockchain

February 19, 2018 16:24
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Prime Minister Modi gave the inaugural speech at NASSCOM Summit in Hyderabad which is happening today. Here, he mentioned the importance of Blockchain and Internet of Things and the significant impact they will have in the way we live & work. But he did not go further into anything else. PM urged for rapid adaptation of these technologies in their workspace.

The Indian government has been very vocal about Blockchain and they’re interested in implementing on a wide variety of institutions like land registrations and college degrees. But they’re not very happy with cryptocurrencies and are looking to regulate them. There are also talks about a complete ban, but that seems highly unlikely.

Cryptocurrencies have been used as an incentive to keep the blockchain network open and running with complete trust. The government wants to just use Blockchain without cryptocurrencies. Essentially, they are closed Blockchain networks which do not have the security of an open network.

Most countries understand the importance of Blockchain and the purpose of Cryptocurrencies in it. In fact, the Prime Minister of Japan and head of SEC had mentioned this. A Canadian organisation has started recording the usage of Grant money on Ethereum. Since it’s on Ethereum Blockchain which is an open network, there is absolute trust. But there is no way to trust private blockchains and in most cases, they’re just glorified servers.

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