The Indian government has initiated a research project in Blockchain technology to develop a comprehensive technology stack for end-to-end blockchain application development.
Media reports have confirmed that the project, named ‘Design and Development of a Unified Blockchain Framework for offering National Blockchain Service and Creation of Blockchain Ecosystem’, will facilitate the creation of Open Application Programming Interfaces (Open APIs) for smooth integration and provision of blockchain-as-a-service (BaaS) over distributed infrastructure.
According to the reports, the Ministry of Electronics and Information Technology (MeitY) has not conducted any formal study on the economic and technological opportunities that Web3 provides. However, the ministry is aware of the potential of the field, and this has led to the development of the National Strategy on Blockchain in 2021.
Moreover, the research project is a part of the government’s effort towards realizing Web3, as blockchain plays a crucial role in it. The National Strategy on Blockchain, which includes major technology components needed for Web3, has resulted in this initiative. Therefore, blockchain technology is a crucial element of Web3.
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