The Bharat Web3 Association (BWA), a local blockchain advocacy group, has expressed support for the Indian government’s latest blockchain initiative, hailing it as a significant leap forward for the country’s digital landscape.
The Indian Ministry of Electronics and Information Technology (MeitY) recently unveiled the National Blockchain Framework (NBF) and launched the “Vishvasya-Blockchain Technology Stack” in an event in New Delhi on September 4, 2024.
According to a press release from the Ministry, the Vishvasya-Blockchain Technology Stack is a Blockchain-as-a-Service (BaaS) platform designed to support various permissioned blockchain-based applications via geographically distributed infrastructure.
The NBF also introduces several key component technologies, including “NBFLite” and “Praamaanik”, which were developed through collaborative efforts of various local institutions with support from the Ministry.
Dilip Chenoy, Chairman of the BWA, praised these initiatives, calling them a pivotal step for India’s Web3 ecosystem.
“These efforts will foster innovation in decentralized applications and strengthen the overall ecosystem,”
Chenoy said in a statement provided to DeFi Planet.
Chenoy praised “NBFLite”, a blockchain sandbox platform designed to help startups and academic institutions rapidly prototype and test blockchain solutions, claiming it would encourage “a culture of innovation” in the country.
The BWA chairman also emphasized the potential economic impact of these initiatives.
“With a conducive regulatory environment and a focus on skill development, the NBF positions India as an attractive destination for investment in the Web3 space,”
he noted.
Notably, during the launch event, the Ministry’s Secretary, S. Krishnan, highlighted the NBF’s role in enabling “security, trust, and transparency for various citizen-centric applications.” He noted the government’s ambition to position India as a global leader in blockchain technology through these initiatives.
Smt Sunita Verma, another top official in the Ministry, claimed that the framework was developed to tackle issues such as the need for proficient personnel for developing blockchain-based applications, restrictions tied to specific vendors, and research obstacles associated with the security, compatibility, and efficiency of these apps.
The BWA also pledged to work closely with stakeholders to maximize the benefits of these developments.
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