{"id":13994,"date":"2021-02-05T00:00:00","date_gmt":"2021-02-05T00:00:00","guid":{"rendered":"https:\/\/www.nextias.com\/current_affairs\/uncategorized\/05-02-2021\/draft-framework-for-the-use-of-blockchain-technology\/"},"modified":"2021-02-05T00:00:00","modified_gmt":"2021-02-05T00:00:00","slug":"draft-framework-for-the-use-of-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/05-02-2021\/draft-framework-for-the-use-of-blockchain-technology","title":{"rendered":"Draft framework for the use of blockchain technology"},"content":{"rendered":"<p><strong>In News-<\/strong><\/p>\n<p>The <strong>Ministry of Electronics and Information Technology (MeitY)<\/strong> prepared a <strong>draft named National Strategy on Blockchain<\/strong> for the use of <strong>blockchain technology<\/strong> in government services .<\/p>\n<ul>\n<li>In January this year, NITI Aayog had also suggested the use of the <strong>distributed ledger technology<\/strong> for delivery of <strong>state-run services<\/strong> such as<strong> fertilizer subsidy<\/strong> <strong>disbursement and educational certificates <\/strong>among others.<\/li>\n<\/ul>\n<p><strong>Key Highlights &#8211;<\/strong><\/p>\n<ul>\n<li>It intends to use it in the areas of<strong> property record keeping, digital certificates, power distribution, health records <\/strong>as well as <strong>supply chain management.<\/strong><\/li>\n<li>It is also likely to explore the<strong> possibility to use the technology<\/strong> for <strong>vaccine and medical supplies ,<\/strong>logistics management for future purposes.<\/li>\n<\/ul>\n<ul>\n<li>Virtual and digital currencies such as <strong>bitcoin, <\/strong>however, have been kept out of the ambit of this framework.<\/li>\n<li><strong>Issues :<\/strong><\/li>\n<\/ul>\n<ul>\n<li>The draft has also cautioned about certain issues involved with the adoption of blockchain technology such as <strong>replication of data on all nodes, lack of appropriate skills<\/strong> and<strong> human resources<\/strong> in the country as well as the threat from <strong>rogue nation-state actors.<\/strong><\/li>\n<\/ul>\n<ul>\n<li><strong>Suggestions &#8211;<\/strong>\n<ul>\n<li>Blockchain data is stored on every node on the network and hence privacy is not an inherent feature that Blockchain traditionally provides.\n<ul>\n<li>The data should be stored in such a way that the <strong>privacy of an individual is not compromised a<\/strong>nd<strong> appropriate consent mechanisms s<\/strong>hould be adopted in line with data protection laws.<\/li>\n<li>It has suggested that blockchain could be set up in one of the four architectures, namely, <strong>public and permissionless,<\/strong> <strong>public but with permissions<\/strong>, <strong>private<\/strong> and <strong>permissionless<\/strong>, and<strong> private and with permissions<\/strong>.<\/li>\n<li>The draft framework has cautioned that legal rules and guidelines on how to use the technology and limit its abuse should be drawn up before proceeding further.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>About Blockchain Technology:<\/strong><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cfstatic.nextias.com\/cdn-cgi\/image\/format=auto\/file_library\/mix_content\/224884029946473340_image.png\" style=\"height:321px; margin-left:50px; margin-right:50px; width:448px\" \/><\/p>\n<ul>\n<li>Blockchains are a <strong>new data structure<\/strong> that is secure,<strong> cryptography-based<\/strong>, and <strong>distributed<\/strong> across a network.<\/li>\n<li>Blockchain enables a shared ledger between the various parties involved in business transactions, which are going to act as a single source of truth.<\/li>\n<li>The technology <strong>supports cryptocurrencies<\/strong> such as<strong> Bitcoin<\/strong> and the transfer of any <strong>data or digital asset.<\/strong><\/li>\n<li>Spearheaded by Bitcoin, blockchains achieve consensus among distributed nodes, allowing the transfer of <strong>digital goods<\/strong> without the <strong>need for centralized authorisation<\/strong> of transactions.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/cfstatic.nextias.com\/cdn-cgi\/image\/format=auto\/file_library\/mix_content\/201570172217844160_image.png\" style=\"height:310px; width:612px\" \/><\/p>\n<p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>Adoption of <strong>Blockchain technology<\/strong> in sectors such as <strong>health, finance, agriculture <\/strong>and various other sectors<strong> would aid the government<\/strong> in implementing various programmes and <strong>immutability to the assets.<\/strong><\/li>\n<li>The applications of Blockchain in the Governance will help in <strong>enhancing transparency, traceability and trust in e-governance systems.<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/indianexpress.com\/article\/business\/it-min-suggests-blockchain-use-in-public-projects-7175027\/\" target=\"_blank\" rel=\"noopener\">Source :IE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In News- The Ministry of Electronics and Information Technology (MeitY) prepared a draft named National Strategy on Blockchain for the use of blockchain technology in government services . In January this year, NITI Aayog had also suggested the use of the distributed ledger technology for delivery of state-run services such as fertilizer subsidy disbursement and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2023\/07\/7718148current-affairs.jpg","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/13994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=13994"}],"version-history":[{"count":0,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/13994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media\/13995"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=13994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=13994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=13994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}