{"id":29148,"date":"2024-09-07T19:42:48","date_gmt":"2024-09-07T14:12:48","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=29148"},"modified":"2024-09-07T19:42:49","modified_gmt":"2024-09-07T14:12:49","slug":"vishvasya-blockchain-technology-stack","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/07-09-2024\/vishvasya-blockchain-technology-stack","title":{"rendered":"Vishvasya-Blockchain Technology Stack"},"content":{"rendered":"\n

Syllabus: GS 3\/S&T <\/strong><\/p>\n\n\n\n

In News<\/strong><\/h2>\n\n\n\n
    \n
  • The Ministry of Electronics and Information Technology (MeitY) launched the Vishvasya-Blockchain Technology Stack.<\/li>\n<\/ul>\n\n\n\n

    Blockchain Technology <\/strong><\/h2>\n\n\n\n
      \n
    • Blockchain is a shared, immutable ledger that records transactions and tracks assets across a business network.<\/li>\n\n\n\n
    • It stores information electronically in a digital format to ensure transaction security.<\/li>\n\n\n\n
    • It is known as Distributed Ledger Technology (DLT).<\/li>\n\n\n\n
    • It converts and stores anything of value, including currency, in a digital format.<\/li>\n\n\n\n
    • Historical linkages  :It <\/strong> was first proposed in 1991 as a research project, but in the year 2009, Blockchain was used in bitcoin\n
        \n
      • Bitcoin is a cryptocurrency which is built on the basis of Block technology. <\/li>\n<\/ul>\n<\/li>\n\n\n\n
      • Structure and Security: <\/strong>Consists of interconnected data blocks.<\/li>\n<\/ul>\n\n\n\n
          \n
        • Each block is linked to the previous one, forming a chain.<\/li>\n\n\n\n
        • Blocks are designed to be secure and resistant to tampering or hacking.<\/li>\n<\/ul>\n\n\n
          \n
          \"properties<\/figure>\n<\/div>\n\n\n

          Applications<\/strong><\/h2>\n\n\n\n
            \n
          • Finance and Banking: Financial institution <\/strong> Testing blockchain for trade finance, foreign exchange, cross-border settlement, and securities.\n
              \n
            • India, with its large underbanked population, can leverage blockchain for financial inclusion.<\/li>\n\n\n\n
            • Blockchain has been used in the creation of various cryptocurrencies, decentralized finance applications, non-fungible tokens and smart contracts.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • Governance and Public Services<\/strong>: Blockchain’s potential to enhance transparency and accountability in governance is being actively explored. Applications include land record management, voting systems, and identity verification.<\/li>\n\n\n\n
            • Healthcare: <\/strong>In healthcare, blockchain can be used to securely manage patient records, ensure data integrity, and facilitate the secure sharing of medical information between institutions.<\/li>\n\n\n\n
            • Transparent Elections: <\/strong>Blockchain can enhance election processes by providing transparent and tamper-proof voting records.<\/li>\n\n\n\n
            • Supply Chain Management:<\/strong>Tracking goods from origin to destination becomes more reliable using blockchain.\n
                \n
              • India\u2019s vast supply chains can benefit from increased transparency and traceability.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

                Challenges and Criticisms:<\/strong><\/h2>\n\n\n\n
                  \n
                • Lack of Awareness : <\/strong>Despite growing interest, blockchain technology is still at a nascent stage in India.\n
                    \n
                  • Many industries are yet to fully grasp its potential.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                  • Misconceptions <\/strong>persist, such as the belief that blockchain will replace existing systems entirely. <\/li>\n\n\n\n
                  • Scalability Concerns: <\/strong>Scalability remains a significant challenge. <\/li>\n\n\n\n
                  • Regulatory Uncertainty: <\/strong>Clear regulatory guidelines are essential for widespread adoption.\n
                      \n
                    • India is making progress, but further clarity is needed.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                    • Cybercrime: <\/strong>Increased crypto adoption has led to a rise in scams and cybercrime.\n
                        \n
                      • India\u2019s nascent regulations make it difficult for victims to recover losses and for authorities to address crypto-related crimes effectively.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

                        Recent Steps <\/strong><\/h2>\n\n\n\n
                          \n
                        • Vishvasya-Blockchain Technology Stack :<\/strong> It offers Blockchain-as-a-Service with a geographically distributed infrastructure designed to support  various permissioned Blockchain based applications.<\/li>\n\n\n\n
                        • National Blockchain Framework<\/strong>  :MeitY, with the vision to create trusted digital platforms, initiated National Blockchain Framework (NBF) for promoting research and application development; facilitating state of the art, transparent, secure and trusted digital service delivery to citizens. <\/li>\n\n\n\n
                        •  MeitY also unveiled the NBFLite-Lightweight Blockchain Platform, Praamaanik <\/strong>– an innovative blockchain-enabled solution for verifying mobile app origin and National Blockchain Portal.<\/li>\n\n\n\n
                        • Blockchain Sandbox for Startups and Academia<\/strong>: NBFLite, a Blockchain sandbox platform, is developed especially for startups\/academia for rapid prototyping of applications, carrying out research and capacity building.<\/li>\n<\/ul>\n\n\n\n

                          Conclusion and Way Forward <\/strong><\/h2>\n\n\n\n
                            \n
                          • The Blockchain technology holds immense potential for transforming governance in India by making public services more transparent, efficient, and accountable.\n
                              \n
                            • It has the potential to create new industries and transform existing ones, such as facilitating nano-payments and wealth redistribution.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                            • As blockchain networks grow, ensuring efficient transaction processing becomes crucial.<\/li>\n\n\n\n
                            • The stakeholders should aim to position India as a global leader in blockchain technology and proliferate the developed solutions for Global adoption, leveraging it to drive economic growth, social development, and digital empowerment.<\/li>\n<\/ul>\n\n\n\n

                              Source: PIB<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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