India and Canada are going to cooperate in order to facilitate the implementation of Blockchain tech in government, academic, business, and other establishments. The announcement was made at the same time as Canadian Prime Minister Justin Trudeau's official visit to India last week.
"We see our coalition with Nasscom as a delightful opportunity to nurture the blockchain community in India," Don Tapscott, the founder and executive chairman of Blockchain Research Institute (BRI), noted in a statement.
"We strongly believe that India has the potential to lead the blockchain revolution," he added.
India's fintech industry organization Nasscom and Canada's Blockchain Research Institute reported they were likely to found a center of excellence in India to ensure "high-end technology capabilities."
Blockchain technology allows keeping a public record of the transactions on the cryptocurrency market, and is claimed to be the future of the digital economy due to its various possibilities to be applied in different fields. In India, Blockchain technology can be used to convert everything to digital form, starting from land records to healthcare, Amitabh Kant, the CEO of a state-controlled National Institution for Transforming India, posted on his Twitter page at the beginning of the month.
However, the major occupation of blockchain tech application is still being the rig for cryptocurrencies, such as Bitcoin and Ethereum. Earlier, the Indian government expressed concerns towards the virtual coins, stating they have no legislative foundation and comparing them to Ponzi schemes. India is supposed to put some strict regulations on this new financial technology, following the example of South Korea.
Nevertheless, India’s representatives are very excited about the principles of the technology. Minister of Finance Arun Jaitley admitted recently that exploration of blockchain use would be going proactively in the country, even so, he was criticizing digital currencies in his traditional budget speech.